Abstract: In the context of financial globalization, China has put forward the policy goal of high-quality development, and the digital economy, with its advantage of information resources, is driving China's export trade to achieve high-quality development. Due to the long-standing financing constraints of small and medium-sized export enterprises, how to expand the export scale of small and medium-sized enterprises has become a major threshold for the development of China's export trade. This paper firstly adopts the hierarchical analysis method to establish the evaluation system of high-quality development of China's export trade; secondly, the panel data of 30 provinces in China from 2011 to 2018 are selected for empirical analysis to establish the impact model of digital inclusive finance on the high-quality development of China's export trade; based on the analysis of the heterogeneous enterprise trade model, a mediating effect model is established to verify the mediating role of credit constraint in the development of high-quality export trade in China. Based on the above analysis, this paper concludes that inclusive digital finance, with its unique digital and inclusive nature, alleviates the credit constraint problem among SMEs, enhances the binary marginal effect of SMEs' exports, optimizes their export scale and structure, and promotes the high-quality development of regional and even national export trade. Finally, based on the findings of this paper, we propose insights and suggestions for inclusive digital finance to promote the high-quality development of export trade.
Abstract: This paper deals with the impact of decrease in interest rates on the performance of commercial and cooperative banks in the Eurozone measured by net interest margin. The analysis was performed on balanced dataset of 268 commercial and 726 cooperative banks spanning the 2008-2015 period. We employed Fixed Effects estimation panel method. As expected, we found a negative relationship between market rates and net interest margin. Our results suggest that the impact of negative interest income differs across individual banking business models. More precisely, those cooperative banks were much more hit by the decrease of market interest rates which might be due to their ownership structure and more restrictive business regulation.
Abstract: The present study investigates the space-time impact of climate change on the rice crop calendar in tropical Gujranwala, Pakistan. The climate change impact was quantified through the climatic variables, whereas the existing calendar of the rice crop was compared with the phonological stages of the crop, depicted through the time series of the Normalized Difference Vegetation Index (NDVI) derived from Landsat data for the decade 2005-2015. Local maxima were applied on the time series of NDVI to compute the rice phonological stages. Panel models with fixed and cross-section fixed effects were used to establish the relation between the climatic parameters and the time-series of NDVI across villages and across rice growing periods. Results show that the climatic parameters have significant impact on the rice crop calendar. Moreover, the fixed effect model is a significant improvement over cross-sectional fixed effect models (R-squared equal to 0.673 vs. 0.0338). We conclude that high inter-annual variability of climatic variables cause high variability of NDVI, and thus, a shift in the rice crop calendar. Moreover, inter-annual (temporal) variability of the rice crop calendar is high compared to the inter-village (spatial) variability. We suggest the local rice farmers to adapt this change in the rice crop calendar.
Abstract: Present empirical paper investigates the relationship
between FDI and economic growth by 10 selected industries in 10
Central and Eastern European countries from the period 1995 to
2012. Different estimation approaches were used to explore the
connection between FDI and economic growth, for example OLS,
RE, FE with and without time dummies. Obtained empirical results
leads to some main consequences: First, the Central and East
European countries (CEEC) attracted foreign direct investment,
which raised the productivity of industries they entered in. It should
be concluded that the linkage between FDI and output growth by
industries is positive and significant enough to suggest that foreign
firm’s participation enhanced the productivity of the industries they
occupied. There had been an endogeneity problem in the regression
and fixed effects estimation approach was used which partially
corrected the regression analysis in order to make the results less
biased. Second, it should be stressed that the results show that time
has an important role in making FDI operational for enhancing output
growth by industries via total factor productivity. Third, R&D
positively affected economic growth and at the same time, it should
take some time for research and development to influence economic
growth. Fourth, the general trends masked crucial differences at the
country level: over the last 20 years, the analysis of the tables and
figures at the country level show that the main recipients of FDI of
the 11 Central and Eastern European countries were Hungary, Poland
and the Czech Republic. The main reason was that these countries
had more open door policies for attracting the FDI. Fifth, according
to the graphical analysis, while Hungary had the highest FDI inflow
in this region, it was not reflected in the GDP growth as much as in
other Central and Eastern European countries.
Abstract: Main purpose of this study is to identify the impact of
government expenditure on economic growth in Asian Countries.
Consequently, main objective is to analyze whether government
expenditure causes economic growth in Asian countries vice versa
and then scrutinizing long-run equilibrium relationship exists
between them. The study completely based on secondary data. The
methodology being quantitative that includes econometrical
techniques of cointegration, panel fixed effects model and granger
causality in the context of panel data of Asian countries; Singapore,
Malaysia, Thailand, South Korea, Japan, China, Sri Lanka, India and
Bhutan with 44 observations in each country, totaling to 396
observations from 1970 to 2013. The model used is the random
effects panel OLS model. As with the above methodology, the study
found the fascinating outcome. At first, empirical findings exhibit a
momentous positive impact of government expenditure on Gross
Domestic Production in Asian region. Secondly, government
expenditure and economic growth indicate a long-run relationship in
Asian countries. In conclusion, there is a unidirectional causality
from economic growth to government expenditure and government
expenditure to economic growth in Asian countries. Hence the study
is validated that it is in line with the Keynesian theory and Wagner’s
law as well. Consequently, it can be concluded that role of
government would play a vital role in economic growth of Asian
Countries. However; if government expenditure did not figure out
with the economy’s needs it might be considerably inspiration the
economy in a negative way so that society bears the costs.
Abstract: Our objectives were to evaluate the effects of sire
breed, type of protein supplement, level of supplementation and sex
on wool spinning fineness (SF), its correlations with other wool
characteristics and prediction accuracy in F1 Merino crossbred lambs.
Texel, Coopworth, White Suffolk, East Friesian and Dorset rams
were mated with 500 purebred Merino dams at a ratio of 1:100 in
separate paddocks within a single management system. The F1
progeny were raised on ryegrass pasture until weaning, before forty
lambs were randomly allocated to treatments in a 5 x 2 x 2 x 2
factorial experimental design representing 5 sire breeds, 2
supplementary feeds (canola or lupins), 2 levels of supplementation
(1% or 2% of liveweight) and sex (wethers or ewes). Lambs were
supplemented for six weeks after an initial three weeks of adjustment,
wool sampled at the commencement and conclusion of the feeding
trial and analyzed for SF, mean fibre diameter (FD), coefficient of
variation (CV), standard deviation, comfort factor (CF), fibre
curvature (CURV), and clean fleece yield. Data were analyzed using
mixed linear model procedures with sire fitted as a random effect,
and sire breed, sex, supplementary feed type, level of
supplementation and their second-order interactions as fixed effects.
Sire breed (P
Abstract: This paper examines the relationship between financial
risks and profitability of the conventional and Islamic banks in
Malaysia for the period between 1996 and 2005. The measures of
profitability that have been used in the study are the return on equity
(ROE) and return on assets (ROA) while the financial risks are credit
risk, interest rate risk and liquidity risks. This study employs panel
data regression analysis of Generalised Least Squares of fixed effects
and random effects models. It was found that credit risk has a
significant impact on ROA and ROE for the conventional as well as
the Islamic banks. The relationship between interest rate risk and ROE
were found to be weakly significant for the conventional banks and
insignificant for the Islamic banks. The effect of interest rate risk on
ROA is significant for the conventional banks. Liquidity risk was
found to have an insignificant impact on both profitability measures.