جستجوی مقالات مرتبط با کلیدواژه « pooled mean group » در نشریات گروه « اقتصاد »

This study empirically investigated remittances’ short-run and long-run effects on actual exchange rates. Further, it examined the impact of remittances on resource movement from the tradable to the nontradable sector in the CFA franc and non-CFA zones of sub-Saharan Africa (SSA). A panel-based, Pooled Mean Group estimation technique was adopted to estimate the data collected from 1981 to 2018 for 26 SSA countries which comprise 15 non-CFA and 11 CFA countries. Both aggregate (SSA) and disaggregated (CFA franc and non-CFA) analyses were conducted. The data utilized were collected from the World Bank’s World Development Indicator and International Monetary Fund’s International Financial Statistics database. Evidence from the results indicated that remittances inflow led to real exchange rate appreciation in the CFA zone. However, the effect of remittances on the real exchange rate in the non-CFA zone is not statistically significant. Moreover, while remittances caused a shift of resources from tradable to nontradable sector in the CFA zone, in the long run, there is no substantial evidence that remittances would lead to resource movement from tradable to nontradable sector in the non-CFA zone. Thus, in the CFA zone, effective policies need to be implemented to channel remittances towards investment in agriculture and industry (tradable sector) to reduce the negative impact of remittances in the industry.

Foreign direct investment (FDI) as a growth accelerating component has received a great attention in developed countries even in developing and less developed countries during recent years. It has a matter of greater concern for the economists how FDI affects economic growth of the host country economy. In closed economy there is no access to the foreign instruments and savings, this type of economy solely based on the domestic savings and investment sources. But in open economy, the investment comes from both sources either from domestic savings or foreign capital inflows like FDI. FDI enables the host country to achieve the investment level beyond its capacity to improve GDP and economic growth. FDI encourages the process of economic growth by filling up the saving-investment gap; transferring advanced technology; new entrepreneurship. This study investigates the impact of Foreign Direct Investment on economic growth in 30 Islamic countries. The econometric model is estimated by using Pooled Mean Group (PMG) for dynamic heterogeneous panels over the period 1992-2016. The results of the study show that FDI inflows have positive and significant effects on economic growth. Of course, the impacts of interaction terms between FDI and human capital; FDI, and trade openness on economic growth are more than each of them separately in the long and short run. The study suggests that the Islamic governments should design and implement appropriate fiscal, monetary and trade policies to make and improve an enabling environment to attract foreign capital inflows as a supplementary source of domestic investment.