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Bank performance and economic growth : evidence from Granger panel causality estimations

Ferreira, Cândida
Fonte: ISEG. Departamento de Economia Publicador: ISEG. Departamento de Economia
Tipo: Outros
Publicado em //2013 ENG
Relevância na Pesquisa
66.01%
This paper provides empirical evidence on the causality relations between bank performance and economic growth in a panel including 27 European Union member-states from 1996 through to the onset of the 2008 financial crisis. Bank performance is represented not only by the Return on Assets (ROA) and Return on Equity (ROE) ratios but also by bank cost efficiency, measured through Data Envelopment Analysis (DEA). For economic growth, we consider not only the GDP per capita but also the gross fixed capital formation growth. Deploying a panel Granger causality approach, we confirm positive causality running from bank performance to economic growth. However, as regards the opposite causality, running from growth to bank performance, we conclude that economic growth positively contributes to the bank ROA and ROE ratios but not so certainly in the case of the DEA bank cost efficiency.

Economic Growth in Latin America and the Caribbean : Stylized Facts, Explanations, and Forecasts

Loayza, Norman; Fajnzylber, Pablo; Calderón, César
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
65.99%
Economic Growth in Latin America and the Caribbean analyzes whether economic reforms have been beneficial to growth in the region. In doing so, it recognizes that growth is driven by a variety of factors - in some cases poor growth is due to insufficient structural reforms (e.g., low trade openness), in others to inappropriate stabilization policies (e.g., exchange rate overvaluation), and still in others to negative international conditions (e.g., growth slowdown in industrial countries). It is obvious but still correct to say that identifying the problem is the first step towards the solution. This book contributes to this effort by examining the growth performance of countries in Latin America and the Caribbean, explaining the underlying sources of their economic growth, and designing a strategy for further growth.

Guatemala : Country Economic Memorandum, Challenges to Higher Economic Growth

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
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66%
The purpose of this Country Economic Memorandum (CEM) is to contribute to the ongoing discussion in Guatemala about means of accelerating economic growth to help achieve targets set in the 1996 Peace Accords as a key ingredient in the fight to reduce national poverty rates. Chapter I examines historical and recent developments and uses a benchmarking growth methodology to identify the measures and policies most conducive to increasing long-term economic growth. Those areas that are identified as critical on the list of priorities are developed further in separate chapters. Chapter II focuses on the important role of human capital development for growth, along with the complementary policies for improving education and health. Chapter III examines the investment climate, broadly understood, which includes governance, access to infrastructure, and financial development. Chapter IV analyzes the importance of innovation and technology adaptation for productivity growth. Chapter V looks at trade openness and the catalytic role that the recently negotiated free trade agreement with the U.S. (CAFTA) could have on the Guatemalan economy.

Argentina : Sources of Growth, Seeking Sustained Economic Growth with Social Equity

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
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66.05%
This report attempts to analyze selected topics, chosen in collaboration with the Argentine authorities, regarding the inter-linkages between economic growth, income distribution and poverty, as well as the respective roles of these factors in explaining the historical underperformance of the Argentine economy. The report aims to identify relevant issues for policy formulation and further economic work. Its emphasis is on longer-term structural factors which are thought to determine productivity and income distribution. The report is organized as follows. Chapter 2 briefly reviews the time-dynamics o f economic growth, poverty and inequality in Argentina. Sections of the chapter study the evolution of poverty and inequality. It is noted that inequality has increased dramatically, though not monotonically, since 1990 and, notably, increases in inequality were observed in periods of both growth and recession. Chapter 3 reviews the latest episode o f economic volatility in Argentina, a period that started with the sharp decline o f economic activity in 2002 and continued with a recovery since 2003. Special attention is paid to the impact of this recent volatility on economic growth, poverty and inequality. The sections study the social impact of the recent crisis and recovery; employing different methodologies to test whether the recent recovery was pro-poor. It also analyzes the recession and recovery at the sector level...

Services Policy Reform and Economic Growth in Transition Economies, 1990-2004

Eschenbach, Felix; Hoekman, Bernard
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
66%
Major changes have occurred in the structure of former centrally planned economies, including a sharp rise in the share of services in GDP, employment, and international transactions. However, large differences exist across transition economies with respect to services intensity and services policy reforms. The authors find that reforms in policies toward financial and infrastructure services, including telecommunications, power, and transport, are highly correlated with inward foreign direct investment. Controlling for regressors commonly used in the growth literature, they find that measures of services policy reform are statistically significant explanatory variables for the post-1990 economic performance of transition economies. These findings suggest services policies should be considered more generally in empirical analyses of economic growth

Economic Growth in the Republic of Yemen : Sources, Constraints, and Potentials

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
66.02%
High and sustained rate of economic growth in Yemen is a necesary, though not sufficient, condition for reduction of the high incidence of poverty and for raising the living standards of Yemeni citizens. Evidence in this report suggests that the main obstacle to rapid and sustained economic growth is the weak governance that characterizes Yemen in addition to the weaknesses in domestic security, property rights, and rule of law systems. Weak governance in Yemen is characterized/manifested by widespread corruption, lack of transparency and accountability, inefficiency in the interaction of public officials and private business, ineffective or absent market promoting institutions such as those enforcing contracts (courts, tribunals, etc.), poor performance of the public sector in terms of delivering essential goods and implementing programs, associated lack of incentives and skills in the civil service, and weak enforceability of contracts and rulings. Along with ordering the governance situation, there are areas that should receive government priority in the short and medium term...

The Republic of Yemen - Economic Growth : Sources, Constraints and Potentials

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
66.02%
High and sustained rate of economic growth in Yemen is a necesary, though not sufficient, condition for reduction of the high incidence of poverty and for raising the living standards of Yemeni citizens. Evidence in this report suggests that the main obstacle to rapid and sustained economic growth is the weak governance that characterizes Yemen in addition to the weaknesses in domestic security, property rights, and rule of law systems. Weak governance in Yemen is characterized/manifested by widespread corruption, lack of transparency and accountability, inefficiency in the interaction of public officials and private business, ineffective or absent market promoting institutions such as those enforcing contracts (courts, tribunals, etc.), poor performance of the public sector in terms of delivering essential goods and implementing programs, associated lack of incentives and skills in the civil service, and weak enforceability of contracts and rulings. Along with ordering the governance situation, there are areas that should receive government priority in the short and medium term...

Understanding regional economic growth in India

Sachs, Jeffrey; Bajpai, Nirupam; Ramiah, Ananthi
Fonte: ASARC Publicador: ASARC
Tipo: Conference paper Formato: 232033 bytes; 357 bytes; application/pdf; application/octet-stream
EN_AU
Relevância na Pesquisa
66.05%
India accounts for a meager 2.4 percent of the world surface area yet it sustains a whooping 16.7 percent of the world population, a little over 1 billion people residing in 29 states and 6 union territories. The variation across these states and territories is enormous in regard to physical geography, culture, and economic conditions. Some states have achieved rapid economic growth in recent years, while others have languished. The goal of this paper is to try to make some sense of the differential economic performance of India’s states, especially under the forces of globalization in the 1990s. The paper may most profitably be read as a companion to the paper by Demurger, Woo, et. al. (2001), on regional differences in China’s economic performance. To address the question of regional performance, we narrow our focus to the 14 most populous states, which excludes the Himalayan states, the Northeastern states, and the 6 union territories. The included states have a combined population of 897 million, accounting for approximately 90% of India’s population, and 2.7 million km2, accounting for 83% of India’s total land area. These states are listed in Table 1, and shown in Figure 1. As we can see from the table, the variation in economic performance is large. The per capita state product varies from the poorest state...

Puzzles of Economic Growth

Balcerowicz, Leszek; Rzonca, Andrzej
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
75.95%
Looking at the economic growth of seemingly similar countries one can find striking differences. Why has Australia gotten so much ahead of New Zealand, in spite of the latter being held up as a paragon of free market reform? How is it possible that Austria, with its persistently oversized state enterprise sector, has managed to (nearly) catch up with Switzerland? How can we account for the differences in economic growth between Estonia and Slovenia, and which of these two countries has been more successful at systemic transformation? Why is Mexico so much poorer than Spain, despite having been wealthier all the way into the 1960s? Why has Venezuela, which in 1950 had a per capita income higher than that of Norway and remains a major exporter of oil, slipped behind Chile? Why is Costa Rica lagging behind Puerto Rico, even though in the 1970s the U.S. territory's fast development slowed to a crawl and is now far below other comparable island economies? Why has 'communist' China outstripped 'capitalist' India? Why has Pakistan's growth lagged behind that of Indonesia...

Tanzania - Sustaining and Sharing Economic Growth : Country Economic Memorandum and Poverty Assessment, Volume 1. Main Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Country Economic Memorandum; Economic & Sector Work
ENGLISH
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65.99%
Tanzania's National Strategy for Growth and Reduction of Poverty (NSGRP) sets an ambitious target of 6 to 8 percent annual economic growth to achieve rapid reduction in poverty. This report focuses on three issues that are central to the success of Tanzania's poverty reduction efforts: 0 what factors explain Tanzania's recent acceleration in economic growth; has the accelerated economic growth translated into reduced poverty; and what must be done to sustain economic growth that is pro-poor. The report presents evidence from the macroeconomic, sectoral, and firm and household levels that shed light on these questions. The report is presented in two volumes. Volume I summarizes the main findings and recommendations. Volume II contains the main report.

Is India's Economic Growth Leaving the Poor Behind?

Datt, Gaurav; Ravallion, Martin
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
66.03%
There has been much debate about how much India's poor have shared in the economic growth unleashed by economic reforms in the 1990s. The authors argue that India has probably maintained its 1980s rate of poverty reduction in the 1990s. However, there is considerable diversity in performance across states. This holds some important clues for understanding why economic growth has not done more for India's poor. India's economic growth in the 1990s has not been occurring in the states where it would have the most impact on poverty nationally. If not for the sectoral and geographic imbalance of growth, the national rate of growth would have generated a rate of poverty reduction that was double India's historical trend rate. States with relatively low levels of initial rural development and human capital development were not well-suited to reduce poverty in response to economic growth. The study's results are consistent with the view that achieving higher aggregate economic growth is only one element of an effective strategy for poverty reduction in India. The sectoral and geographic composition of growth is also important...

Economic Growth, Poverty, and Household Welfare in Vietnam

Glewwe, Paul; Agrawal, Nisha; Dollar, David
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
65.99%
Viet Nam is an economic success story - it transformed itself from a country in the 1980s as one of the poorest in the world, to a country in the 1990s with one of the world's highest growth rates. With the adoption of a new market-oriented policies, Viet Nam averaged an economic growth rate of 8 percent per year from 1990 to 2000, a growth rate accompanied by a large reduction in poverty, stemming from significant increases in school enrollment, and a rapid decrease in child malnutrition. The book uses an unusually rich set of macroeconomic, and household survey data, to examine several topics: the causes of the economic turnaround, and prospects for future growth; the impact of economic growth on household welfare, as measured by consumption expenditures, health, education, and other socioeconomic indicators; and, the nature of poverty in Viet Nam, and the effectiveness of government policies, intended to reduce same. Although the country's past achievements are impressive, future progress is by no means ensured.

Benchmarking the Determinants of Economic Growth in Latin America and the Caribbean

Araujo, Jorge Thompson; Brueckner, Markus; Clavijo, Mateo; Vostroknutova, Ekaterina; Wacker, Konstantin M.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: General Economy, Macroeconomics and Growth Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
66%
The Latin America and Caribbean (LAC) region has seen a decade of remarkable growth and income convergence. Growth has been a key driver for reducing poverty and boosting shared prosperity. It has been debated how much of this decade of growth has been driven by policy reforms and how much was due to the favorable external conditions. While external factors were supportive and relevant, the effect of domestic policies was just as relevant for explaining LAC's recent growth performance. The emphasis of domestic policy has shifted from stabilization policies to structural policies. In addition, a benchmarking exercise reveals which policy gaps will lead to the highest potential growth-payoffs for each country and helps identify potential trade-offs. The authors analyze growth in LAC using descriptive statistics and growth econometrics. The authors use these results for explaining the pattern of growth in LAC over the last decade, for looking ahead, and to identify potential policy gaps.

Has India’s Economic Growth Become More Pro-Poor in the Wake of Economic Reforms?

Datt, Gaurav; Ravallion, Martin
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
66%
The extent to which India's poor have benefited from the country s economic growth has long been debated. This paper revisits the issues using a new series of consumption-based poverty measures spanning 50 years, and including a 15-year period after economic reforms began in earnest in the early 1990s. Growth has tended to reduce poverty, including in the post-reform period. There is no robust evidence that the responsiveness of poverty to growth has increased, or decreased, since the reforms began, although there are signs of rising inequality. The impact of growth is higher for poverty measures that reflect distribution below the poverty line, and it is higher using growth rates calculated from household surveys than national accounts. The urban-rural pattern of growth matters to the pace of poverty reduction. However, in marked contrast to the pre-reform period, the post-reform process of urban economic growth has brought significant gains to the rural poor as well as the urban poor.

Sustaining and Sharing Economic Growth in Tanzania

Utz, Robert J.
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
66.01%
This book is designed to contribute to the government's thinking on how best to translate broad MKUKUTA (the government of Tanzania's National Strategy for Growth and Reduction of Poverty) policy objectives into practical tactics and programs well suited to Tanzania's economic priorities and to the removal of key institutional and infrastructure bottlenecks. The book aims to respond to three fundamental questions: (a) what factors explain Tanzania's recent acceleration in economic growth, (b) how well has the accelerated growth translated into reduced poverty, and (c) what needs to be done to sustain growth that is also pro-poor. This book focuses on three issues that are central to the success of Tanzania's poverty reduction efforts: What factors explain Tanzania's recent acceleration in economic growth? Has the accelerated economic growth translated into reduced poverty? What must be done to sustain economic growth that is pro-poor? The book presents evidence from the macroeconomic, sectoral, firm...

Sustaining and Sharing Economic Growth in Tanzania : Contents of CD Rom

Utz, Robert J.
Fonte: Washington, DC : World Bank Publicador: Washington, DC : World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
66%
This book is designed to contribute to the government's thinking on how best to translate broad MKUKUTA (the government of Tanzania's National Strategy for Growth and Reduction of Poverty) policy objectives into practical tactics and programs well suited to Tanzania's economic priorities and to the removal of key institutional and infrastructure bottlenecks. The book aims to respond to three fundamental questions: (a) what factors explain Tanzania's recent acceleration in economic growth, (b) how well has the accelerated growth translated into reduced poverty, and (c) what needs to be done to sustain growth that is also pro-poor. This book focuses on three issues that are central to the success of Tanzania's poverty reduction efforts: What factors explain Tanzania's recent acceleration in economic growth? Has the accelerated economic growth translated into reduced poverty? What must be done to sustain economic growth that is pro-poor? The book presents evidence from the macroeconomic, sectoral, firm...

Belarus : Window of Opportunity to Enhance Competitiveness and Sustain Economic Growth, A Country Economic Memorandum (CEM) for the Republic of Belarus, Volume 2, Executive Summary

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Country Economic Memorandum; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
66.04%
This Country Economic Memorandum (CEM) for the Republic of Belarus takes stock of the growth trends in the country's economy since 1996, reviews the evidence of the accumulated challenges and risks within the existing growth patterns, and provides recommendations aimed at strengthening growth sustainability. In sum, while economic growth in the last nine years has been impressive, the report argues that maintaining the current growth strategy would lead to a gradual erosion of economic competitiveness. The government should make significant policy adjustments by reorienting its policies toward ensuring a better business environment, and a smaller sized government. Current international and domestic environment are favorable for supporting a policy shift toward the acceleration of structural reforms. At the moment, the government is well equipped to mitigate the potential costs of these reforms, because the policy settings are largely determined by the growing economy, the positive trends in both the enterprise and the household sectors, favorable developments in the global economy, low debt, and the strong administrative capacity of the state. This situation could change: various pressures might become stronger, and then these same reforms would become politically more costly...

Brazil : The New Growth Agenda, Volume 1. Policy Briefing

World Bank
Fonte: Washington, DC Publicador: Washington, DC
ENGLISH; EN_US
Relevância na Pesquisa
66.01%
During the last century, Brazil was one of the fastest growing economies in the world. Between 1901 and 2000, Brazil's Gross Domestic Product (GDP) per capita grew at an average annual rate of 4.4 percent. Brazil's long-run growth has rivaled that of counties such as South Korea, universally praised as a stellar performer. Brazil does not received the same praise. Perhaps one reason is that more has been expected of Brazil, especially by Brazilians themselves. After all the country is richly endowed with natural resources and is blessed with an energetic people. Perhaps is that economic growth in Brazil has been more erratic than in other countries, or it may be that this economic growth performance has been accompanied by high inequality, thus diminishing the "quality" of growth. How is it that the country with the fastest growth in the region also has the highest inequality? Are the two facts related, and if so, what can be done to improve the pattern of future income growth across the social classes...

Brazil : The New Growth Agenda, Volume 2. Detailed Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
ENGLISH; EN_US
Relevância na Pesquisa
66.05%
During the last century, Brazil was one of the fastest growing economies in the world. Between 1901 and 2000, Brazil's Gross Domestic Product (GDP) per capita grew at an average annual rate of 4.4 percent. Brazil's long-run growth has rivaled that of counties such as South Korea, universally praised as a stellar performer. Brazil does not received the same praise. Perhaps one reason is that more has been expected of Brazil, especially by Brazilians themselves. After all the country is richly endowed with natural resources and is blessed with an energetic people. Perhaps is that economic growth in Brazil has been more erratic than in other countries, or it may be that this economic growth performance has been accompanied by high inequality, thus diminishing the "quality" of growth. How is it that the country with the fastest growth in the region also has the highest inequality? Are the two facts related, and if so, what can be done to improve the pattern of future income growth across the social classes...

The challenge of low employment economic growth in South Africa: 1994 - 2008

Mahadea,Darma; Simson,Richard
Fonte: South African Journal of Economic and Management Sciences Publicador: South African Journal of Economic and Management Sciences
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/01/2010 EN
Relevância na Pesquisa
75.85%
Although the economy has registered positive economic growth over the past 15 years since the demise of apartheid, the formal sector in South Africa has been unable to provide adequate employment for labour. Against a background of the recent almost global recessionary climate, this lack of employment is a serious problem. While government has responded with many initiatives to deal with employment creation, unemployment rates in South Africa remain high. In this paper the problem of low employment economic growth performance is initially examined for the period 1994 -2008 by drawing on the Harrod-Domar model and then over a longer time period by using regression analysis. The paper uses a parsimonious regression model to highlight the probable links between changes in economic growth and changes in employment. The growth elasticity of employment over the 1994-2008 period is low and over a longer time horizon the marginal growth employment effect is weak.