Why has China grown so fast? The role of physical and human capital formation

Cross-province growth regressions for China are estimated for the reform period. Two research questions are asked. Can the regressions help us to understand why China as a whole has grown so fast? What types of investment matter for China's growth? We address the problem of model uncertainty by adopting two approaches to model selection to consider a wide range of candidate predictors of growth. Starting from the baseline equation, the growth impact of physical and human capital is examined using panel data techniques. Both forms of capital promote economic growth. ‘Investment in innovation’ and private investment are found to be particularly important. Secondary school enrolment contributes to growth, and higher education enrolment even more so

Intangible Investment in Japan: New Estimates and Contribution to Economic Growth

The purpose of this paper is to measure intangible assets, to construct the capital stock of intangible assets, and to examine the contribution of intangible capital to economic growth in Japan. We follow the approach of Corrado, Hulten, and Sichel (2005, 2006) to measure intangible investment using the 2008 version of the Japan Industrial Productivity (JIP) Database. We find that the ratio of intangible investment to GDP in Japan has risen during the past 20 years and now stands at 11.6%, which is lower than the ratio estimated for the United States in the early 2000s. The ratio of intangible to tangible investment in Japan is also lower than equivalent values estimated for the United States. In addition, we find that, in stark contrast with the United States, where intangible capital grew rapidly in the late 1990s, the growth rate of intangible capital in Japan declined from the late 1980s to the early 2000s. In order to examine the robustness of our results, we also conducted a sensitivity analysis and found that the slowdown of the contribution of intangible capital deepening to economic growth and the recovery in Multi-Factor Productivity (MFP) growth from the second half of the 1990s observed in our base case remain unchanged even if we take on-the-job training and Japanese data with respect to investment in firm-specific resources into account.intangible investment, labor productivity, growth accounting

An artificial intelligence and NLP based Islamic FinTech model combining Zakat and Qardh-Al-Hasan for countering the adverse impact of COVID 19 on SMEs and individuals

Pursose: The ongoing Corona virus (COVID 19) pandemic has already impacted almost everyone across the globe. The focus has now shifted from spread of the disease to the economic consequences it will bring to the society. The shortage of production will result into the shortage of supply and consequently will end as loss of jobs and employment for millions of people around the world. Two of the most important section of our society i.e., daily wage laborers and Small and Medium Enterprises (SMEs) will have to bear the major burnt of this crisis. The proposed integrated Artificial Intelligence and NLP based Islamic FinTech Model combining Zakat (Islamic tax) and Qardh-Al-Hasan (benevolent loan) can help the economy to minimize the adverse impact of COVID 19 on individuals and SMEs. Design/Methodology/Approach: The present study explores the possibility of Zakat and Qardh-Al-Hasan as a financing method to fight the adverse impact of Corona virus on poor individuls and SMEs. It provides the solution by proposing an Artificial Intelligence and NLP based Islamic FinTech Model combining Zakat and Qardh-Al-Hasan. Findings: The findings of the study reveals that Islamic finance has immense potential to fight any kind of situation/pandemic. Zakat and Qardh-Al-Hasan, if combined together can prove to be a deadly combination to fight the adverse effect of COVID 19. Practical Implications: To be used as an effective way to support individuals and SMEs in the period during and after the pandemic of COVID 19. Originality/value: There is no study combining Zakat and Qardh Al-Hasan to fight the adverse effect of poor individuals and SMEs. The study will contribute massively to the existing literature and will help the government and civil societies in fighting the economic impact of COVID 19 on individuals and SMEs.peer-reviewe

Development of aquatic animal genetic improvement and dissemination programs : current status and action plans

Aquatic animals, Breeding, Genetics, Fish

MEASURING THE RETURNS TO AGRICULTURAL EXPERIMENT STATION RESEARCH EXPENDITURES FOR CORN, WHEAT AND SOYBEANS

Research and Development/Tech Change/Emerging Technologies,

Is India on a Sustainable Development Path?

Sustainability requires that the productive base measured in terms of comprehensive wealth of a society should be increasing on per capita basis. Comprehensive wealth includes manufactured, human and natural capital along with knowledge base and institutions. This study offers methodological improvements and provides estimates of the growth rate of per capita comprehensive wealth over the period 1970-2006 for Indian economy. It considers air, water and soil degradation along with energy, minerals and forests depletion. To measure the value and composition of investment in natural capital, it estimates resource depreciation allowances on the basis of Hotelling rent; it adjusts education expenditure for depreciation in human capital; and uses the estimates of TFP that takes into account natural capital in the production of commodities and services. The empirical application suggests that Indian economy is barely sustainable. Growth rate of per capita comprehensive wealth was virtually near zero, it was only 0.15 percent per year for the study period. The growth rate was negative till 1983. Thereafter it became positive; however it was less than one percent in 1980s and 1990s. In recent years the growth rate was about 4 percent. Despite certain limitations, the study underscores the need for vigorous public policies that help in preventing excessive resource depletion and promoting higher genuine investment.Sustainability, development, Comprehensive wealth, Hotelling rent, India

Peer-to-Peer (P2P) Lending in Europe: Evaluating the Default Risk of Borrowers in the Context of Gender and Education

In recent years, the importance of social lending activities and their effects on consumers have been highlighted by the widespread use of peer-to-peer lending platforms and the global race in fintech. Our study focuses on factors that affect the likelihood that European borrowers on peer-to-peer lending platforms, which are currently based in Estonia, Finland, and Spain, will default on their loans. Starting with the publicly accessible Bondora database, we examine the different economic and social characteristics of the borrowers to analyze the factors that contributed to loan default between 2013 and 2021. We use a Logit model to calculate the ex-post probability of default for factors derived from Principal Component Analysis as well as the original variables supplied by the database. The results show how crucially important education is for borrowers in lowering the risk of default, along with loan characteristics like high debt levels, long loan terms, and high interest rates. In addition, gender plays an important role in determining loan default, with a particular focus on women's conditions within the family. Regarding financial inclusion and its social implications, our findings suggest different ways to improve financial literacy and promote peer-to-peer lending. Future research could develop on the findings by applying them to other lending platforms and countries

Why has China Grown so Fast? The Role of Structural Change

Can others learn from China's remarkable growth rate? We explore some indirect determinants of Chinas growth success including the degree of openness, institutional change and sectoral change, based on a cross-province dataset. Our methodology is the informal growth regression, which permits the introduction of some explanatory variables that represent the underlying as well as the proximate causes of growth. We first address the problem of model uncertainty by adopting two approaches to model selection, Bayesian Model Averaging and the automated General-to-Specific approach, to consider a wide range of candidate predictors of growth. Then variables flagged as being important by these procedures are used in formulating our models, in which the contribution of factors behind the proximate determinants are examined using panel data system GMM. All three forms of structural change - relative expansion of the trade sector, of the private sector, and of the non-agricultural sector - are found to raise the growth rate. Moreover, structural change in all three dimensions was rapid over the study period. Each change primarily represents an improvement in the efficiency of the economy, moving it towards its production frontier. We conclude that such improvements in productive efficiency have been an important part of the explanation for China's fast growth. --Economic growth,Structural change,Openness,Institutional change,China