Financial market development, global financial crisis and economic growth : evidence from developing nations

Emerging and frontier markets in Africa have witnessed various economic and financial reforms aimed at integrating the domestic markets into the global financial market to attract investment. Whether these reforms promote high economic growth remains inconclusive. The paper applies the pooled mean group estimation technique to empirically re-investigate the link between financial market development, global financial crisis, and economic growth in selected African economies. The results strongly support our hypotheses that stock market and banking sector development promotes economic growth in the selected countries. Moreover, financial crisis reduce the positive effects of both the stock market and banking sector developments on economic growth. The study suggests that both the banking sector and stock market are important to deliver the long-run economic growth that the African region desired. Moreover, effort should be made to enact policy measures that would ensure development of the stock market which has received inadequate attention.info:eu-repo/semantics/publishedVersio

Cubic boron nitride as a primary calibrant for a high temperature pressure scale

International audienceWe present results establishing a new high pressure scale at high temperature based on the thermal equation of state and elastic properties of cubic boron nitride (cBN). This scale is derived from simultaneous measurements of density and sound velocities at high pressure and temperature independent of any previous pressure scale. The present results obtained at room temperature to 27 GPa suggest the validity of the current ruby scale (within±4% at 100 GPa). At high temperature, data obtained at 16 GPa to 723 K are in fair agreement with the thermal equation of state of cBN reported in our previous work. We have also shown that cBN can serve as a convenient pressure gauge in X-ray and optical studies using the laser heated diamond anvil cell