This thesis investigates the relationship between economic growth and financial development in developing countries over 1988-2001. Previous studies have generally used averaged data, for both developing and developed countries, and inappropriate estimation methods. In an attempt to reach some definitive conclusions, Generalised Method of Moments dynamic estimation is used with a newly collected panel of annual data to assess the relationship. The results show that while banks performance has a negative impact on growth, stock markets positively promote growth. To reach an overall conclusion about the impact of finance on growth and to solve the problems associated with the existence of multicollinearity among the different measures of financial development, principal components analysis is used to generate new, comprehensive measures of financial development. In assessing the link between the new measures and financial development and growth, the results support the existence of an overall positive relationship. The thesis also examines the behaviour of interest rates in developing and industrialised countries using individual and panel unit root tests. The results are sensitive to the choice of the test, country and time unit.

Stock markets, banks and economic growth

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Likelihood Based Inference In Cointegrated Vector Autoregressive Models

A policy process framework that has been developed to simplify the complexity of public policy is the advocacy coalition framework (ACF). This essay reports on an analysis of 80 applications of the ACF spanning nearly 20 years. The review shows that the ACF is applicable to various substantive topics, across various geographical areas, and with other policy process theories and frameworks, including the stages heuristic. The most commonly tested hypotheses involve policy change, learning, and coalition stability. Although the hypotheses tend to be confirmed, questions remain about the membership, stability, and defection of coalition members; about the causal mechanisms linking external events and policy change; and about the conditions that facilitate cross-coalition learning. Emerging areas of research include policy subsystem interdependencies and coordination within, and between, coalitions.

Themes and Variations: Taking Stock of the Advocacy Coalition Framework

The results of the Forest Resources Assessment 2000 carried out by FAO are synthetically presented and discussed. The world forest coverage is estimated equal to 38.6 million km 2 . The comparison of the estimates from the period 1990-2000 with those from the period 1980-1990 points out a certain general deceleration of the rate of net deforestation, that currently involves around 9 million hectares every year. However, the annua1 loss of tropical forests is still very large, while temperate and borea1 forests are in expansion. Overall, FRA2000 produced a relevant effort to compensate the existing technical, institutional and financial constraints and shortcomings for monitoring the world forest resources. The need to increase the quality and the frequency of forest surveys, both at national and international levels, s t a stands as a major issue to cope with.

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Valutazione delle risorse forestali a livello globale

The importance of dry woodlands and forests in rural livelihoods and poverty alleviation in South Africa

Importance of non-timber forest products in the economic valuation of dry deciduous forests of India

Developing and Sustaining Non-Timber Forest Products

Is commercial forestry sustainable in South Africa? The changing institutional and policy needs

Water abundance has led most North American societies to use water freely without priorizing its use. As water scarcity becomes reality in the southern part of Saskatchewan, planners and managers of water require information about the value of water in irrigation, as well as in alternative uses. In this study, the value of water to the producer in irrigation is developed both for the short and long run. The basis of this imputation is a derived demand function for water using linear programming. Water demand was bound to be inelastic at lower prices, and highly elastic at higher prices. The short-run value of water varied between $0.44 and $127.82 (1986 dollars) per acre-foot for different levels of product prices. However, the long-run value was estimated between zero and $1.59 per acre-foot of water.

Value of Water in Irrigated Crop Production Using Derived Demand Functions: a Case Study of South Saskatchewan River Irrigation District

The changing landscape of the microfinance industry, which is characterized by a decline in donor funding, has reignited debates regarding the ability of microfinance institutions to serve the poor while remaining sustainable. In this study, we examined the relationship between outreach and sustainability in the context of sub-Saharan Africa (SSA) and analysed the determinants of sustainability using data from 71 microfinance institutions (MFIs) across 10 countries. By applying correlation analysis and fixed effects regression, we found mixed evidence of a trade-off between the depth of outreach and operational self-sustainability. Furthermore, the results show that interest rate is a major determinant for MFI sustainability, which is consistent with the institutionalist view. Factors that significantly influence the sustainability of MFIs in SSA are the average loan size as a percentage of gross national income, gross loan portfolio, portfolio at risk, operating expenses to assets ratio, governance effec...

Devi Datt Tewari

Papers

Importance of non-timber forest products in the economic valuation of dry deciduous forests of India

Developing and Sustaining Non-Timber Forest Products

Is commercial forestry sustainable in South Africa? The changing institutional and policy needs

Value of Water in Irrigated Crop Production Using Derived Demand Functions: a Case Study of South Saskatchewan River Irrigation District

Trade-off between outreach and sustainability of microfinance institutions: evidence from sub-Saharan Africa