We investigate whether income inequality affects subsequent growth in a cross-country sample for 1965-90, using the models of Barro (1997), Bleaney and Nishiyama (2002) and Sachs and Warner (1997), with negative results. We then investigate the evolution of income inequality over the same period and its correlation with growth. The dominating feature is inequality convergence across countries. This convergence has been significantly faster amongst developed countries. Growth does not appear to influence the evolution of inequality over time. Outline

https://www.econstor.eu/bitstream/10419/81822/1/02-28.pdf

Economic growth and income inequality

세계화가 과연 하나의 독립변수로 사용하기에 충분할 정도로 그 의미가 명확하게 규명된 과학적 개념인가의 여부는 학계의 지속적인 의문으로 남아 있다. 특히 최근에는 현저하게 드러나고 있는 각종 반세계화 현상을 바탕으로 세계화에 대한 반론이 거세지고 있으며 일부 세계화론 주창자들조차 ‘현실’로서 세계화 현상에 대한 회의적 시각을 표출하고 있어 그 의문은 더욱 커지고 있다. 이에 따라 세계화를 설명 변수로 삼는 모든 연구 영역에서 세계화의 의미와 세계화와 관련된 연구 성과를 반추해 볼 필요성도 커지고 있다. 본 연구의 목적은 세계화의 의미 분석을 바탕으로 세계화를 안보환경 변화의 독립변수로 삼는 연구의 동향을 분석하고 연구의 방향을 제시하는데 있다. 세계화는 그 설명적 가치와 규범적 판단을 둘러싸고 논란이 계속되고 있는 개념이다. 세계화는 세계화론자를 중심으로 발전되어 온 개념이지만 이들 사이에서도 개념에 대한 합의는 존재하지 않는다. 세계화는 가장 단순하게는 하나의 현상 혹은 사건으로 간주되기도 하지만, 세계화의 본질을 규명하려는 입장에서는 세계화의 원인과 영향에 대한 인과관계는 물론 사회관계 본질이나 권력관계 변화를 적시하는 개념으로 취급하여 왔다. 그러나 세계화를 개념화하려는 노력은 수많은 하부 현상을 단일 요소로 설명해야 하며, 역으로 개념 속에 혼재되어 있는 세계화의 원인, 결과, 설명 및 규범적 판단 요소를 단순화해야 한다는 과제를 안고 있다. 특히 원인과 결과가 혼재되어 있는 세계화 개념은 현상 분석을 위한 설명체제 구성에 가장 큰 장애요인이 되고 있다. 세계화와 안보와의 관계를 다루는 연구는 대체로 세계화에 관한 중도론적 입장에서 안보에 관한 낙관론을 피하고 새로운 위협을 제시하는데 초점을 맞추는데, 이러한 경향은 안보연구에서 세계화를 가장 단순한 수준에서 정의하는 데에서 비롯된다. 그러나 지나치게 단순한 세계화 개념을 적용하는 안보연구는 질적으로 새로운 현상인 세계화를 여전히 국가중심적 시각에서 다루고 모든 안보위협을 테러리즘의 문제로 축소하려는 환원주의의 문제를 야기한다. 이러한 문제를 극복하기 위해서는 세계화 개념의 불완전성을 염두에 둔 세계화 개념에 대한 접근과 일관된 세계화 개념 적용이 요구된다. 또한 세계화 현상으로부터 직접적인 안보 사안을 도출하는 노력에서 한 차원 더 나아가 안보연구의 새로운 방향을 제시해 줄 수 있는 안보환경 변화의 전체적 특성을 분석하는 포괄적 연구가 요구된다.

세계화(globalization)와 안보 연구

Testing Trade-Off and Pecking Order Predictions about Dividends and Debt

サイアート, マーチの「A Behavioral Theory of the Firm」

Decoupling natural resource use and environmental impacts from economic growth. A Report of the Working Group on Decoupling to the International Resource Panel / Fischer-Kowalski, M., Swilling, M., von Weizsacker, E.U., Ren, Y., Moriguchi, Y., Crane, W., Krausmann, F., Eisenmenger, N., Giljum, S., Hennicke, P., Romero Lankao, P., Siriban Manalang, A. UNEP, 2011, 174 p., ISBN: 978-92-807-3167-5 http://www.unep.org/resourcepanel/decoupling/files/pdf/Decoupling_Report_English.pdf Voir ci-dessous...

Decoupling natural resource use and environmental impacts from economic growth

Energy is crucial to economic progress, but the contemporary worldwide population increase that demands greater energy generated from conventional exhaustible resources, an energy price upsurge, and environmental concerns, imperils sustainable economic growth. Nevertheless, switching to renewable energy produced from naturally replenished resources promotes energy security, likewise addressing issues such as global warming and climate change. This paper aims at exploring the influence and causal relation between renewable energy, both overall and by type, and sustainable economic growth of European Union (EU)-28 countries for the period of 2003–2014. We notice that the mean share of renewable energy in the gross final energy consumption is 15%, while the mean share of renewable energy in transport fuel consumption is 3%, which are below the thresholds of 20% and 10%, respectively, as set by the EU Directive 2009/28/EC. By estimating panel data fixed-effects regression models, the results provide support for a positive influence of renewable energy overall, as well as by type, namely biomass, hydropower, geothermal energy, wind power, and solar energy on gross domestic product per capita. However, biomass energy shows the highest influence on economic growth among the rest of renewable energy types. In fact, a 1% increase of the primary production of solid biofuels increases GDP per capita by 0.16%. Besides, cointegrating regressions set on panel fully modified and dynamic ordinary least squares regressions confirm the positive influence related to the primary production of renewable energies on economic growth. A 1% increase in primary production of renewable energies increases GDP per capita by 0.05%–0.06%. However, the results of Granger causality based on panel vector error correction model indicate both in short-run and long-run a unidirectional causal relationship running from sustainable economic growth to the primary production of renewable energies, being supported the conservation hypothesis.

Does renewable energy drive sustainable economic growth? multivariate panel data evidence for EU-28 countries.

This study examines the Environmental Kuznets Curve hypothesis (EKC), considering the primary energy consumption among other country-specific variables, for a panel of the EU-28 countries during the period 1990–2014. By estimating pooled OLS regressions with Driscoll-Kraay standard errors in order to account for cross-sectional dependence, the results confirm the EKC hypothesis in the case of emissions of sulfur oxides and emissions of non-methane volatile organic compounds. In addition to pooled estimations, the output of fixed-effects regressions with Driscoll-Kraay standard errors support the EKC hypothesis for greenhouse gas emissions, greenhouse gas emissions intensity of energy consumption, emissions of nitrogen oxides, emissions of non-methane volatile organic compounds and emissions of ammonia. Additionally, the empirical findings from panel vector error correction model reveal a short-run unidirectional causality from GDP per capita growth to greenhouse gas emissions, as well as a bidirectional causal link between primary energy consumption and greenhouse gas emissions. Furthermore, since there occurred no causal link between economic growth and primary energy consumption, the neo-classical view was confirmed, namely the neutrality hypothesis.

/pdf/exploring-the-link-between-environmental-pollution-and-1eszp4ijpi.pdf

Exploring the link between environmental pollution and economic growth in EU-28 countries: Is there an environmental Kuznets curve?

This study aims at empirically investigating the drivers of sustainable economic growth in EU-28 countries. By means of panel data regression models, in the form of fixed and random effects models, alongside system generalized method of moments, we examine several drivers of real gross domestic product (GDP) growth rate, as follows: higher education, business environment, infrastructure, technology, communications, and media, population lifestyle, and demographic changes. As regards higher education, the empirical results show that expenditure per student in higher education and traditional 18–22 year-old students are positively linked with sustainable economic growth, whereas science and technology graduates negatively influence real GDP growth. In terms of business environment, total expenditure on research and development and employment rates of recent graduates contributes to sustainable development, but corruption perceptions index revealed a negative association with economic growth. As well, the results provide support for a negative influence of infrastructure abreast technological measures on economic growth. Besides, we found a negative connection between old-age dependency ratio and sustainable economic growth.

https://www.mdpi.com/2071-1050/10/1/4/pdf

Empirical Study towards the Drivers of Sustainable Economic Growth in EU-28 Countries

This paper analyzes the evolution of the main theories regarding the capital structure and the related impact on risk and corporate performance. The capital structure is a dynamic process that changes over time, depending on the variables that influence the overall evolution of the economy, a particular sector, or a company. It may also change depending on the company’s forecasts of its expected profitability, capital structure being, in fact, a risk–return compromise. This study contributes to the literature by investigating the drivers of capital structure of the firms from the Romanian market. For the econometric analysis, we applied multivariate fixed-effects regressions, as well as dynamic panel-data estimations (two-step system generalized method of moments, GMM) on a panel comprising the companies listed on the Bucharest Stock Exchange. The analyzed period, 2000–2016, covers a cycle with significant changes in the Romanian economy. Our results showed that leverage is positively correlated with the size of the company and the share price volatility. On the other hand, the debt structure has a different impact on corporate performance, whether this calculated on accounting measures or seen as market share price evolution.

https://www.mdpi.com/2227-7072/6/2/41/pdf

The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies

This paper examines the nexus between the main forms of transport, related investments, specific air pollutants, and sustainable economic growth. The research is important since transport may act as a facilitator of social, economic, and environmental development. Based on data retrieved from Eurostat, Organisation for Economic Co-operation and Development (OECD), and World Bank, the output of fixed-effects regressions for EU-28 countries over 1990–2016 reveals that road, inland waterways, maritime, and air transport infrastructure positively influence gross domestic product per capita (GDPC), though a negative link occurred in the case of railway transport. As concerning investments in transport infrastructure, the empirical results exhibit a positive impact on economic growth for every type of transport, except inland waterways. Besides, emissions of CO2 from all kind of transport, alongside other specific air pollutants, negatively influence GDPC. The fully modified and dynamic ordinary least squares panel estimation results reinforce the findings. Further, in the short-run, Granger causality based on panel vector error correction model pointed out a unidirectional causal link running from sustainable economic growth to inland waterways and maritime transport of goods, albeit a one-way causal link running from the volume of goods transported by air to GDPC. As well, the empirical results provide support one-way short-run links running from GDPC to investments in road and inland waterway transport infrastructure. In addition, a bidirectional short-run link occurred between carbon dioxide emissions from railway transport and GDPC, whereas unidirectional relations with economic growth were identified in the case of carbon dioxide emissions from road and domestic aviation. In the long-run, a bidirectional causal relation was noticed between the length of the railways lines, investments in railway transport infrastructure, and GDPC, as well as a two-way causal link between the gross weight of seaborne goods handled in ports and GDPC.

Georgeta Vintila

Papers

Does renewable energy drive sustainable economic growth? multivariate panel data evidence for EU-28 countries.

Exploring the link between environmental pollution and economic growth in EU-28 countries: Is there an environmental Kuznets curve?

Empirical Study towards the Drivers of Sustainable Economic Growth in EU-28 Countries

The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies

Empirical Evidence from EU-28 Countries on Resilient Transport Infrastructure Systems and Sustainable Economic Growth