Finance growth nexus across Indian states: evidences from panel cointegration and causality tests

The paper deals with finance-growth relationship across Indian states over 1980–2011 in panel cointegration and causality framework. We apply Engle–Granger two-step procedure for cointegration test in panel setting which takes care of cross-sectional dependence and heterogeneity across states. For panel Granger causality analysis, we employ Dumitrescu and Hurlin (Econ Model 29:1450–1460, 2012) method and apply bootstrapping to account for cross-sectional dependence. We find robust evidence of cointegration between per capita income and credit per capita. Using panel FMOLS, we find that 1 % change in credit per capita results in 0.14 % change in per capita income. Panel Granger causality test reveals that there is bi-directional causality (feedback effects) in the absence of cross-sectional dependence. However, with cross-sectional dependence, we find evidence in favour of supply leading hypothesis. Probable policy implication calls for inclusive financial development and growth strategies in order to mitigate uneven income levels across states.     

Law and the middle class

This paper draws upon ethnographic evidence from a suburb of New York City to address the relationship between social class and the use of law. In the community studied, middle-class people are less likely than working-class people to complain to legal officials about the conduct of their personal associates such as relatives and neighbors. It appears that the greater transiency and atomization of middle-class people militate against their use of law by reducing the amount of negative information antagonists have about one another and by making avoidance a more attractive means of conflict management. Beyond this, the higher social status of middle-class people itself seems to result in a greater reluctance to use law in personal matters: Because they are generally equal or superior to legal officials in social standing, middle-class people are less willing than lower-status people to submit to their judgment. In light of this, it may be necessary to qualify the prevailing view that higher-status people have a greater propensity to use law as a means of conflict management. Where personal matters among themselves are concerned, the opposite may be the truth.An earlier version of this paper was presented at the Annual Meeting of the Law and Society Association, Madison, Wisconsin, June 1980. For commenting upon various aspects of the work presented here, I would like to thank Donald Black, Kai Erikson, Sally Engle Merry, Frank Romo, Susan S. Silbey, and Stanton Wheeler.     

The dynamic interactions among foreign direct investment, economic growth, exports and unemployment: evidence from Taiwan

The vector autoregression (VAR) method of variance decomposition and impulse response function analysis was applied to analyze dynamic relationships among foreign direct investment (FDI), economic growth, unemployment, and trade in Taiwan. The analysis results show that both economic growth and exports have positive impacts on FDI inflow; however, export expansion has a negative impact on FDI outflow. FDI inflow also has an obvious positive impact on exports and economic performance. The evidence also shows that there is no relationship between FDI inflow and unemployment. In addition, we found that a positive relationship exists between economic growth and exports while a negative relationship exists between unemployment and economic growth.     

Financial development and economic growth in India: some evidence from non-linear causality analysis

In the light of the recent observation that the relationship between financial development and economic growth is one of non-linear and limitations of granger test, this paper re-examined relationship in the framework of non-linear Granger causality employing (Diks and Panchenko in Stud Nonlinear Dyn Econ 9(2), 2006) test. The limitation of non-stationarity of earlier study is also addressed using the Toda and Yamamoto (J Econ 66:225–250, 1995) test. The present study attempts to undertake this exercise, as causal inference is sensitive to the twin limitations of non-stationarity and non-linearity. We used principal component analysis to construct index of financial development comprising alternative measures of financial development. The analysis has been carried out for the period 1990–2010. The results of Toda–Yamamoto and Diks–Panchenko tests reveal that financial development and economic growth bear no causal relationship, a finding contrary to the findings of several of the existing studies in the Grangerian framework.     

The Causal Relationship between Stock,Credit Market and Economic Development: An Empirical Evidence for Greece

This paper examines empirically the causal relationship among financial development, credit market and economic growth by using a trivariate autoregressive VAR model in Greece for the examined period 1988:1–2002:12. The results of cointegration analysis suggested that there is one cointegrated vector among the functions of stock market, the banking sector development and economic growth. Granger causality tests have shown that there is a bilateral causal relationship between banking sector development and economic growth and a unidirectional causality between economic growth and stock market development whereas there is no causal relationship between the stock market and banking sector development.     

CAN SELF‐CONTROL CHANGE SUBSTANTIALLY OVER TIME? RETHINKING THE RELATIONSHIP BETWEEN SELF‐ AND SOCIAL CONTROL*

The primary goals of this study were to test the long‐term stability thesis of Gottfredson and Hirschi's (1990) general theory of crime and to examine the relationship between self‐control and social control over time. The data come from a field experiment where the “treatment” consisted of an intentional effort to improve the childrearing behaviors of a sample of caregivers whose children were at high risk of criminal behavior. Caregivers in the control condition were given no such training. The intervention occurred when all subjects were in the first grade (mean age: 6.2 years old), and we have measurements on self‐control and the social control/bond for each subject from grades 6 to 11 (mean ages: 12 to 17 years old). Both a hierarchical linear model and a second‐order latent growth model identified meaningful differences in the growth pattern of self‐control among individuals in the pooled sample and a difference in the growth parameters for self‐control and the social control/bond over time between the treatment and control groups. Both findings are inconsistent with Gottfredson and Hirschi's stability of self‐control hypothesis. The same patterns persisted when different analytic techniques and model specifications were applied, which suggests that the results are not an artifact of measurement error, model specification, or statistical methods. Structural equation modeling using the panel design of the data was better able to disentangle the long‐term relationship between self‐ and social control—a relationship that was found to be more dynamic than previously hypothesized.     

中国经济增长与失业关系的实证研究——有效就业分析与协整检验

从有效就业的视角对我国经济增长与失业之间关系的研究表明,我国企业储备了大量的无效就业人员,有效就业率低,是奥肯定律失效的微观原因。对有效就业与经济增长的协整检验表明:90年代中期以来,我国经济增长和有效就业之间存在长期稳定的均衡关系,表现出协同变化的一致性。Granger检验的结果表明,经济增长与有效就业之间存在双向Grange因果关系:经济增长带来了有效就业的增长;有效就业的增加也促进了经济增长。     

Trade liberalisation and endogenous growth: Some evidence for Turkey

This paper examines the impact of trade liberalisation on the long-run economic development as measured by the real GDP per capita in Turkey. Based on the ‘endogenous’ growth theory, we employ bivariate and multivariate cointegration analyses to test the long-run relationship among the relevant variables. Results for Turkey suggest a stable, joint long-run relationship among real GDP per capita, an index of trade liberalisation, human and physical capital in accordance with the ‘endogenous’ growth theory. Statistically significant error-correction terms provide further evidence that those variables are indeed cointegrated. This also implies causal effects.     

Service utilization, perceived changes of self, and life satisfaction among women who experienced intimate partner abuse: the mediation effect of empowerment

This study explored the growth experiences of women abused by their intimate partner, specifically focusing on the associations between social services and empowerment, perceived changes of self, and life satisfaction. The potential effects of demographic variables, social support, coping, and experience of partner abuse were also explored. A survey study was conducted through the collaboration of social workers in the Centers of Prevention and Intervention for Domestic Violence and private sectors in Taiwan. Through contact by their social workers, 191 participants completed the questionnaires. The results revealed that the participants had growth mainly in their psychological and interpersonal domains. The independent variables in the regression model explained 45.3% (adjusted) variance in perceived changes of self. In addition to empowerment and negative impact of violence, intensity of contact and professional relationship were two important service variables that directly and significantly correlated with perceived changes of self. A significant amount of variance (adjusted R2 = .556) in life satisfaction could be explained by the independent variables. Social support and empowerment directly correlated with life satisfaction. The findings also supported the mediation effect of empowerment. Seven variables (e.g., social support, coping method, and professional relationship) indirectly associated with perceived changes of self and life satisfaction through empowerment.     

Prevalence and Predictors of Suicidal Ideation Among U.S. Law Enforcement Officers

Police officers have often been reported to experience high rates of suicide compared to the general population. Suicidal ideation (SI) is considered a strong predictor of suicidal acts. However, few studies have examined SI in U.S. law enforcement officers. This study investigated the prevalence of SI and the association between SI and amount of subjective work-related traumatic stress, personal relationship stress, work-related but non-traumatic stress, age, depression, posttraumatic stress disorder symptoms, alcohol use, and posttraumatic growth among law enforcement officers (N?=?193) from a Midwestern state. Multiple regression analysis demonstrated that greater depression symptoms significantly predicted greater SI among officers.     

INDUSTRIAL SHIFT,POLARIZED LABOR MARKETS AND URBAN VIOLENCE: MODELING THE DYNAMICS BETWEEN THE ECONOMIC TRANSFORMATION AND DISAGGREGATED HOMICIDE*

Industrial restructuring marks the removal of a manufacturing and production‐based economy in urban areas, which had served as a catalyst in concentrating disadvantage and polarizing labor markets since the 1970s. Although scholars have established a relationship between concentrated disadvantage — poverty, joblessness, racial residential segregation — and urban violence in cross‐sectional studies, this literature has yet to estimate whether economic restructuring contributed to the change in urban homicide over time. Modeling this relationship requires an analytical strategy that incorporates specific indicators of (race and gender) polarized labor markets, separate from indicators of urban disadvantage, on disaggregated homicides while taking into account the growing dependency of urban cities on formal social control (via police presence and rise in incarceration). In this study I provide a theoretical rationale for linking industrial restructuring to urban homicide. Using a multivariate strategy to capture the shift in labor market forces and disaggregated homicides from 1980 to 1990, I also estimate the impact of this relationship. The results provide evidence of the industrial ship and documents both the decline in Manufacturing jobs for black males and black females and a growth in the service sector opportunities for white males only. I also find that industrial restructuring had a unique impact on disaggregated homicide beyond what has previously been established in cross‐sectional studies.     

The impact of economic growth and good governance on misery index in Iranian economy

Potentially Speaking, Iranian economy is one of the wealthiest one in Middle East and even among other developing countries in the region. In practice, however, mismanagement and bad governance of public sector and some other infrastructural shortcomings have led this economy to its current inefficient situation in which we face with one of the highest misery index, MI, along with one of the lowest economic growth rate in the world. This article is investigating this subject. At, one hand it is analyzing the relationship between misery index, MI, and economic growth in Iran, and at the other hand it studies the impact of governance on MI for 1974–2011 periods. To achieve this goal, vector autoregressive model has been used. We have also used the government effectiveness as a proxy for good governance, which, we think, is meaningful in Iranian case. By using dickey-fuller test the stability of variables, has been examined. We also have applied the Granger causality and Johnson test for considering the convergence among variables. One finding of this paper is that, economic growth has had negative relation with MI. Another result is that there is a significant relationship between type of governance and MI. For instance, during recent administration (2005–2011), we are encountering with the worst good governance indexes, the lowest economic growth, and the highest MI as well.     

我国环境规制与经济增长关系的区域差异分析——基于东、中、西部面板数据的实证研究

根据1998—2006年中国30个省区的面板数据,运用相关的计量经济学方法,对我国东、中、西部地区环境规制与经济增长的关系进行实证研究的结果表明,我国环境规制水平与经济增长的关系呈现出明显的区域差异性。长期内,东、中、西部地区环境规制水平与经济增长均互为因果关系,短期内东部地区环境规制水平对经济增长影响显著,中部地区两者之间关系不显著,而西部地区经济增长在一定程度上推动了环境规制水平提升。据此应当采取相应的政策措施,以促进中国各区域环境规制与经济增长的良性互动和协调发展。     

我国环境库兹涅茨曲线的存在性检验

随着我国经济的高速增长,环境污染与资源短缺正日益加剧.利用计量经济学对我国环境库兹涅茨曲线的存在性进行实证检验的结果表明,我国的环境库兹涅茨曲线并不是必然存在的,不同环境污染指标与经济发展的关系存在显著差异.我国在经济快速增长的同时,应该合理保护环境与利用资源,努力实现可持续发展的战略目标.     

Total factor productivity and the role of entrepreneurship

The absence of evidence in the scholarly literature for a tested long-term relationship between entrepreneurship and economic growth is at odds with the importance attributed to entrepreneurship in the policy arena. The present paper addresses this absence, introducing entrepreneurship using four different and accepted models explaining the total factor productivity of twenty OECD countries with data for the period 1969–2010. Traditionally, entrepreneurship is not addressed in these models. We show that in all models—as well as a joint one—entrepreneurship has a significant influence while the remaining effects largely stay the same. Entrepreneurship is measured as the business ownership rate (number of business owners per workforce) corrected for the level of economic development (GDP per capita).     

社会资本、工业集聚与经济增长——基于中国经验的实证研究

社会资本对经济增长的重要作用,已越来越受到人们的广泛关注。笔者在对社会资本、工业集聚与经济增长相互关系进行理论分析的基础上,采用中国2000年的截面数据,实证检验各地区信任指数对地区工业集聚水平的影响。结果发现,我国各地区的信任指数对地区工业集聚具有非常显著的促进作用。在我国,社会资本通过加速工业的集聚的方式,进而促进了经济的增长。这也进一步表明,我国地区间在社会资本水平上的差异是造成我国地区经济差异的一个十分重要的原因。     

Impact of aging on fingerprint ridge density: Anthropometry and forensic implications in sex inference

The variation in the epidermal ridge's width between the sexes, during various growth stages, and among different populations has been previously assessed. However, the changes that occur with aging are barely known.The goal of this study was to analyse the degree of variation in epidermal ridge width due to aging. So that, fingerprint ridge density was estimated to establish their relationship with body and hand size changes that typically occur in adulthood.In this study, a sample of 213 adults of both sexes from a Spanish native population of different age ranges—18–30?years old (“junior” group) and 50–66?years old (“senior” group)—was used. Ridge density was assessed in three counting areas of the distal phalanx of each finger (radial, ulnar, and proximal). Height, weight, and a set of anthropometric measurements for both hands were also taken.Our results show that ridge density is higher in females than males throughout adulthood and decreases with aging in the radial and ulnar areas (as the hands widen) but not in the proximal region. Thus, a relationship between hand dimensions and ridge density was found.The data indicate that aging changes may conceal the recognized sex differences in ridge density, and so a better understanding of the topological variations in the epidermal ridge width throughout the life cycle and the factors involved would facilitate the interpretation of the differences between the sexes and different age groups.     

Signaling in academic ventures: the role of technology transfer offices and university funds

University spinoffs, an important subset of high-tech start-up companies, operate in a context characterized by marked information asymmetries that limit their chances of obtaining financing. Given the uncertainty and imperfect information that characterize these investment opportunities, signals about their potential value deserve further attention. We investigate the relationship between the main stakeholders involved in the process of creating a university spinoff—that is, the academic founders, the university technology-transfer office, and private investors—focusing on the role of public grants as effective signals that attract private venture capital (VC) funding. Using the database of all spinoff companies established to exploit inventions assigned to the University of Michigan from 1999 to 2010, we determine how the funds provided through the university technology-transfer office influence VC follow-on funding and consequent spinoff growth, controlling for the spinoff’s technology, the founders’ human capital, and the network’s resources. The empirical results support a signaling effect of the commercialization funds provided by the university and suggest an indirect impact on the growth of the spinoff’s sales through the mediating effect of VC financing.     

Violent Crime in the United States of America: A Time-Series Analysis Between 1960–2000

This paper empirically assesses the effects of socio-economic and demographic variables on violent crime in the United States. Using national-level time-series data over the period 1960–2000, an unrestricted vector autoregressive (VAR) model was estimated for overall violent crime, murder, rape and assault. The results indicate that there is no long-run relationship among the examined variables, but significant short-run relationships hold. Imprisonment growth, income inequality, alcohol consumption, and racial composition of the male youth population are shown to influence the short-run behaviour of violent crime.     

Foreign direct investment and human capital in developing countries: a panel data approach

Theoretical studies have shown that there is a direct relationship between human capital and foreign direct investment (FDI). However, only a few available empirical studies have attempted to investigate this relationship simultaneously. Using country level panel data from 55 developing countries over the 1980–2011 period, this paper examines the interrelationship between FDI and human capital. Statistical analysis, based on simultaneous equations fixed effect estimation, reveals significant bi-directional causality between human capital and FDI, which suggests that FDI and human capital development policies need to be coordinated. FDI-led economic growth models may not be entirely suitable for all developing countries aiming to replicate the economic success of countries such as Brazil and China unless attention is also paid to human capital development through increased spending on education and training.