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Economies
Special Issues
Economic Growth, Corruption, and Financial Development
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Economic Growth, Corruption, and Financial Development

A special issue of Economies (ISSN 2227-7099).

Deadline for manuscript submissions: 31 December 2024 | Viewed by 4025

Special Issue Editor

Dr. George R. G. Clarke

E-Mail Website
Guest Editor
Division of International Banking and Finance Studies, A.R. Sanchez, Jr. School of Business, 5001 University Blvd, Texas A&M International University, Laredo, TX 78041, USA
Interests: development economics; political economy; corruption; institutions; Africa; privatization; competition; firm surveys
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Two competing hypotheses link corruption and growth. The first, the "Sand in the Wheels" hypothesis, argues that corruption harms growth and institutional development. Under this hypothesis, corruption increases the cost of public investments, misallocates resources to rent-seeking activities, and discourages investment and firm growth. Moreover, under this hypothesis, corruption encourages elected and public officials to create burdensome rules and regulations which firms and individuals have to pay bribes to avoid.

The second hypothesis, the 'grease the wheels' hypothesis, argues that corruption has the opposite effect. In countries with weak institutions and limited resources, corruption arguably allows firms and individuals to escape burdensome bureaucratic procedures and regulations. This, in turn, allows for faster growth.

The goal of this Special Issue is to provide new insights into corruption, growth, and financial sector development. Theoretical and empirical papers on these topics are encouraged.

Submissions should consist of theoretical or applied research in a broad range of topics, including, but not limited to, the following:

  • The effect of corruption on economic growth and financial sector development;
  • The effect of corruption on firm performance and access to finance;
  • The identification of factors that moderate the effect of corruption on growth;
  • The interaction between regulation, institutions, and corruption;
  • The institutional determinants of corruption;
  • The links between financial sector development and growth;
  • The links between institutional development and financial sector development.

Dr. George R. G. Clarke
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Economies is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • corruption
  • economic growth
  • financial development
  • structural change
  • digital economies
  • fiscal policies

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Published Papers (2 papers)

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Research

29 pages, 331 KiB  
Article
Diversification and the Resource Curse: An Econometric Analysis of GCC Countries
by Nagwa Amin Abdelkawy
Economies 2024, 12(11), 287; https://doi.org/10.3390/economies12110287 - 25 Oct 2024
Cited by 1 | Viewed by 1071
Abstract
This research explores the effects of significant global economic shocks, such as the 2008 Global Financial Crisis and the 2020 COVID-19 pandemic, on GDP growth in the Gulf Cooperation Council (GCC) nations. Employing a dynamic generalized method of moments (GMM) model, the analysis [...] Read more.
This research explores the effects of significant global economic shocks, such as the 2008 Global Financial Crisis and the 2020 COVID-19 pandemic, on GDP growth in the Gulf Cooperation Council (GCC) nations. Employing a dynamic generalized method of moments (GMM) model, the analysis highlights the strong momentum effect of lagged GDP growth, where past performance plays a critical role in shaping current economic outcomes. The findings also reveal that natural resources continue to positively influence short-term growth, but with diminishing returns over time, supporting the resource curse hypothesis and underscoring the need for broader structural reforms to ensure long-term sustainability. In addition, the results show that external investments flowing into the country, trade balance, and inflation emerge as key drivers of economic growth. While moderate inflation is positively associated with economic expansion, unemployment exerts a significant negative effect on GDP growth, particularly in models that account for country-specific characteristics. This emphasizes the need for labor market reforms to improve employment rates and support sustainable development. The role of gross capital formation, particularly in both the dynamic GMM and random effects models, further underscores the importance of strategic domestic investment, especially during periods of global disruption. These findings emphasize the critical need for economic diversification in the GCC. Policymakers should focus on attracting foreign investment, managing inflation, enhancing human capital, and boosting domestic investment to mitigate the adverse effects of the resource curse and secure sustainability. While market capitalization and oil rents may stimulate short-term growth, their long-term sustainability remains uncertain without greater diversification. Both external and domestic investments emerge as critical drivers of long-term growth, while persistent challenges such as inflation and unemployment continue to pose risks to economic stability. The study highlights the need to reduce reliance on oil and leverage human capital to build more resilient economies capable of adapting to future challenges. By offering dynamic, empirical insights into the balance between resource reliance and sustainable growth, this research adds valuable insights to the policy discussion on economic diversification in the GCC. Policymakers are urged to prioritize FDI, inflation management, domestic capital formation, and human capital development to mitigate vulnerabilities and ensure sustainable economic growth in the face of ongoing global uncertainties. Full article
(This article belongs to the Special Issue Economic Growth, Corruption, and Financial Development)
19 pages, 469 KiB  
Article
Empirical Analysis of the Effect of Institutional Governance Indicators on Climate Financing
by Moses Herbert Lubinga and Adrino Mazenda
Economies 2024, 12(2), 29; https://doi.org/10.3390/economies12020029 - 26 Jan 2024
Viewed by 2259
Abstract
Sustainable Development Goal 13 echoes the fact that all countries must make urgent and stringent efforts to mitigate against and adapt to climate change and its associated impacts. Climate financing is one of the key mechanisms used to enable countries to remain resilient [...] Read more.
Sustainable Development Goal 13 echoes the fact that all countries must make urgent and stringent efforts to mitigate against and adapt to climate change and its associated impacts. Climate financing is one of the key mechanisms used to enable countries to remain resilient to the hastening effects of climate change. In this paper, we empirically assess the effect of institutional governance indicators on the amount of climate finance received by 21 nations for which progress towards the internationally agreed-upon target of reducing global warming to 1.5 °C is tracked. We use the fixed-effects ordinary least squares (OLS) and the feasible generalized least squares (FGLS) estimators, drawing on the Climate Action Tracker panel data from 2002 to 2020. Empirical results reveal that perceived political stability significantly enhanced climate finance inflows among countries that strongly increased their NDC targets, while perceived deterioration in corruption control negatively impacted the amount of climate finance received by the same group of countries. Therefore, governments should reduce corruption tendencies while striving to avoid practices and alliances that lead to any form of violence, including terrorism and civil war. Low developing countries (LDCs) in particular need to improve the standard of public services provided to the populace while maintaining a respectable level of autonomy from political influences. Above all, as countries work towards strengthening institutional governance, there is an urgent need for developed economies to assist developing economies in overcoming debt stress since the likelihood of future resilience and prosperity is being undermined by the debt crisis, with developing countries spending almost five times as much annually on repayment of debt as they allocate to climate adaptation. Full article
(This article belongs to the Special Issue Economic Growth, Corruption, and Financial Development)
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