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on Islamic Finance |
| By: | Anwar, Amar; Iwasaki, Ichiro |
| Abstract: | This paper features a meta-analysis of the effects of financial development and liberalization on macroeconomic growth in Asia. A meta-synthesis of 748 estimates extracted from 75 previous works indicates that the growth-enhancing effect of finance reaches an economically meaningful scale in the region. Synthesis results also reveal that the finance–growth nexus in South Asia is stronger than that in East Asia. Publication selection bias is examined using both linear and nonlinear techniques, and our results show that there is a possibility of publication bias in the literature. After applying advanced and up-to-date metaanalysis methods, we find that the collected estimates contain significant underlying empirical evidence of the impact of finance on economic growth for both Asia and its subregions. |
| Keywords: | financial development, economic growth, meta-analysis, publication selection bias, Asia |
| JEL: | E44 G10 O11 O16 D53 |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hitcei:2022-03&r= |
| By: | Bitonio, Benedicto Ernesto R., |
| Abstract: | The study assesses the social dialogue, freedom of association and collective bargaining institutions and practices in the public service among five member-countries of the Association of Southeast Asian Nations (ASEAN), namely Indonesia, Malaysia, the Philippines, Singapore, and Thailand. Generally, “public service” and “public sector” as understood from the Constitutions of the five countries broadly subsume the various branches or agencies of the State performing governmental functions at central and local levels, including State enterprises. The Constitutions of the five countries generally recognize the freedom of association as a fundamental civil liberty, but national legislations typically regulate or restrict trade union rights in the public sector to maintain or protect public order, national security, general welfare or good morals. Malaysia, the Philippines, Singapore and Thailand have their respective institutions and mechanisms that could allow public sector employees, represented by their unions or associations, to engage in some form of social dialogue with their employers, including collective negotiation or bargaining. In public sector social dialogue mechanisms, high-level elected or appointed public administrators responsible for State functions represent the State as employer party. Their unions or organizations represent employees, who come from the civil service or the bureaucracy. Generally, regulation of public sector labour relations makes public sector social dialogue difficult and, in relation to Indonesia, inexistent. The author concludes that there is little evidence to show the meaningful existence of the enabling conditions for effective social dialogue, particularly the existence of strong, independent workers' and employers' organizations as envisioned in fundamental ILO conventions, and of political commitment to engage in social dialogue by all parties. |
| Keywords: | social dialogue, public service, public sector |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ilo:ilowps:995190492002676&r= |
| By: | Mr. Tigran Poghosyan |
| Abstract: | This paper presents stylized facts on financial development in the CCA countries relative to their EM and LIC peers and assesses how financial development can boost growth in the CCA. Drawing on IMF’s multidimensional index of financial development, we find that CCA countries have made progress following the independence in early 1990s. However, the progress was uneven across the CCA, resulting in a divergence of financial development over time and mixed performance relative to EM and LIC peers. Financial institutions have progressed the most, while financial markets remain underdevelped in most CCA countries except Kazakhstan. In terms of sub-indicators of financial development, financial access has expanded markedly, while the depth of financial intermediation has remained largely shallow and efficiency of financial intermediation has fluctuated over time. Standard growth regressions suggest that CCA countries with relatively lower level of financial development have scope to boost annual growth rates between 0.5-2.5 percent by reaching the level of financial development of frontier CCA countries. |
| Keywords: | Caucasus and Central Asia; financial development; output growth |
| Date: | 2022–07–08 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2022/134&r= |