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Öğe Do financial development, foreign direct investment, and economic growth enhance industrial development? Fresh evidence from Sub-Sahara African countries(Springer Heidelberg, 2023) Appiah, Michael; Gyamfi, Bright Akwasi; Adebayo, Tomiwa Sunday; Bekun, Festus VictorThis study investigates the impact of financial development, economic growth, and foreign direct investment on enhancing industrial growth for a panel of selected Sub-Sahara African (SSA) countries from 1990-2017. However, the present study enriches our understanding of financial development by employing a new comprehensive index focused on the accessibility, scope, and productivity of capital systems and banking institutions and incorporated foreign direct investment and economic growth as significant industrial growth drivers in the selected countries. A more robust technique Augmented Mean Group (AMG) and Common Correlated Effect Mean Group (CCEMG), were employed to access the long-run relationship among the understudy variables. Further empirical results shows that financial development and economic growth enhance industrial development with finance exhibiting signifcance while foreign direct investment is seen as adverse. Moreover, a two-way causality was obtained between industrialization and financial development while both foreign direct investment and economic growth had a one-way causality relationship with industrialization. Thus, our study implies that the government officials within these countries must provide a suitable environment for the public, private partnerships, i.e. private sector, which is the backbone for industrial development.Öğe Does financialization enhance renewable energy development in Sub-Saharan African countries?(Elsevier, 2023) Appiah, Michael; Ashraf, Sania; Tiwari, Aviral Kumar; Gyamfi, Bright Akwasi; Onifade, Stephen TaiwoThis study examines the influence of financial development, fiscal policy, and foreign capital on renewable energy development in 21 Sub-Saharan African nations from 2000 to 2021. The aim is to address the dearth of information on how the financial sector affects renewable energy. Using panel data and the Panel Quantile Autoregressive Distributed Lag (PQARDL) technique, we analyze the short- and long-term impacts of these factors while considering industrialization and institution quality. Our findings indicate that financial development and fiscal policy pose significant obstacles to renewable energy development across all quantile distributions in the long run. However, foreign capital positively contributes to renewable energy development across most quantiles, except the 70th quantile. We also observe a declining trend in Sub-Saharan Africa's share of renewable development due to industrialization and institutional quality in the long term. Furthermore, the interactive roles of fiscal policy and institutional quality hinder renewable advancement in the region over time. These empirical outcomes provide valuable insights on how to attract foreign capital and allocate investments in renewable development. By doing so, we can offer consumers cost-competitive choices and strive towards extending high-value-added facilities within a sustainable environment.Öğe MODELING THE ASYMMETRIC EFFECTS OF EXCHANGE RATE, FINANCIAL DEVELOPMENT, AND OIL PRICES ON ECONOMIC GROWTH(World Scientific Publ Co Pte Ltd, 2024) Appiah, Michael; Gyamfi, Bright akwasi; Usman, Ojonugwa; Bekun, Festus VictorRecent studies on the relationship between exchange rates, oil prices, and economic growth in developing countries like Ghana have used linear methods, but do not account for potential asymmetries. This research investigates the intricate asymmetric effects of exchange rates, financial development, and oil prices on Ghana's growth from 1990-2017 using a nonlinear model. The findings indicate that global oil price has asymmetric effects on short- and long-term growth, with positive price changes having different impacts than negative changes. However, there is no evidence for asymmetric long-term effects of exchange rates and financial development on growth, only short-term asymmetries. The cumulative effects of exchange rates and financial development outweigh oil prices. Recommendations include modernizing fuel efficiency, investing in renewable energy and public transit to address oil price shocks, and increasing market transparency and collaboration between major consumer and producer countries. The nonlinear model provides an evidence-based analysis of the intricate asymmetric relationships between these factors and developing country growth.Öğe Transitioning to clean energy: Assessing the impact of renewable energy, bio-capacity and access to clean fuel on carbon emissions in OECD economies(Elsevier, 2023) Naeem, Muhammad Abubakr; Appiah, Michael; Taden, John; Amoasi, Richard; Gyamfi, Bright AkwasiThis study examined how efforts to expand clean energy access and develop renewables, increase in biocapacity, and environmental policies impacted carbon emissions in 24 OECD countries from 2000 to 2020. Advanced statistical techniques accounted for differences between countries and connections between factors over time. Results showed increasing clean fuels/technologies and renewable energy lowered emissions, while biocapacity expansion and current policies increased emissions. Two-way relationships were found between emissions and each factor, indicating a feedback loop. The findings emphasize that although growing renewables is crucial, governments must also improve policies to optimize biocapacity infrastructure and accelerate transitions to cleaner technologies. Targeted initiatives in these areas can help OECD countries achieve emissions reductions and sustainability. Continued monitoring of these complex dynamics is key to informing effective climate action.