Financial depth or breadth:What really matters for fighting air pollution in China?

China's rapid economic development leads to a series of environmental problems in the long run,such as air pollution.Environmental pollution has become a bottleneck restricting the sustainable development of China's economy.As such,pollution has become a key issue for China as让tries to continuously improve environmental quality and establish a harmonious coexistence between man and nature.This paper uses spatial econometric analysis to empirically test the existence of the Environmental Kuznets Curve(EKC)in China while also examining the impact of financial development on its inflection point by applying Air Quality Index and PM_(2.5) data of 283 prefecture-level cities in China from 2015 to 2017.Findings from this study indicate that the EKC of air pollution in the whole country presents an inverted U-shape based on both the traditional and new EKC models.After testing the sub-sample in different areas,the EKC still presents an inverted U-shape based on the new EKC model in the eastern and central areas,though not in the western area.In considering the moderating role of financial development based on the new EKC model,we find that the increase of financial depth will cause the EKC inflection point to shift to the left on the national scale and in the eastern region,while the effect of the financial breadth will be largely insignificant.With regard to the central area,both the breadth and the depth of financial development will significantly shift the inflection point to the right,delaying the arrival of the EKC inflection point.Therefore,the local authority of each area should formulate differentiated financial development policies to promote the early arrival of the EKC inflection point.

Does financial depth impact economic growth in North Cyprus?

This study purpose is to connect the proxy of financial development which is total banking sector’s deposits with the economic growth in North Cyprus.The reason for using the total deposit differently with the existing literature is because North Cyprus is bank-based financial system.Therefore,this study provides an analysis of the connection between finance-growth nexus in North Cyprus from 1978 through 2015,using the autoregressive distributed lag(ARDL)model and combined cointegration to evaluate and verify the relationship.In addition,this research added the inflation rate to the model specification to investigate the inflation-growth interaction.The results revealed that both methods of cointegration provided robust evidence for a long-run relationship between financial debt and growth.The ARDL long-run and short-run coefficients showed the positive impact of depth and the negative impact of inflation on economic growth,thereby confirming the strength of the financegrowth and inflation-growth connections.Moreover,financial depth had a larger coefficient than the inflation rate.Finally,the VECM Granger causality test provided evidence for unidirectional causality from the total deposits and inflation rate to economic growth in North Cyprus.These results are significant for the policymakers of North Cyprus because the findings show that economic growth can be improved by enhancing the deposit rates in the financial system.

Stock Markets,Financial Depth,and Economic Growth in China:Evidence from ARDLModel

The relationship between financial development and economic growth in China is controversial.From this perspective,this article aims to identify this relationship using both capital market and banking intermediation indicators,which were rarely considered in the previous literature.An autoregressive model with staggered lags(ARDL)examines the long-run cointegration relationship between 1980 and 2020.The results suggest that the contribution of different subsectors of the Chinese financial system to economic growth differs.The development of the money market has a negative impact,whereas market capitalization has a positive impact on economic growth in China.Regarding the contribution of the banking system to China's economic growth,the two variables measuring the depth of financial institutions showed opposite impacts in both the short and long term.Regarding important policy implications,regulators need to ensure a pro-growth environment,effectively regulate the informal banking system,and prevent potential financial risks by revising policies.

Analysis of financial development and open innovation oriented fintech potential for emerging economies using an integrated decision‑making approach of MF‑X‑DMA and golden cut bipolar q‑ROFSs

The purpose of the paper is to identify the factors of financial development that have the greatest impact on open innovation in 7 emerging countries.The analysis was performed featuring the MF-X-DMA method,as well as its further verification for auto-correlation and heteroscedasticity.The time period covers years from 2002 to 2020.The article states that the main indicators to improve financial development should enhance the process of bank lending and equity market development.An important area is the development of competition by providing equal access to information to all market participants in a continuously refining technical infrastructure.Regression analysis with the MF-X-DMA method confirms the statistical significance of this influ-ence.The article fills the knowledge gap into the link between open innovations and the relatively low capitalization of the modern emerging countries’financial market,low liquidity in small cap stocks at the financial market and concentration of the banking sector,as well as risks arising in the process of globalization.Another analysis has also been conducted by generating a novel fuzzy decision-making model.In the first stage,the determinants of open innovation-based fintech potential are weighted for the emerging economies.For this purpose,M-SWARA methodology is taken into consideration based on bipolar q-ROFSs and golden cut.The second stage of the analysis includes evaluating the emerging economies with the determinants of open innovation-based fintech potential.In this context,emerging seven countries are examined with ELECTRE methodology.It found the most significant factor is the open innovation-based fintech potential.