Financial sector development and Investment in selected countries of the Economic Community of West African States: empirical evidence using heterogeneous panel data method

This study investigated the impact of financial sector development on domestic investment in selected countries of the Economic Community of West African States(ECOWAS)for the years 1985–2017.The study employed the augmented mean group procedure,which accounts for country-specific heterogeneity and crosssectional dependence,and the Granger non-causality test to test for causality in the presence of cross-sectional dependence.The results show that(1)The impact of financial sector development on domestic investment depends on the measure of financial sector development utilised;(2)Domestic credit to the private sector has a positive but insignificant impact on domestic investment in ECOWAS,whereas banking intermediation efficiency(i.e.,ability of the banks to transform deposits into credit)and broad money supply negatively and significant influence domestic investment;(3)Cross-country differences exist in the impact of financial sector development on domestic investment in the selected ECOWAS countries;and(4)Domestic credit to the private sector Granger causes domestic investment in ECOWAS.The study recommends careful consideration in the measure of financial development that is utilised as a policy instrument to foster domestic investment.We also highlight the importance of employing country-specific domestic investment policies to avoid blanket policy measures.Domestic credit to the private sector should be given priority when forecasting domestic investment into the future.

Banking Sector Development and Agricultural Productivity in Central African Economic and Monetary Community (CEMAC)

There is high pressure for investment capital and financial services for agricultural activities necessary for poverty reduction,economic growth,sustainable development and food security.This study investigated the long-term causation between banking sector development and agricultural productivity in the six Central African Economic and Monetary Community(CEMAC)states from 1990 to 2018,hypothesizing no causation between banking sector and agriculture output.With the autoregressive distributed lag(ARDL)model and vector error correction model(VECM),the study demonstrates that banking sector and agricultural productivity in the CEMAC region are related.It implies long-run relationship exists between banking sector and agricultural productivity in the CEMAC zone.The results reveal that bidirectional causality exists between banking sector and agricultural productivity in the CEMAC region.This is insinuating that in the CEMAC region,agricultural productivity and banking sector development are operating in mutualism.The findings indicate the reason to establish the banking sector using proper macroeconomic,legal and regulatory policies to boost agricultural productivity by creating incentive systems that channel more credit to agricultural investment and promoting the banking system.

Human Resources Development and Migration： New Potential Determinants for Monetary Policy

The main objective of the present paper is to determine the potential impact the qualitative and quantitative tendencies in the labor market on the decisions which influence the design of monetary policy worldwide. The analysis is focused on how human resources and phenomena associated with them could influence potential growth and, further on, how they can impact monetary policy decisions at national level for European countries outside the euro area and at ECB level for the euro zone countries. Moreover, the paper will envisage potential macroeconomic reactions （monetary decisions herewith included） to human resources dynamics. The economic variations are regarded through the perspective of growth potential shown by the Research ＆ Development sector and also through the effects of labor force migration. The analysis of statistical data aims at pointing out the different economic perspectives in the European Union, the United States, and Japan, also considering the disparities between EU member states. The analysis is completed by the use of the ranking method, the conclusions stating once more the crucial importance of the human factor in drawing monetary policy decisions

Power Market Development with Considerations of Characteristics of China Power Sector

The current world trend of electric power industry reform is to establish electric power market and introduce competition mechanism. China is no exception. This paper reviewed the recent industry reform of China’s electric power sector and elaborated the necessity of establishing electric power markets first. Then it discussed the electric power market models in China. Certain important problems and observations relevant to the electric power market design were further pointed out, based on the practice experiences in Sichuan Province.

China’s Service Sector and the 14thFYP: Trends, Breakthroughs andPolicy Outlook

China’s service sector has developed a lot in the 13th Five-Year Plan period,and is positioned to upgrade on all fronts in the new era. In the 14th Five-Year Plan period,China’s service sector boasts huge potentials and is expected to maintain steady growth. By2025, the service sector is expected to account for 59.05% of total value added, 54.96% ofemployment, 60.51% of fixed asset investment, and 50.04% of consumption. Service laborproductivity will rise from 143,400 yuan/person in 2019 to 178,400 yuan/person by 2025.It can thus be concluded that in the 14th Five-Year Plan period, China’s service sectorwill play a dominant role in the economy and head toward higher quality development. Toachieve this goal, we must allow for the decisive role of the market and the fundamentalrole of the government, and open up new prospects in development of the service sector withrespect to digilitalization, platform-based operations, smart technology, integration, andstandardization.

An Inside View of Microcredit in Panama： The Financial Investment in MFIs

The idea of this survey on microfinance in Panama arises from the importance of this financial sector in Latin America, in particular this paper analyzes the system of microcredit and estimate, among other things, the financial needs of the institutions of microcredit as a potential target of international investment. The present paper aims to provide a cognitive framework on microcredit in Panama. It wants to demonstrate how this country can be an area in which international investors can operate considering that this form of credit can improve their yields especially in countries, such as Panama, characterized by high interest rates. Under the methodological point of view, the paper considers the financial variables of microcredit in Panama. In this way, it reaches the goal of the research to identify MFIs （micro finance institutions） as a potential target of investors.

China＇s Service Economy in the Coming Five Years （2011-2015）

This paper suggests that a new approach should be taken for the development of China＇s service sector. Priorities for this include： appropriate objectives for service sector development, enhanced functionality, integrated development between manufacturing and services, improved regional layout of the service sector, and the emergence of reputable brands and leading enterprises. Well-designed and effective industrial policies, as well as calls for major breakthroughs in institutional mechanisms, must support the development of the service sector. Additionally, excessive burdens and difficult financing channels need to be addressed. More attention should be paid to the construction of the credit system, service standardization, and service statistical accounting as element tasks.

Electricity Sector Transitions in an after War Country： A Review of Afghanistan＇s Electricity

Afghanistan electricity sector has experienced many ups and downs of transitions from 1893 to date. With the growing global interest in Afghanistan rehabilitation, this paper presents an over view of Afghanistan electricity sector which includes the historical development trends, power generation potential, sustainable energy exploitation, electricity policy transition and immature policies experiences, and the legacy of the war. The lack of access to the basic information about Afghanistan power sector was one of the serious concerns of international donors and investors. Still, this information somehow has been kept in official documents wrap up. In this collection, the Afghanistan＇s electricity sector is pictured as a reference for Afghanistan electricity. It can be opening toward primary sources of Afghanistan electricity sector of the lessons learned and asset for researchers interesting in this topic.

An Analysis of the Development of China Auto Engine Sector

1. General situation of the auto engine sector 1.1 The economical operation During the recent years, series of measures have been taken by the Chinese government to ignite the national economy, which include: readjusting economic growth strate-gy from encouraging exports to boosting domestic demands; global-ly enlarging the infrastructural con-

Promoting Reform of Chinese Forest Sector Legislation:Some observations from Analysis and Comparison of a Sample of Forest Laws

The paper introduces and outlines the outcome of the analysis and comparison of a sample of forest sector laws from 12 countries. The selection of both the key-topics for the analysis, and the sample of laws was done in response to concrete requests by the State Forestry Administration of the P.R. China. The analysis, prepared over a period of five months, produced country case-studies and a final report, and concluded with a workshop hosted by the Chinese Academy of Forestry in late November 2006. The findings consistently indicate that forest sector laws, of necessity, closely reflect a given country’s historical development, socio-political reality, and governance system. Consequently, there exists no blue-print for, or “model-approach” to forest sector legislation. In reviewing the effective Chinese forest sector laws, examples from third countries should be considered only with due caution, in respect of clear-cut & consistent Chinese forest policy objectives, and only after careful consideration of their applicability and transferability in the Chinese political as well as social context. The comparison of a sample of forest sector laws nevertheless enables the identification of several basic approaches to promoting sustainable forest management by public as well as non-public stakeholders, as well as a number of reform trends (particularly in regard to the restructuring of public sector administrations). On this basis, generalised conclusions are drawn and recommendations made for the forthcoming review of Chinese forest sector laws.