Central Asian States(CAS)have diverse natural resources.This research aims to shed light on the finance–natural resource’s association in the context of CAS namely Kazakhstan,Kyrgyzstan,Tajikistan,Turkmenistan,and U...Central Asian States(CAS)have diverse natural resources.This research aims to shed light on the finance–natural resource’s association in the context of CAS namely Kazakhstan,Kyrgyzstan,Tajikistan,Turkmenistan,and Uzbekistan in 1996–2020 using the cross-sectionally augmented autoregressive distributed lag technique.It seeks to examine the research question,“What is the effect of natural resource wealth on the financial expansion(FE)of Central Asia?”The results demonstrated an inverted U-shaped association between financial growth and natural resource rents.It implies that natural resources are initially a“resource blessing”that later becomes a“resource curse.”Additionally,the effect of institutional quality(INQ)and human development(HD)on financial growth is examined.The results reveal that INQ and HD positively affect FE.Moreover,a bidirectional causal relationship exists between FE and INQ.Finally,all variables contribute to a long term FE.Based on these outcomes,the major policy recommendations are that the CAS authorities diversify their financial services and products and direct the proceeds from natural resource rents to effective invest-ments particularly in HD.In addition,the social and political infrastructures in CAS must be restructured to achieve a high-quality institutional environment,which is necessary to increase the role of the private sector.展开更多
The incompatibility of China's economy and finance has to some extent inhibited the development of rural economy. Taking Hubei Province for example,we measure the allocation efficiency of rural financial resources...The incompatibility of China's economy and finance has to some extent inhibited the development of rural economy. Taking Hubei Province for example,we measure the allocation efficiency of rural financial resources from the perspective of agricultural input and output,and use the modern rural financial development theory to set forth some policy recommendations on how to build a new rural financial resource allocation system. Studies have shown that the allocation efficiency of rural financial resources is low in China,and improving the allocation efficiency of rural financial resources is the key to perfecting rural financial environment while increasing financial support for agriculture.展开更多
This paper explores the relationship between resource constraints and innovation of new firms.Drawing upon the relevant literature,we incorporate resource constraints as the antecedent to the bricolage-innovation link...This paper explores the relationship between resource constraints and innovation of new firms.Drawing upon the relevant literature,we incorporate resource constraints as the antecedent to the bricolage-innovation link.Compared to prior studies that treated resource constraints as a one-dimensional variable,we operationalize it along two dimensions:knowledge constraints and financial constraints.Our argument posits that knowledge constraints and financial constraints act as catalysts for innovation in new firms,with bricolage serving as a mediating role.To test our hypotheses,we conducted a survey involving 183 entrepreneurs in the United States.The data analysis demonstrates that bricolage fully mediates the relationship between knowledge con‐straints and innovation and partially mediates the relationship between financial constraints and innovation.Theoretical and practical implications are discussed.展开更多
文摘Central Asian States(CAS)have diverse natural resources.This research aims to shed light on the finance–natural resource’s association in the context of CAS namely Kazakhstan,Kyrgyzstan,Tajikistan,Turkmenistan,and Uzbekistan in 1996–2020 using the cross-sectionally augmented autoregressive distributed lag technique.It seeks to examine the research question,“What is the effect of natural resource wealth on the financial expansion(FE)of Central Asia?”The results demonstrated an inverted U-shaped association between financial growth and natural resource rents.It implies that natural resources are initially a“resource blessing”that later becomes a“resource curse.”Additionally,the effect of institutional quality(INQ)and human development(HD)on financial growth is examined.The results reveal that INQ and HD positively affect FE.Moreover,a bidirectional causal relationship exists between FE and INQ.Finally,all variables contribute to a long term FE.Based on these outcomes,the major policy recommendations are that the CAS authorities diversify their financial services and products and direct the proceeds from natural resource rents to effective invest-ments particularly in HD.In addition,the social and political infrastructures in CAS must be restructured to achieve a high-quality institutional environment,which is necessary to increase the role of the private sector.
基金Supported by Humanities and Social Sciences Project of the Ministry of Education(10YJC790111)
文摘The incompatibility of China's economy and finance has to some extent inhibited the development of rural economy. Taking Hubei Province for example,we measure the allocation efficiency of rural financial resources from the perspective of agricultural input and output,and use the modern rural financial development theory to set forth some policy recommendations on how to build a new rural financial resource allocation system. Studies have shown that the allocation efficiency of rural financial resources is low in China,and improving the allocation efficiency of rural financial resources is the key to perfecting rural financial environment while increasing financial support for agriculture.
文摘This paper explores the relationship between resource constraints and innovation of new firms.Drawing upon the relevant literature,we incorporate resource constraints as the antecedent to the bricolage-innovation link.Compared to prior studies that treated resource constraints as a one-dimensional variable,we operationalize it along two dimensions:knowledge constraints and financial constraints.Our argument posits that knowledge constraints and financial constraints act as catalysts for innovation in new firms,with bricolage serving as a mediating role.To test our hypotheses,we conducted a survey involving 183 entrepreneurs in the United States.The data analysis demonstrates that bricolage fully mediates the relationship between knowledge con‐straints and innovation and partially mediates the relationship between financial constraints and innovation.Theoretical and practical implications are discussed.
