This thesis attempts to establish what determines financial development in Africa by making use of cross sectional and panel data techniques. Financial development, the dependent variable, is measured using the banking sector indicator liquid liabilities (M3) while trade openness, financial openness and the GDP growth rates are used as independent variables. The data used in this research ranges from 1975-200, though for the cross sectional analysis particular years (1975, 1985, 1995, and 2005) are focused on. The empirical results from both regression types generally suggest that trade openness has a significantly positive effect on Africa’s financial development. Cross-sectional results show that financial openness and the GDP growth rate are significantly negative in 2005. With the panel data results, financial openness is significantly negative in explaining financial development, while the GDP growth rate is insignificant suggesting that it is not an important determinant of financial development for African countries.

<p>This thesis attempts to establish what determines financial development in Africa by making use of cross sectional and panel data techniques. Financial development, the dependent variable, is measured using the banking sector indicator liquid liabilities (M3) while trade openness, financial openness and the GDP growth rates are used as independent variables. The data used in this research ranges from 1975-200, though for the cross sectional analysis particular years (1975, 1985, 1995, and 2005) are focused on.</p><p>The empirical results from both regression types generally suggest that trade openness has a significantly positive effect on Africa’s financial development. Cross-sectional results show that financial openness and the GDP growth rate are significantly negative in 2005. With the panel data results, financial openness is significantly negative in explaining financial development, while the GDP growth rate is insignificant suggesting that it is not an important determinant of financial development for African countries.</p>

This paper provides an empirical assessment of whether the world economy has become smaller in terms of economic distance over the last decades. We adopt a cross-sectional spatial econometric approach, relating domestic output volatility to (distance-weighted averages of) other countries' output volatility, using a sample of 135 countries and rolling 10-year time windows over the period 1955 to 2006. Using descriptive measures, test statistics, and spatial econometric estimates, we find that cross-country interdependence was virtually insignificant in the early post-war period but has increased strongly from the mid-1960s to the mid-1980s and remained at a high level since then. Results for the most recent period suggest that common shocks to output volatility have a magnified impact and roughly quadruplicate through international spillover effects, which are transmitted through both trade and financial openness.

Determinants of financial development Abstract The paper studies effects of country level determinants on the rate of financial development and, in particular, assesses the empirical question whether democracy and political freedom can enhance financial development, as measured by Bank Private Credit to GDP and Liquid Liabilities to GDP. Using Fixed Effects estimation techniques and a panel data for a list of 39 countries over the period 1990 to 2011, we provide evidence that suggests positive link between political openness and financial development. The empirical evidence also confirms financial openness and real per capita income to be positively correlated to financial deepening and in contrast, we find that size of financial sector does not spur the rate of financial development.

The economic literature posits that a well-functioning economy requires a well-regulated financial system, and a sound financial system is essential to the fundamentals of an economy, however, even the most influential economists disagree sharply about the role of the finance-growth relationship in economic development. One of the most important questions concerning financial openness is whether it spurs long-run economic growth, and if yes, do these benefits outweigh the risks for developing countries. In addition, the conventional economic theory often postulates that a more developed financial sector provides a productive ground for higher economic growth. Is financial development a major prerequisite for economic growth? Additionally, institutional quality has also received a considerable attention since it is thought of a significant channel in the financegrowth relationship. This thesis aims to investigate the links between financial integration, financial development, and growth, taking institutional quality and the level of the development of the economy into consideration. To this end, a large panel data set is used and panel data estimation techniques are employed. The results show that emerging economies benefit the most from financial openness regardless of any preconditions. On the other hand, developing economies should be cautious since financial openness may hinder growth unless institutional development is healed before financial openness policies take speed. Moreover, the results indicate that, financial development fosters growth and the level of institutional development is an important determinant of the finance-growth relationship in the overall.

The drivers of CO2 emissions are a widely studied subject of great importance to both individual countries and the global community. However, the inclusion of a quantitative measure of political uncertainty, national and global, has until now been largely overlooked. We investigate how geopolitical uncertainty (GPU) and income interact with CO2 emissions using a panel quantile regression approach for a set of 63 nations over the period 1985-2014. Our key findings are; (i) a consistent negative (positive) relation between global (local) uncertainty and the different CO2 emission distribution levels, (ii) the relation between uncertainty and emissions is heterogeneous across different income groups, (iii) clear and consistent evidence for the Environmental Kuztnet Curve hypothesis with respect to uncertainty, (iiii) when deciding on environmental policy, it is of great importance to consider political uncertainty and whether to use a local or global measure.

人才對於促進一國經濟發展的重要性，從人力資本理論在二十世紀五、六十年代興起以來，隨著知識經濟來臨，受到廣泛的重視便可得知。面對中國大陸經濟迅速發展，人才的需求越來越高，台灣卻存在人才流失及金融產業競爭力下降等現象。尤其近幾年來，台灣與中國往來密切，兩岸貿易及業務越趨開放，人才流動也更加頻繁。 在金融交流方面，雙方於2009年11月簽訂兩岸金融監理備忘錄後，開始有了較正式且完善的進展，兩岸人才流動將擴及金融業，可能加遽台灣人才的外流。為了釐清此現象並探究成因，本文以分析兩岸金融開放與交流之經驗以及深度訪談學界及產業界人士的方式，來探討兩岸金融人才的流動狀況。研究發現，鑑於大陸的經濟成長、人才強國戰略以及金融市場需求，兩岸金融人才的流動並不平衡。銀行業、證券業、保險業在不同時期都呈現出不同的流動族群及流動模式。總的來說，兩岸的人才流動從2001年開始，由陸資金融機構挖角、外資金融機構從台灣培訓人才以拓展大中華業務，到2009年簽訂兩岸金融監理備忘錄後，轉向以台資金融機構外派為主。本文進一步透過推拉因素來解釋這個現象，其中薪資所得、政策、金融市場是中國吸引台灣金融人才的拉力因素，而社會融入、升遷管道、以及家庭因素、生活環境等問題則是中國的推力因素。這些因素在不同程度上影響人才移動的決策。最後，本文也提出金融業人才流動的正負影響以及流動現象背後所隱含的台灣經濟環境的問題。 / Talent, one of the most important factors of fostering a country’s economic development, has caught great attention with the development of knowledge economy since human capital theory boomed in 1950s and 1960s. With the rapid growth of Chinese economy, the demand of talent is huge. As for Taiwan, it is facing brain drain and the decrease of competitiveness in financial industry. Especially in recent years, the relationship is getting closer between Taiwan and China. The trade and business are increasing, as well as talent flow. In terms of financial communication, Taiwan and China have made a big progress since the agreement of Memorandum of Understanding (MOU) was signed in November, 2009. However, it may worsen the problem of brain drain in Taiwan. In order to get a clear idea of this situation, the research thesis examines the condition and discusses the reasons by analyzing cross-strait financial exchange experience and interviewing professionals from academic and industrial fields. The findings are as follows. Due to economic growth, talent strategy with nation strengthening and the demand of financial market in China, the cross-strait talent flow is unbalanced. It shows that banking industry, securities industry and insurance industry have their own type of talent flow within recent years. Generally speaking, the cross-strait financial talent flow started from 2001, with Chinese financial industry’s poaching to learn more skills and foreign financial industry’s training to expand their business in greater China. Until 2009 when the agreement of MOU was signed, it changed by more and more expatriates in China sending from Taiwanese financial industry. Furthermore, the research thesis analyzes the reasons through Pull and Push Theory, which salary structure, policies and financial market are pull factors of China, while social integration, career path plan, family, dwelling environment, etc. are push factors of China. These factors variably affect peoples’ decisions by their own concern. Finally, the thesis comes up with pros and cons of financial talent flow and thus tells the problems which Taiwanese economic circumstances are facing.