Can sustainable development goals go hand in hand with economic growth? Evidence from Morocco
-
Author(s)Mustapha ZikyLink to ORCID Index: https://orcid.org/0000-0002-6662-6669
,
Latifa El-AbdellaouiLink to ORCID Index: https://orcid.org/0009-0008-8389-3209
-
DOIhttp://dx.doi.org/10.21511/ppm.21(3).2023.51
-
Article InfoVolume 21 2023, Issue #3, pp. 656-670
- Cited by
- 252 Views
-
78 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
This study investigates the influence of implementing the Sustainable Development Goals (SDGs) on the economic growth of Morocco. The main purpose is to empirically verify whether the pursuit of sustainable development goals can go hand in hand with economic growth. Employing a robust least squares regression, this paper analyzed carefully chosen data that closely aligns with the essence of the SDG indicators. The findings reveal a positive correlation between financial inclusion and financial stability and the economic growth. Conversely, the poverty reduction exerts a positive effect on economic growth, while the quality of education does not sufficiently account for changes in GDP. Moreover, the estimates indicate a favorable outcome stemming from the enhancement of institutional quality, reflected in improved economic freedoms, as well as the reduction of administrative burdens, both of which positively contribute to economic growth. Furthermore, the results demonstrate a negative impact of renewable energy and a negligible influence of energy efficiency on Morocco’s economic growth. The negative impact of renewable energy can be attributed to a number of sources, including high initial costs, structural changes in the industry and the need to set up infrastructure for production. The positive effects of adopting renewable energies on economic growth can take time to be realized over the very long term.
- Keywords
-
JEL Classification (Paper profile tab)O11, O44, Q01, Q56, I25
-
References48
-
Tables11
-
Figures3
-
- Figure 1. Normality test for residuals
- Figure 2. Stability of the model by the CUSUM test and the CUSUMSQ test
- Figure 3. Confidence ellipse
-
- Table 1. Definition of variables used
- Table 2. Descriptive statistics
- Table 3. Correlation matrix
- Table 4. Variance decomposition of the coefficients
- Table 5. Augmented Dickey-Fuller (ADF) unit root test
- Table 6. ARDL limit test
- Table 7. Ramsey RESET test
- Table 8. Correlogram statistics
- Table 9. Heteroscedasticity ARCH test
- Table 10. LM serial correlation test
- Table 11. Robust least squares regression estimates
-
- Acemoglu, D., & Robinson, J. (2012). Why nations fail: The origins of power. Prosperity, and Poverty, 2.
- Ade’Soyemi, K., Olowofela, O. E., & Yunusa, L. A. (2020). Financial inclusion and sustainable development in Nigeria. Journal of Economics and Management, 39(1), 105-131.
- Aghion, P., Harris, C., Howitt, P., & Vickers, J. (2001). Competition, imitation and growth with step-by-step innovation. The Review of Economic Studies, 68(3), 467-492.
- Anarfo, E. B., Abor, J. Y., Osei, K. A., & Gyeke-Dako, A. (2019). Financial inclusion and financial sector development in Sub-Saharan Africa: A panel VAR approach. International Journal of Managerial Finance, 15(4), 444-463.
- Arminen, H., & Menegaki, A. N. (2019). Corruption, climate and the energy-environment-growth nexus. Energy Economics, 80, 621-634.
- Atinmo, T., Mirmiran, P., Oyewole, O. E., Belahsen, R., & Serra-Majem, L. (2009). Breaking the poverty/malnutrition cycle in Africa and the Middle East. Nutrition Reviews, 67(suppl_1), S40-S46.
- Babajide, A. A., & Olokoyo, F. O. (2017). Assessment of financial stability in emerging economies: Evidence from Nigeria. In Ü. Hacioğlu & H. Dinçer (Eds.), Global Financial Crisis and Its Ramifications on Capital Markets (pp. 191-207). Springer.
- Boateng, K., Boakye-Yiadom, L., & Oduro, A. (2000). Poverty in Ghana (Final Report). Nairobi, Mimeo: African Economic Research Consortium.
- Bosworth, B., & Collins, S. M. (2003). The empirics of growth: An update. Brookings Papers on Economic Activity, 2003(2), 113-206.
- Cabeza-García, L., Del Brio, E. B., & Oscanoa-Victorio, M. L. (2019, November). Female financial inclusion and its impacts on inclusive economic development. Women’s Studies International Forum, 77, 102300.
- Carlsson, F., & Lundström, S. (2002). Economic freedom and growth: Decomposing the effects. Public Choice, 112(3-4), 335-344.
- Carrillo-Hermosilla, J., Del Río, P., & Könnölä, T. (2010). Diversity of eco-innovations: Reflections from selected case studies. Journal of Cleaner Production, 18(10-11), 1073-1083.
- Casillas, C. E., & Kammen, D. M. (2010). The energy-poverty-climate nexus. Science, 330(6008), 1181-1182.
- Chapman, J., & Aspin, D. (2001). Schools and the learning community: Laying the basis for learning across the lifespan. In D. Aspin, J. Chapman, M. Hatton, & Y. Sawano (Eds.), International Handbook of Lifelong Learning (pp. 405-446). Springer.
- Cicchiello, A. F., Fellegara, A. M., Kazemikhasragh, A., & Monferrà, S. (2021). Gender diversity on corporate boards: How Asian and African women contribute on sustainability reporting activity. Gender in Management: An International Journal, 36(7), 801-820.
- Corak, M. (2013). Income inequality, equality of opportunity, and intergenerational mobility. Journal of Economic Perspectives, 27(3), 79-102.
- Crafts, N. (2006). Regulation and productivity performance. Oxford Review of Economic Policy, 22(2), 186-202.
- Cull, R., Demirguc-Kunt, A., & Morduch, J. (Eds.). (2021). Banking the world: empirical foundations of financial inclusion. MIT Press.
- Dauda, R.O.S. (2010). Role of human capital in economic development: An empirical study of Nigeria. Oxford Boomers and Economics Conference.
- Davis, S. J., & Caldeira, K. (2010). Consumption-based accounting of CO2 emissions. Proceedings of the National Academy of Sciences, 107(12), 5687-5692.
- Doris, E., McLaren, J., Healey, V., & Hockett, S. (2009). State of the states 2009: Renewable energy development and the role of policy (No. NREL/TP-6A2-46667). National Renewable Energy Lab.(NREL), Golden, CO (United States).
- Doucouliagos, C., & Ulubasoglu, M. A. (2006). Economic freedom and economic growth: Does specification make a difference? European Journal of Political Economy, 22(1), 60-81.
- Easton, S. T., & Walker, M. A. (1997). Income, growth, and economic freedom. The American Economic Review, 87(2), 328-332.
- Ewane, F., & Ajagbe, S. (2018). Indigenous knowledge and the development debate in Africa. International Journal of African Development, 5(1), 7.
- Goldemberg, J. (1998). Leapfrog energy technologies. Energy Policy, 26(10), 729-741.
- Guru, B. K., & Yadav, I. S. (2019). Financial development and economic growth: panel evidence from BRICS. Journal of Economics, Finance and Administrative Science, 24(47), 113-126.
- Hanushek, E. A., & Kimko, D. D. (2000). Schooling, labor-force quality, and the growth of nations. American Economic Review, 90(5), 1184-1208.
- Hayward, S. F. (2002). Making Sense of Sustainable Development. Brief Analysis, 422.
- Huang, R., Kale, S., Paramati, S. R., & Taghizadeh-Hesary, F. (2021). The nexus between financial inclusion and economic development: Comparison of old and new EU member countries. Economic Analysis and Policy, 69, 1-15.
- Huang, Y., & Zhang, Y. (2020). Financial inclusion and urban–rural income inequality: Long-run and short-run relationships. Emerging Markets Finance and Trade, 56(2), 457-471.
- Hunter, C. P. (2013). Shifting themes in OECD country reviews of higher education. Higher Education, 66, 707-723.
- Lenka, S. K. (2022). Relationship between financial inclusion and financial development in India: is there any link? Journal of Public Affairs, 22, e2722.
- Levine, R., & Renelt, D. (1992). A sensitivity analysis of cross-country growth regressions. The American Economic Review, 942-963.
- Matekenya, W., Moyo, C., & Jeke, L. (2021). Financial inclusion and human development: Evidence from Sub-Saharan Africa. Development Southern Africa, 38(5), 683-700.
- Menezes-Filho, N., & Vasconcellos, L. (2004). Has economic growth been pro-poor in Brazil. OPPG Work Program.
- Nicolăescu, E. (2013). Internal auditors’ role in detecting fraud. Contemporary Readings in Law and Social Justice, 1, 106-111.
- Norton, S. W. (1998). Poverty, property rights, and human well-being: A cross-national study. Cato Journal, 18(2), 233-45.
- Nyström, K. (2008). The institutions of economic freedom and entrepreneurship: evidence from panel data. Public Choice, 136, 269-282.
- Ogunniyi, M. B. (2018). Human Capital Formation and Economic Growth in Nigeria: A Time Bound Testing Approach (1981–2014). African Educational Research Journal, 6(2), 80-87.
- Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329-340.
- Puatwoe, J. T., & Piabuo, S. M. (2017). Financial sector development and economic growth: evidence from Cameroon. Financial Innovation, 3(1), 25.
- Siddique, R., Singh, G., & Singh, M. (2018). Recycle option for metallurgical by-product (Spent Foundry Sand) in green concrete for sustainable construction. Journal of Cleaner Pproduction, 172, 1111-1120.
- Stern, N. H. (2007). The economics of climate change: the Stern review. Cambridge University Press.
- Topcu, E., Altinoz, B., & Aslan, A. (2020). Global evidence from the link between economic growth, natural resources, energy consumption, and gross capital formation. Resources Policy, 66, 101622.
- Ullah, S., Ahmad, S., Akbar, S., & Kodwani, D. (2019). International evidence on the determinants of organizational ethical vulnerability. British Journal of Management, 30(3), 668-691.
- UNESCO. (2015). Higher education and digital technology: what expectations do African societies have? Proceedings of the International Conference organized by the French National Commission for UNESCO and the Higher Education Division of UNESCO in Paris.
- Veeman, T. S., & Politylo, J. (2003). The role of institutions and policy in enhancing sustainable development and conserving natural capital. Environment, Development and Sustainability, 5, 317-332.
- Yang, D. T. (2004). Education and allocative efficiency: household income growth during rural reforms in China. Journal of Development Economics, 74(1), 137-162.
-
Impact on poverty and income inequality in Malaysia’s economic growth
Rabiul Islam 
,
Ahmad Bashawir Abdul Ghani ,
Irwanshah Zainal Abidin ,
Jeya Malar Rayaiappan
doi: http://dx.doi.org/10.21511/ppm.15(1).2017.05
Problems and Perspectives in Management Volume 15, 2017 Issue #1 pp. 55-62 Views: 11279 Downloads: 5179 TO CITE АНОТАЦІЯPoverty and income inequality are extreme issues that still exist in Malaysia. Any rise in poverty and income inequality definitely affect economic growth. There are many great efforts taken by the government of Malaysia to eradicate poverty and to reduce the gap of income inequality which occurs since 1970’s. The incidence of poverty and income inequality is higher in rural areas compared to urban areas. This paper is mainly to study the level of poverty and income inequality in Malaysia together with government intervention to develop Malaysia’s economic growth. The research is focused among the working people at Ipoh, Perak. In this paper, questionnaire forms are being distributed to get information regarding the issue of poverty and income inequality. It also looks into the strategies taken by the government of Malaysia to eradicate poverty and income inequality. Few recommendations are given in terms of education policy, financial aid and assistance from government and non-government organization (NGO) to upgrade the standard and quality of living among the poor and lower-income group of people.
-
Impact of inflation on economic growth: evidence from Nigeria
Anthony Olugbenga Adaramola ,
Oluwabunmi Dada
doi: http://dx.doi.org/10.21511/imfi.17(2).2020.01
Investment Management and Financial Innovations Volume 17, 2020 Issue #2 pp. 1-13 Views: 8024 Downloads: 4884 TO CITE АНОТАЦІЯIn an attempt to examine the influence of inflation on the growth prospects of the Nigerian economy, the study employs the autoregressive distributed lag on the selected variables, i.e. real gross domestic product (GDP), inflation rate, interest rate, exchange rate, degree of economy`s openness, money supply, and government consumption expenditures for the period 1980–2018. The study findings indicate that inflation and real exchange rate exert a significant negative impact on economic growth, while interest rate and money supply indicate a positive and significant impact on economic growth. Other variables in the model depict no influence on the economic growth of Nigeria. The causality result shows the unidirectional relationships between interest rate, exchange rate, government consumption expenditures and gross domestic product. However, inflation and the degree of openness show no causal relationship with gross domestic product. As a result, the study recommends that a more pragmatic effort is needed by the monetary authorities to target the inflation vigorously to prevent its adverse effect by ensuring a tolerable rate that would stimulate the economic growth of Nigeria.
-
Formalization of the impact of imbalances in the movement of financial resources on economic growth of countries in Central and Eastern Europe
Serhiy Kozmenko ,
Maxim Korneyev
doi: http://dx.doi.org/10.21511/afc.01(1).2017.06
Accounting and Financial Control Volume 1, 2017 Issue #1 pp. 48-58 Views: 6225 Downloads: 1334 TO CITEThe article deals with the impact of financialization on economic growth in countries of Central and Eastern Europe. It determinesthe impact of imbalances in the movement of financial resources caused by financialization on economic growth of these countries. It proves that the implementation of measures aimed at increasing the openness of the economy and maintaining solvent demand have a positive impact on economic growth of the surveyed countries in the long run. It also proves the importance of developing a set of measures of strategic nature regulating imbalances in the movement of financial resources caused by financialization.
