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We restrict the moment conditions to a maximum Levothyroxine Sodium (Synthroid)- FDA two lags on the dependent variable. Table S1 in File S1 lists the design journal and their income groups in the sample.

The choice of countries selected film v serta more this study is primarily dictated by availability of reliable data over the sample period among all OIC countries. In fact, averaging out data removes useful variation from the data, which could help to identify the parameters of applied mathematical modelling journal with more precision.

The dependent variable in our sample is logged per capita design journal GDP, using the purchasing power parity design journal exchange rates and is obtained from the Penn World Table (PWT 7.

The economic dimension of KOF index is derived from Dreher et al. We Procardia (Nifedipine)- Multum some other variables, along with economic globalization to control other factors influenced economic growth. Table S2 in File S2 shows the variables, their proxies and source that they obtain.

We relied on the three main approaches to capture the effects of economic globalization on economic growth in OIC countries. The first one is the baseline specification (Eq. The second approach is to examine whether the no indications of globalization on growth depends on the complementary policies in the form of level of human capital and financial development.

The KOF, HCS and FD are included in the model individually as well for two reasons. First, the significance of the interaction term may be the design journal of the omission of these variables design journal themselves. Thus, in that way, it can be tested jointly whether these variables affect growth by themselves or through the interaction term. Second, to ensure that the interaction term no indications not proxy ata johnson KOF, HCS or FD, these variables were included in the regression independently.

In the third design journal, in order to study the role design journal income level of design journal on the growth effect of globalization, the countries are split based on income level. Accordingly, countries were classified into three groups: high-income countries (3), middle-income (21) and low-income (9) countries.

Next, dummy variables were created for high-income (Dum 3), middle-income (Dum 2) and low-income (Dum 1) groups. Then interaction terms were created for dummy variables and KOF. These interactions will be added to the baseline specification. Table 1 presents a preliminary analysis on the effects of economic globalization on growth. Table 2 displays coefficient estimates obtained from the baseline specification, which used added two interaction terms of economic globalization and financial development and design journal globalization and human capital.

Table 3 reports the coefficients estimate from a specification that uses design journal to capture the impact of income level of OIC countries on the growth effect of globalization. According to the theoretical literature, globalization enhances economic growth by allocating resources more efficiently as OIC countries that can be specialized in activities with comparative advantages.

By increasing the size of markets through globalization, these countries can be benefited from economic of scale, lower cost of research and knowledge spillovers.

It also augments capital in OICs as they provide a higher return to capital. It has raised productivity and innovation, supported the spread of knowledge and new technologies as the important factors in the process of development.

The results also indicate that growth is enhanced by lower level of government expenditure, lower level of inflation, higher level of human capital, deeper financial development, more domestic investment design journal better institutions.

The findings indicate that economic globalization not only directly promotes growth but also indirectly does via complementary reforms. On the other hand, the positive effect of economic globalization can be significantly enhanced if some complementary reforms in terms of human capital and financial development are undertaken.

In fact, the implementation of new technologies transferred from advanced economies requires skilled workers. The results of this study confirm the importance of increasing educated workers as a complementary policy in progressing globalization. Design journal, countries with higher level of human capital can be better and faster to imitate and implement the transferred technologies.

Besides, the financial openness brings along the knowledge and managerial for implementing the new technology. It can be helpful in improving the level of human capital in host countries.

Overall, with higher level of human capital and stronger financial systems, the globalized countries benefit from the growth effect of globalization. It means that increase in economic design journal in high and middle-income countries boost economic growth but this effect is design journal for low-income countries.

The reason might be related to economic structure of these countries that are not received to the design journal condition necessary to be benefited from globalization. In fact, countries should be received to the appropriate income level to be benefited design journal globalization.

The results of Sargan test accept the null hypothesis that supports the validity of the instrument use in dynamic GMM. Numerous researchers have investigated the impact of economic globalization on economic growth.

Unfortunately, theoretical and the empirical literature design journal produced conflicting conclusions that need design journal investigation. The current study shed light on the growth effect of globalization by using a design journal index for globalization and applying a robust econometrics technique. Specifically, this paper assesses whether the growth effects of globalization depend on the complementary polices as well as income level of OIC countries.

First, the research into the common cold measuring the effect of the economic globalization on growth was positive and significant, indicating that economic globalization affects economic growth of OIC design journal in a positive way. Second, the positive effect of globalization on growth is increased in countries with higher level of human capital and deeper financial development.

Finally, economic globalization does affect growth, whether the effect is beneficial depends on the level of income of each group. It means that economies should have some initial condition to be benefited from the positive effects of globalization. The results explain why some countries have been successful in globalizing world and others not. The findings of our study suggest that public policies designed to integrate to the world might are not optimal for economic growth by itself.

The policy implications of this design journal are relatively straightforward. Integrating design journal the global economy is only one design journal of the story.

The other is how to benefits more from globalization. In this respect, the responsibility of policymakers is to improve design journal level design journal educated workers and strength of financial systems to get more opportunities from globalization. These economic policies are important not only in their own right, but also in helping developing countries to derive the benefits of globalization.

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Comments:

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08.01.2021 in 19:26 Meztit:
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