The role of Fintech and financial inclusion in the economic development of countries: A comparative analysis

This paper examines the economic relationships between oil price volatility and socially-economic development of 14 Organization of the Petroleum Exporting Countries (OPEC) using the annual panel data for the period 1990–2014 obtained from the World Bank (WB) statistical data sets. Hausman specification test has been performed to choose the method of panel data analysis, and the results were in favor of fixed effects estimation. The main findings indicate the direct relationship between economic growth and oil price volatility. The research supports the hypothesis that an increase in crude oil prices is positively related to GDP, and a 10% increase in oil prices correlates with 0.6-4% GDP improvements. Structural changes in employment in favor of service sector are negatively correlated with GDP per capita. Changes in GDP structure in favor of oil rents on 10% lead to the shrinking of GDP on 1%. Life expectancy at birth, as an indirect indicator of health, positively influences the economic growth indicators and an improvement in life expectancy on one percentage leads on average to 1% growth in GDP and 0.5-1.33% growth in GDP per capita. Energy efficiency improvements are positive drivers of GDP values at OPEC, and our findings suggest that a 10% increase at GDP per unit of energy use leads to 3% increase of GDP itself. The study recommends investing in energy efficiency, human capital, and capital formation to guarantee long-run economic development and prosperity of OPEC counties.

Nowadays sustainable development is a central concept for our age. It is both a way ofunderstanding the world and a method for solving global problems. It is currently a crucial concept for the world to understand and to implement. This research study focuses on examining the foundations of achieving sustainable development and main factors influencing this process at a national level. The aim is to characterize those factors which influence this implementation process mainly from the economic point of view. However, other noneconomic factors related to human well-being and organizational development are not omitted. Countries’ political and legislative environment are also evaluated since they can have significant implications for development of individual organizations conducting their business activities within countries' borders. The focus of examining the topic of countries’ sustainable development is on the cross-country comparison. Values of some important indicators are also provided in terms of comparison among selected countries which enables us to explain the reasons for differences in countries’ development, as well as predictions for the future. Historical perspective provides data which enable to evaluate influence of selected factors in terms of countries’ path to achieving sustainable development.

Globally, tourism has been identified as a means of poverty reduction and development, and as a means of encouragement of females, minorities and small businesses to better engage in the mainstream of economic life. This paper examines whether the international and governmental financial support, grated by international financial institutions, is effectively achieving these aims in Latin America and the Caribbean. A series of indices are established in the paper that assess the extent to which such funding includes non-corporate enterprise while also considering the volume and nature of such funding. It is concluded that the goals of inclusiveness are not being met.