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Financial technology (Fintech) innovations have substantially transformed the landscape for retail investors by democratizing access to financial markets and providing sophisticated tools that were once exclusive to professional investors. The evolution of the financial technologies such as robo-advisory, algorithmic trading, and AI-driven market analysis has brought the activities of retail investors to the forefront, altering the dynamics traditionally dominated by institutional investors. The growing prominence of retail investors, a cohort marked by distinct investment patterns influenced by their financial goals, access to information, and cognitive biases has been underscored by recent market irregularities and an uptick in individual trading activities. This paper aims to investigate the intricacies of retail investor behaviors in Singapore, specifically examining the determinants that underpin their frequent investment activities in the stock market during the Fintech era. Through a comprehensive survey of 1,076 Singaporean retail investors, we evaluate the relative weight of decision-making factors for individual investors and the potential existence of variable groups that constitute identifiable constructs leveraged during the investment process. Our investigation is two-pronged: we first seek to quantify the significance of varying decisional factors in stock purchases among individual investors. Subsequently, we aim to identify clusters of these factors that consistently inform investment strategies. The goal is to delineate the characteristics of retail investors who engage more actively in the stock market, thus contributing to the academic dialogue on household finance and informing policy development.

In this study, we explored the influence of public spending on economic growth in Nigeria by testing the neutrality/non-neutrality of recurrent expenditure, as well as checking for the effect of the interaction of the two expenditure components with monetary policy (interest rate) to see how they would influence economic growth. Data which covers the period 1981 to 2021 were analysed using the technique of Autoregressive Distributed Lag (ARDL) model which was selected based on the fact that our variables were stationary at mixed order of levels and first difference. From the ARDL bounds test, the study revealed that there is a long-run relationship among the variables in the model which prompts the estimation of the error correction model. From the results, the findings suggest that recurrent expenditure exerts a positive and significant effect on economic growth, thereby signifying the non-neutrality of the recurrent expenditure component on economic growth. Further, the interactive terms indicate that an interaction of recurrent expenditure and interest rate on economic growth generated a negative effect though its one-period lag yielded a positive and significant effect. Also, the long run results indicate that recurrent expenditure yielded a positive but insignificant effect, thereby indicating the validity of recurrent expenditure in the long-run. This was further confirmed as it exerted a negative but insignificant effect on economic growth when interacting with monetary policy. The policy implication of the findings centres on the fact that recurrent expenditure can only be non-neutral in influencing the macroeconomy just in the short run.

Keywords: Monetary Policy, Fiscal Policy, Lags, Neutrality, Public Spending, Interest Rate.

This study offers an all-encompassing analysis of economic growth and convergence within the Indian States, spanning a period from 1991 to 2020. Through the utilization of the augmented Solow and extended Solow models, this research delves deep into absolute, sigma, and conditional convergence across the Indian States and Union Territories (U.T.). Notably, it is revealed that the initial per capita GDP ratio does not exhibit a significant negative correlation with the average annual growth
rate, and suggests the absence of absolute convergence throughout the Indian States and U.T. The outcomes of sigma convergence seamlessly align with those obtained from the absolute convergence model, reinforcing the credibility and robustness of the analysis. However, the exploration of conditional convergence using the augmented Solow model estimates a rate of conditional convergence, as indicated by the coefficient of initial GDP per capita, to be 0.038 among the Indian States and U.T.
This compelling statistic considers various influential factors such as GDP per capita, physical and human capital, and population growth. Moreover, the extended Solow growth regression reveals a coefficient of initial GDP per capita of 0.337, demonstrating that factors beyond the initial per capita income make significant contributions to the growth and convergence of Indian States. Conclusively, it can be inferred that economic growth in the Indian States is decisively influenced by a multitude of factors. Notably, prioritizing expenditure on vital social sectors such as health, and education proves instrumental in driving progress. Moreover, to propel economic advancement, India must place great emphasis on accessing new technologies and ideas from around the world, while concurrently bolstering government saving rates and maintaining sound macroeconomic management. Furthermore, heightened investments in human capital formation are crucial for sustainable growth. Prudent budgetary policies must be implemented to ensure efficient resource allocation, with a particular focus on augmenting budgetary resources allocated to the health sector. Simultaneously, incentivizing married couples to curtail fertility rates and ensuring effective monetary policy management is imperative for stability and long-term growth within the Indian States.

Keywords: Convergence; Absolute Convergence; Conditional Convergence; Economic Growth; Augmented Solow Model.
JEL codes: O11, Z32, C01

The paper empirically examines the nexus between exchange rate and industrial sector performance in Nigeria using annual time series data for the period 1986-2023. It utilizes the techniques of co-integration and error correction model (ECM). The empirical results show a negative and significant link between exchange rate and industrial sector performance in Nigeria. Credit to the private sector as ratio of GDP is positively related to industrial performance albeit a weak impact. Electricity supply is positively related to industrial sector performance but not significant, while the effect of lending rate is negative and significant. Further evidence show a positive and significant relationship between technological progress and industrial performance. Against the backdrop of the foregoing findings, there is need for the adoption and implementation of a stable, realistic and competitive exchange rate that will stimulate industrial sector performance in Nigeria. Increased lending at sectoral-induced concessional interest rate is also important. Finally, a stable, reliable, accessible and efficient power supply as well as technological development are necessary to propel rapid industrial sector growth and development in Nigeria.

Keywords: Exchange rate, Industrial sector performance, Managerial enterprise, Technology, Innovation/
JEL Classification: F31, F4, L16

The study examined the structural responses of poverty to shocks in financial development and economic growth in the case of Nigeria using variance decomposition, impulse response function and annual time series data from 1981 to 2020. The result of the innovation accounting using variance decomposition as expounded by Cholesky showed that apart from poverty’s own shock fluctuations, the biggest shock effects to poverty reduction were from ratio of broad money supply to GDP, economic growth and Trade openness. A major policy implication of this finding is that in Nigeria financial development helps to reduce poverty by facilitating transactions services and allowing the poor to benefit from financial services particularly savings products which increase their income through interest earned and enhance their ability to undertake profitable investments and other activities.

Keywords: Poverty, Financial Development and Growth.