Financial Development and Economic Growth: Time Series Evidence from Albania

The main objective of this thesis is to explore the short and long run causality patterns in the finance – growth nexus and finance-growth-trade nexus before and after the global financial crisis, in the case of Albania. To this end we use quarterly data on real GDP, 13 proxy measures for financial development and the trade openness indicator for the period 1998Q1 – 2013Q2 and 1998Q1-2008Q3. Causality patterns will be explored in a VAR-VECM framework. For this purpose we will proceed as follows: (i) testing for the integration order of the variables; (ii) cointegration analysis and (iii) performing Granger causality tests in a VAR-VECM framework. In the finance-growth nexus, empirical evidence suggests for a positive long run relationship between finance and economic growth, with causality running from financial development to economic growth. The global financial crisis seems to have not affected the causality direction in the finance and growth nexus, thus supporting the finance led growth hypothesis in the long run in the case of Albania. In the finance-growth-trade openness nexus, we found evidence for a positive long run relationship the variables, with causality direction depending on the proxy used for financial development. When the pre-crisis sample is considered, we find evidence for causality running from financial development and trade openness to economic growth. The global financial crisis seems to have affected somewhat the causality direction in the finance-growth-trade nexus, which has become sensible to the proxy used for financial development. On the short run, empirical evidence suggests for a clear unidirectional relationship between finance and growth, with causality mostly running from economic growth to financial development. When we consider the per-crisis sub sample results are mixed, depending on the proxy used for financial development. The same results are confirmed when trade openness is taken into account.

The ontogeny of bipedalism: insights from the study of talar growth

The development of bipedal locomotion was gradual during evolution, and with the increase in discoveries of fossils and, in particular, in discoveries of pedal bones, the attention to this problematic has grown in the last decades. Moreover, the discoveries of juveniles fossil foot bones has led the attention to the evolution and the development of bipedal locomotion. The study of the development of human gait in children may help in shedding light to the development of human locomotion. The human talus plays a pivotal role, linking the leg to the foot and receiving and distributing the weight, while permitting a wide range of foot movements. It is also present at birth, and this makes a perfect bone to study to disentangle how the bone structure acts to cope with the changes in locomotion and body weight. Here, I analyze the external and internal morphology of the human talus from the perinatal period to adolescence, to investigate how the different phases of the acquisition of bipedal gait affect talar morphology, and how the bone copes with the weight gain during growth. Results show that the talar internal and external morphologies change in line with the different activities and loading of the foot. Initially, at around birth, the talus has a very globular and immature external shape, with a very dense trabecular architecture, composed of thin, numerous, and densely packed trabeculae, with a rather isotropic structure. External and internal morphologies change in relation to the different loading patterns which follow during growth, showing a more specialized structure, both in the external and internal morphology, linked to the maturation of bipedal locomotion, until the adult-like pattern is reached, during adolescence.