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Background: This study provides evidence for the financial innovation in the financial system that resulted in the economic growth of Bangladesh from 1980-2016. Methods: To capture the influence of financial innovation on economic growth, we estimated the long-run cointegration by applying Autoregressive Distributed Lag (ARDL) bound testing and Granger causality-based Error Correction Model (ECM) to capture the directional association. Results: The Test of Cointegration satisfied the existence of a long-run association between economic growth and the financial innovation proxies, which were the Domestic Credit to the Private Sector (DCB) as a percentage of the Gross Domestic Product and the Broad-to-Narrow Money (M2/M1) as a percentage of the Gross Domestic Product. Our results showed that in the long run, credit circulation to the private sector and monetary management play important roles in economic growth. We also found that the coefficients of the financial innovation proxy variables were positive and statistically significant both in the short run and long run. We also ran Granger causality tests to investigate the directional effect. This study confirmed the feedback causality between the economic growth and 2 proxies of financial innovation in the short and long run. The gross capital formation and trade openness contribute significantly to explaining the economic growth in Bangladesh. Conclusion: The government of Bangladesh should encourage financial innovation in the financial system, especially at financial institutions, so that access to financial services can easily provide for equitable development. The government should also encourage financial innovation in the capital market, which will assist in raising long-term capital for investment and expedite overall economic growth.

The regional financial center is the propeller of regional economic development. Regional financial center modernization, however, has been the predominant propulsion of economic sustainability. Decisions related to regional financial center modernization development are in­herent problems of multiple attribute decision-making (MADM), and strategically important to the government. The purpose of this paper is to set up a regional financial center improvement model for modernization development, as based on a hybrid MADM model, which addresses the main causal-effect factors and amended priorities in order to strengthen ongoing planning. This paper adopts a new hybrid MADM model combined with the DEMATEL technique to construct an influential network relationship map (INRM) and determined the influential weights of DANP. Then, a modified VIKOR method using influential weights is applied to measure and integrate the performance gaps from each criterion into dimensions, as well as the overall criterion for evaluating and improving the modernization development of the regional financial center, as based on INRM. Finally an empirical case study using data from the Guangzhou regional financial center is carried out as an example to demonstrate the suitability of the proposed hybrid MADM model for solving real-world problems. The results show the priorities for improvement, as based on the degree of the effect and impact of the dimensions, as follows: first is making "government policy", second is enforcing "financial infrastructure and safety", next is formulating "financial institutions and human resources", and finally "financial service". First published online:22 Mar 2017

The regional financial center is the propeller of regional economic development. Regional financial center modernization, however, has been the predominant propulsion of economic sustainability. Decisions related to regional financial center modernization development are in­herent problems of multiple attribute decision-making (MADM), and strategically important to the government. The purpose of this paper is to set up a regional financial center improvement model for modernization development, as based on a hybrid MADM model, which addresses the main causal-effect factors and amended priorities in order to strengthen ongoing planning. This paper adopts a new hybrid MADM model combined with the DEMATEL technique to construct an influential network relationship map (INRM) and determined the influential weights of DANP. Then, a modified VIKOR method using influential weights is applied to measure and integrate the performance gaps from each criterion into dimensions, as well as the overall criterion for evaluating and improving the modernization development of the regional financial center, as based on INRM. Finally an empirical case study using data from the Guangzhou regional financial center is carried out as an example to demonstrate the suitability of the proposed hybrid MADM model for solving real-world problems. The results show the priorities for improvement, as based on the degree of the effect and impact of the dimensions, as follows: first is making "government policy", second is enforcing "financial infrastructure and safety", next is formulating "financial institutions and human resources", and finally "financial service". First published online:22 Mar 2017

Inequalities in college access are a major concern for policymakers in both developed and developing countries. Policymakers in China have largely tried to address these inequalities by helping disadvantaged students successfully transition from high school to college. However, they have paid less attention to the possibility that inequalities in college access may also arise earlier in the pathway to college. The purpose of this paper is to understand where inequalities emerge along the pathway to college in China, focusing on three major milestones after junior high. By analysing administrative data on over 300,000 students from one region of China, we find that the largest inequalities in college access emerge at the first post-compulsory milestone along the pathway to college: when students transition from junior high to high school. In particular, only 60 per cent of students from poor counties take the high school entrance exam (compared to nearly 100 per cent of students from non-poor counties). Furthermore, students from poor counties are about one and a half times less likely to attend academic high school and elite academic high school than students from non-poor counties. (China Q/GIGA)