Research article

Banking system stability and economic sustainability: A panel data analysis of the effect of banking system stability on sustainability of some selected developing countries

  • Received: 06 October 2019 Accepted: 28 November 2019 Published: 03 December 2019
  • JEL Codes: O5

  • The study investigated the effects of banking system stability on economic sustainability from the perspective of 37 developing economies for the period 2000-2016. The study applied panel data models precisely fixed effects and random effects models. Hausman test of endogeneity revealed fixed effects model as the most appropriate in all estimations. Our empirical analysis revealed the following key findings: First, the study revealed that banking system z-scores has positive effect on economic sustainability of developing economies while banking system regulatory capital and bank credit have negative effects on economic sustainability among selected developing economies. Second, while banking system z-scores, bank liquid assets and bank credit have positive effects on economic sustainability of BRICS economies, bank liquid assets and bank credit have negative effects on economic sustainability of non-BRICS economies except banking system zscores, which has a positive effect. In addition, banking system z-scores has positive effect on economic sustainability of Asian and non-Asian economies. However, non-performing loans and bank credit has negative effects on economic sustainability of Asian economies while banking system regulatory capital has negative effect on economic sustainability of non-Asian economies. We conclude that banking system stability play a role in economic sustainability developing economies. However, banking system stability has differing effects on economic sustainability of BRICS and non-BRICS economies; and Asian and non-Asian economies.

    Citation: Albert Henry Ntarmah, Yusheng Kong, Michael Kobina Gyan. Banking system stability and economic sustainability: A panel data analysis of the effect of banking system stability on sustainability of some selected developing countries[J]. Quantitative Finance and Economics, 2019, 3(4): 709-738. doi: 10.3934/QFE.2019.4.709

    Related Papers:

    [1] Ziad Jaradat, Batool Khataybeh, Abdull Majid Al Ghzawi, Qutaiba Ababneh, Anas Al Nabusli . Molecular identification of major bacteria in honey and the effect of microwave treatment on its microbial quality and antibacterial activity. AIMS Agriculture and Food, 2022, 7(3): 594-613. doi: 10.3934/agrfood.2022037
    [2] Rossaporn Jiamjariyatam, Orachorn Mekkerdchoo, Pakkapong Phucharoenrak, Lu Zheng . Effects of freeze-drying and vacuum-drying on the quality, total phenolic contents, and antioxidant activities of bee honey in northern Thailand. AIMS Agriculture and Food, 2024, 9(2): 430-444. doi: 10.3934/agrfood.2024025
    [3] Daniele Asioli, Rungsaran Wongprawmas, Erika Pignatti, Maurizio Canavari . Can information affect sensory perceptions? Evidence from a survey on Italian organic food consumers. AIMS Agriculture and Food, 2018, 3(3): 327-344. doi: 10.3934/agrfood.2018.3.327
    [4] Elena Y. Osipenko, Yuliya Y. Denisovich, Galina A. Gavrilova, Ekaterina Y. Vodolagina . The use of bioactive components of plant raw materials from the far eastern region for flour confectionery production. AIMS Agriculture and Food, 2019, 4(1): 73-87. doi: 10.3934/agrfood.2019.1.73
    [5] Giulia Mastromonaco, Simone Blanc, Antonina Sparacino, Chiara Medoro, Stefano Predieri, Marta Cianciabella . Challenges and opportunities of sustainability, certifications and traceability in the Italian beekeeping sector. AIMS Agriculture and Food, 2025, 10(2): 314-336. doi: 10.3934/agrfood.2025016
    [6] Giuseppe Timpanaro, Paolo Guarnaccia, Silvia Zingale, Vera Teresa Foti, Alessandro Scuderi . The sustainability role in the purchasing choice of agri-food products in the United Arab Emirates and Italy. AIMS Agriculture and Food, 2022, 7(2): 212-240. doi: 10.3934/agrfood.2022014
    [7] Chung-Te Ting, Yu-Sheng Huang, Cheng-Te Lin, Yun Hsieh . Measuring consumer' willingness to pay for food safety certification labels of packaged rice. AIMS Agriculture and Food, 2021, 6(4): 1000-1010. doi: 10.3934/agrfood.2021060
    [8] Ioannis K. Karabagias, Chara Papastephanou, Vassilios K. Karabagias . Geographical differentiation of Cypriot multifloral honeys through specific volatile compounds and the use of DFA. AIMS Agriculture and Food, 2019, 4(1): 149-162. doi: 10.3934/agrfood.2019.1.149
    [9] Francesco Sottile, Stefano Massaglia, Valentina Maria Merlino, Cristiana Peano, Giulia Mastromonaco, Ferdinando Fornara, Danielle Borra, Oriana Mosca . Consumption vs. non-consumption of plant-based beverages: A case study on factors influencing consumers' choices. AIMS Agriculture and Food, 2023, 8(3): 889-913. doi: 10.3934/agrfood.2023047
    [10] Felice Adinolfi, Yari Vecchio, Margherita Masi, Giada Mastandrea, Gianmarco Lambertini, Paolo De Castro . The reform of EU geographical indications: A look at the newly approved Regulation. AIMS Agriculture and Food, 2024, 9(2): 693-698. doi: 10.3934/agrfood.2024037
  • The study investigated the effects of banking system stability on economic sustainability from the perspective of 37 developing economies for the period 2000-2016. The study applied panel data models precisely fixed effects and random effects models. Hausman test of endogeneity revealed fixed effects model as the most appropriate in all estimations. Our empirical analysis revealed the following key findings: First, the study revealed that banking system z-scores has positive effect on economic sustainability of developing economies while banking system regulatory capital and bank credit have negative effects on economic sustainability among selected developing economies. Second, while banking system z-scores, bank liquid assets and bank credit have positive effects on economic sustainability of BRICS economies, bank liquid assets and bank credit have negative effects on economic sustainability of non-BRICS economies except banking system zscores, which has a positive effect. In addition, banking system z-scores has positive effect on economic sustainability of Asian and non-Asian economies. However, non-performing loans and bank credit has negative effects on economic sustainability of Asian economies while banking system regulatory capital has negative effect on economic sustainability of non-Asian economies. We conclude that banking system stability play a role in economic sustainability developing economies. However, banking system stability has differing effects on economic sustainability of BRICS and non-BRICS economies; and Asian and non-Asian economies.


    Patchouli plants (Pogostemin cablin L.) have a high economic value because these plants produce essential oils used for the ingredients of perfume, soap, antiseptic, insecticides and other volatile binders (fixative) whose substitutes have not been found. Indonesia as the world main supplier of patchouli oil contributed 70% of the supply [1]. However, its production in Indonesia tends to decrease by 45%. The decline in the patchouli plant productivity is related to patchouli cultivation technology, especially the management of soil fertility and the control of pests and plant diseases [2]. The disease commonly attacking patchouli plants is bacterial wilt caused by the poor quality of the used patchouli (Pogostemon cablin B.) seeds [1]. This disease can cause losses of up to 60-90%, and ultimately reduce crop productivity. Bacterial wilt caused by Sclerotium fungus potentially appear during the rainy season due to significantly high humidity [3,4]. Therefore, in order to solve the cause of bacterial wilt, disease-free patchouli seeds are needed. Tissue culture technology is one way to get disease-free healthy seeds in a short time and in large quantities.

    Tissue culture technology requires growth regulators to improve plant growth. The growth regulators commonly used in tissue culture are auxins and cytokines [5]. A study conducted by [6] revealed that cytokines play a role in cell division by stimulating nucleic acid synthesis and are important enzyme regulators in growth. They have major roles in the shoot growth process [7]. The most widely used cytokines in tissue culture are Zeatin and Benzylaminopurin (BAP). Zeatin functions to multiply, accelerate, and improve the shoot growth, to accelerate the regeneration and the bud growth processes, and to inhibit seed dormancy [8]. The important role of zeatin to improve the shoot growth is the main factor of its use in the tissue culture. Coconut water have been known as natural zeatin in the tissue culture [9]. One other plant that has the potential as a natural growth regulator is the leaves of Moringa plants [10].

    The leaves of the Moringa plants are rich in natural cytokine hormones, especially zeatin, with an amount of several thousand times more than the zeatin content of other plants [11,12,13]. Besides, Moringa leaf extract also contains ascorbic acid and minerals such as Ca, K, and Fe which can support the growth of patchouli shoots [13,14,15]. Therefore, Moringa leaf extract is expected to become an alternative to the expensive zeatin hormones in tissue culture technology to produce plant seeds, such as patchouli seeds. A study result of [16] showed that the best zeatin concentration for the patchouli growth was 1.5 ppm. Meanwhile, 1.5 ppm zeatin was equivalent to 40 grams/L Moringa leaf extract. Zeatin in the Moringa leaf extract decreased due to the sterilization process and other compounds in Moringa leaf extract [11,13,17,18,19,20,21]. This research was conducted to investigate the effect of various concentrations of Moringa leaf extract on the growth of patchouli explants.

    This study was carried out in the tissue culture laboratory, Faculty of Agriculture of Universitas Brawijaya, Malang East Java from June 2019 to March 2020. The materials used included sub- cultured patchouli explants as the planting material (the sub-culture was obtained from patchouli plants previously cultured without growth regulators in the MS media), MS media (Murashige and Skoog), growth regulating substance from a Moringa leaf extract and zeatin in different concentrations, alcohol, HCl 1 N, NaOH 1 N, agar, sucrose, distilled water, detergent, and methylated spirits. Meanwhile, the materials used in the extraction process consisted of Moringa leaves with a maximum age of 35 days which had been separated from the branches and their midribs and acetone.

    The study employed a complete random design (CRD) with 6 (six) treatment concentrations of the Moringa leaf extract and zeatin on the MS media. The Moringa leaf extract and zeatin were given at respective concentrations: Moringa leaf extract of 30 grams/L (equivalent to 1.5 ppm zeatin), 40 grams/L (equivalent to 2 ppm zeatin), and 50 grams/L (equivalent to 2.5 ppm zeatin), therefore, the concentrations of the zeatin hormone were 1.5 ppm, 2 ppm, and 2.5 ppm.

    The Moringa extract was obtained from the maceration extraction process. Maceration was performed by grinding the fresh Moringa leaves to become pulp, which was then mixed with acetone as a solvent. Following that, the solution was put in an oven for 3 × 24 hours at 40 ℃. The Patchouli explants were obtained from the sub-cultured shoots of the patchouli plants. The planting material for explants was taken from the shoots with 2 young leaves, cut 2 cm in size from the tip. The explants were planted on the prepared MS media. To prepare the media, a mixture of micro MS, macro MS, growth regulators and 500 mL of distilled water was made. After all the ingredients were mixed, the mixture was sterilized using an autoclave at a temperature of 121℃ for 35 minutes. The media were ready to use after sitting for 3 × 24 hours. The growth regulators of Moringa leaf extract and zeatin were put into 500 mL; MS media before divided into culture bottles.

    The data gathered from the field observations were analyzed statistically using analysis of variance (F test) to discover the effect of the treatments on the Patchouli explant growth. If the treatment had a significant effect on the explant growth, the analysis was continued with the smallest significant difference test (LSD) at the 5% level to determine the best treatment.

    The Moringa leaf extract and the zeatin hormone had a significant effect on the number of leaves, the number of shoots, and the length of the explants. The number of leaves observed per explant showed varying numbers. Based on the data from the observations, the growth of patchouli explants, including the number of leaves, the number of shoots, and the length of the explants, treated with the zeatin hormone of 1.5 ppm, 2.0 ppm, and 2.5 ppm and Moringa leaf extract of 40 grams/L did not show a significant difference.

    Moringa leaf extract contains zeatin and several other additional components, such as ascorbic acid and minerals like Ca, K, and Fe [15]. The chemical substance affecting the increase in the number of shoots in Moringa leaf extract is zeatin. Zeatin is a cytokine compound that can suppress the effects of ABA inhibitors which are usually found in leaves [16]. Moreover, the addition of zeatin can reduce callus formation so the shoots grow earlier. The success rate of explants in the shoot growth can be improved because of the balance of endogenous hormones obtained from the addition of exogenous hormones, zeatin [22]. Based on the results of the variety test, it was found out that the addition of 40 grams/L Moringa leaf extract could increase the number of shoots similar to the use of the zeatin hormone 1.5 ppm. This could happen because one Moringa leaf contains 5-200 μg zeatin [23,24,25,26].

    The results of the analysis of variance showed that there was an effect of the concentration of zeatin and moringa leaf extract on the number of patchouli explants at the age of observation 28, 35 and 42 DAP. The number of leaves can be shown in Figure 1. At 28 DAP, the addition of 1.5, 2.0 and 25 ppm zeatin had more leaves than the addition of 50 gram/L of Moringa leaf extract. Meanwhile, the addition of 40 gram/L of Moringa leaf extract to patchouli explants had fewer leaves compared to the addition of 2.0 ppm and 2.5 ppm. At 35 DAP, the number of leaves was higher at 2.0 ppm and 2.5 ppm zeatin compared to 30 gram/L, 40 gram/L and 50 gram/L moringa leaf extract. While the addition of 2.5 ppm zeatin has more leaves than the addition of 50 gram/L Moringa leaf extract. At 42 DAP, the addition of 2.0 ppm zeatin, 2.5 ppm zeatin and 30 gram/L moringa leaf extract had more leaves than the addition of 1.5 ppm zeatin, 40 gram/L and 50 gram/L moringa leaf extract. Meanwhile, 1.5 ppm zeatin has more leaves than the addition of 50 gram/L Moringa leaf extract.

    Figure 1.  The Length of Patchouli Explant at Different Treated with Zeatin Hormone and Moringa Leaf Extract (Diagram with different letters indicate significant differences (P ≤ 0.05) as per the LSD test).

    Number of leaves of the explants treated with zeatin at several concentrations was higher compared to those treated with the Moringa leaf extract treatment. This could be caused by other chemical substances contained in the Moringa leaf extract, such as vitamins C, Fe, and Ca. The growth of the Patchouli explant leaves is influenced by cytokine hormones, thus in this study the zeatin hormone and the Moringa leaf extract were used. The research results of [27] indicated that the addition of zeatin to tissue culture media could increase the number of explant leaves. This is in line with the research of [16] that the use of 1.5 ppm zeatin produced the highest number of leaves.

    Table 1 showed that the treatment using the Moringa leaf extract did not give the same results as that using the zeatin hormone in the observed number of leaves and plant length. This was caused by the effect of zeatin on the cell division. According to Table 1, the use of the Moringa leaf extract as the treatment could only show the similar result to the treatment with the zeatin in the number of shoots, but not in the number of leaves and explant lengths. The most effective concentration of the zeatin hormone according to [16] is 1.5 ppm. This concentration was used as the comparison to this study. The results of this study indicated that the use of the 30 grams/L Moringa leaf extract produced a number of leaves that was not significantly different from the use of the zeatin hormone at 1.5 ppm. The zeatin-cytokine hormone has been reported to play a major role in the leaf formation and growth on explants of various plant species [28,29,30,31].

    Table 1.  The number of patchouli explant leaves at different ages treated with zeatin and moringa leaf extract.
    Treatment 7 DAP 14 DAP 21 DAP 28 DAP 35 DAP 42 DAP
    1.5 ppm zeatin 2.37 2.67 3.81 5.19 c 6.06 d 7.13 c
    2 ppm zeatin 2.62 3.69 4.89 6.00 d 7.12 e 7.25 c
    2.5 ppm zeatin 2.44 3.00 4.44 5.31 c 6.37 d 7.87 c
    30 gram/L moringa leaf extract 2.44 2.87 3.56 4.18 b 5.31 b 5.25 ab
    40 gram/L moringa leaf extract 2.12 2.81 4.80 4.00 b 5.00 b 5.00 a
    50 gram/L moringa leaf extract 2.12 2.62 2.87 3.06 a 3.06 a 3.81 a
    LSD (5%) ns ns ns 1.45 1.79 1.83
    Notes: Values with different letters indicate significant differences (P ≤ 0.05) as per the LSD test, ns = non significant, DAP = Days After Planting.

     | Show Table
    DownLoad: CSV

    The results of the analysis of variance showed that there was an effect of zeatin concentration and Moringa leaf extract on the number of patchouli explant shoots at all observation ages. The average number of shoots can be shown in Figure 2. At 21 DAP, 1.5 ppm, 2.0 ppm, 2.5 ppm and 40 gram/L of Moringa leaf extract produced a higher number of shoots compared to 30 gram/L and 50/L Moringa leaf extract. While the addition of 50 gram/L of Moringa leaf extract produce in more shoots than the addition of 30 gram/L of Moringa leaf extract. At 28 DAP, the addition of 50 gram/L of Moringa leaf extract produced the lowest number of shoots compared to the addition of zeatin and other moringa leaf extract concentrations. Observations 35 and 42 DAP had the same growth pattern, the addition of 1.5 ppm, 2.0 ppm, 2.5 ppm zeatin and 40 gram/L Moringa leaf extract resulted in a higher number of shoots compared to the addition and 50 gram/L of Moringa leaf extract. While the addition of 30 gram/L of Moringa leaf extract resulted in fewer shoots than the addition of 1.5 ppm zeatin.

    Figure 2.  Growth of patchouli explants in various treatments in 42 watersheds.

    Based on individual observations, the highest increase in the number of shoots with zeatin treatment was found at a concentration of 1.5 ppm, while the moringa leaf extract was found at a concentration of 40 grams/L. The shoot growth on these explants was influenced by internal and external factors. The external factor affecting the cell division is sunlight, or in tissue culture is lighting. Meanwhile, the internal factor that can affect the division of cells is the composition of hormones which can accelerate and stimulate the cell division [32].

    Cytokine activity is a key element in building and regulating the cell division in the Shoot Apical Meristem (SAM). A study conducted by [33] shows that cytokines are positive regulators of cell proliferation in SAM. Cytokines play an important role in maintaining the size and activity of the SAM [34]. [16] stated that the growth of plant organogenesis in vitro is controlled by the balance and interaction of growth regulators in the plants or explants. The application of these exogenous growth regulators can change the gradient or balance of the growth regulators in the plant or explant body and effect on the plant growth, thus; the growth regulators must exist in a certain gradient and balance.

    Cytokinesis can accelerate the cytokine activity thereby resulting in an increase in the cell numbers. Cytokinensis is the process of cell division, in which the cells absorb more cytokines to support their growth and development. Cytokines can also increase the plasticity of the cell wall so it can relax and stretch more quickly, and then the cell will undergo differentiation and specialization of function. Cells which undergo specialization function eventually grow and develop into new shoots.

    The planting media are commonly sterilized using an autoclave at a temperature of 121℃ and a pressure of 15 psi. This media sterilization process can cause damage to the growth substances contained in the leaf extract. According to [17], too long sterilization on the media can cause degradation of vitamins and amino acids, inactivation of cytokine-zeatin riboside, which will result in polymerization, and pH changes. The factors that can degrade zeatin are high, dry, saline, and low temperatures [5]. The destruction of zeatin contained in the Moringa leaf extract can be the cause of the need for a high concentration of Moringa leaf extract (40 grams/L) to produce a similar effect close to the 1.5 ppm zeatin treatment.

    The results (Table 2) show that the shoot began to grow on the 21 DAP. Based on the individual observations, the increase in the number of shoots occurred in the media treated with 1.5 ppm zeatin and in those treated with 40 grams/L Moringa leaf extract. Moreover, from each treatment of 1.5 ppm of zeatin and 40 grams/L of Moringa leaf extract on the 42 DAP, the explants had an average of 1.75 shoots. This was influenced by internal and external factors. The external factor affecting the cell division is sunlight, or in tissue culture is lighting. Meanwhile, the internal factor that can affect the division of cells is the composition of hormones which can accelerate and stimulate the cell division [32].

    Table 2.  The number of patchouli explant buds at different ages treated with zeatin and moringa leaf extract.
    Treatment 7 DAP 14 DAP 21 DAP 28 DAP 35 DAP 42 DAP
    1.5 ppm zeatin 0 0 0.69 c 0.75 b 1.38 c 1.75 c
    2 ppm zeatin 0 0 0.75 c 0.75 b 1.25 bc 1.63 bc
    2.5 ppm zeatin 0 0 0.69 c 0.75 b 1.25 bc 1.69 c
    30 gram/L moringa leaf extract 0 0 0.31 a 0.75 b 1.06 ab 1.50 b
    40 gram/L moringa leaf extract 0 0 0.68 c 0.75 b 1.25 bc 1.75 c
    50 gram/L moringa leaf extract 0 0 0.50 b 0.62 a 0.87 a 1.31 a
    LSD (5%) ns ns 0.15 0.09 0.19 0.19
    Notes: Values with different letters indicate significant differences (P ≤ 0.05) as per the LSD test, ns = non significant, DAP = Days After Planting.

     | Show Table
    DownLoad: CSV

    Cytokine activity is a key element in building and regulating the cell division in the Shoot Apical Meristem (SAM). A study conducted by [33] shows that cytokines are positive regulators of cell proliferation in SAM. Cytokines play an essential role in maintaining the size and the activity of the SAM [34]. The growth of plant organogenesis in vitro is controlled by the balance and interaction of the growth regulators in the explants [16]. The presence of these exogenous growth regulators can change the gradient or balance of the growth regulators in the explant body. Therefore, to affect on the plant growth, the growth regulators must exist in a certain gradient.

    Cytokinensis is the process of cell division, in which the cells absorb more cytokines to support their growth and development. Cytokines can also increase the plasticity of the cell wall so it can relax and stretch more quickly, and then the cell will undergo differentiation and specialization of function. Cells which undergo specialization function eventually grow and develop into new shoots.

    Cytokines are able to increase the growth of new shoots because they can promote cell division by accelerating the rate of transition from the G2 process to the mitotic process [35]. The processes in this phase are accelerated because cytokines can function to increase the rate of a protein synthesis in the cell. Besides, [36] stated that cytokines are able to shorten the S phase by activating DNA, therefore, the size of the DNA copy is twice as large, this can affect on doubling the rate of DNA synthesis.

    The addition of exogenous cytokines can stimulate division and addition of cells [37]. The increase in the number of cells affect on the increasing cell division activity or increasing cell viability. Zeatin is a cytokine which is able to increase the number of shoots. The addition of the zeatin hormone as much as 1.5 ppm in patchouli plant tissue culture can increase the shoot growth [16]. Other studies reported that an amount of zeatin can be found in the Moringa leaf extract, therefore; in a certain concentration, it can be an alternative to the zeatin hormone [23,24,25,26].

    The results of the analysis of variance showed that there was an effect of the concentration of zeatin and moringa leaf extract on the length of patchouli explants at all ages of observation. The average length of patchouli explants can be shown in Figure 1 and 2. The addition of Moringa leaf extract to tissue culture media was not able to provide better results than zeatin application to the media. Moreover, the further test results showed that the addition of 2.0 ppm zeatin resulted in a higher length of patchouli explants compared to the addition of patchouli plant extracts with concentrations of 30 gram/L, 40 gram/L, and 50 gram/L. Meanwhile, the addition of 2.5 ppm zeatin resulted in a higher explant length than the addition of 50 gram/L Moringa leaf extract. If further analyzed, it is known that the zeatin treatment at each given concentration has no significant effect on the length growth of patchouli explants. Similary, with the extra Moringa leaves, at various concentrations had no significant effect on the length growth of patchouli explants. However, the zeatin treatment had a greater effect when compared to the Moringa leaf extract treatment.

    The growth of plant length is influenced more by the hormone gibberellin. The acceleration of the stem length in the whole plant is caused by three processes, including (1) cell division accelerated in the shoots, (2) gibberellins which stimulate the cell growth, and (3) gibberellin increasing the cell wall plasticity. However, several studies stated that zeatin was less effective for increasing the plant length [16]. In this study, the administration of the zeatin hormone was still better at increasing the explant length when compared to the Moringa leaf extract. This is presumably because Moringa leaf extract contains various types of other chemicals that can inhibit the growth of the explant length.

    The results presented in Figure 1 show that the higher the concentration of Moringa leaf extract, the lower the average length of the explants. This supports the results of studies on the phytohormones derived from natural ingredients, such as the Moringa leaf extract and coconut water. The addition of these natural substances causes an imbalance of phytohormones, such as auxins and gibberellins, thereby inhibiting the growth of the shoot length [38,39,40,41,42,43,44,45,46,47]. The auxin and gibberellin hormones that are naturally present in explants have stimulated the growth and development of explants [42,43,44,48].

    Figure 2 shows patchouli explants visually on various treatments of the zeatin hormone and Moringa leaf extract. The explants grew better in media treated with the zeatin hormone as compared to those with Moringa leaf extract. However, the treatment of 40 gram/L Moringa leaf extract (Figure 2 E) produced the patchouli explants which had no significant difference in the number of shoots with the zeatin hormone treatment. There were several factors causing the lower growth of the patchouli explants in the Moringa leaf extract treatment than the zeatin hormone treatment. This can be due to the easily damage zeatin in the Moringa leaf extract, a decrease in the zeatin content, and the presence of other substances in the Moringa leaf extract.

    The Moringa leaf extract is more easily damaged than the zeatin hormone. The zeatin in Moringa leaf extract is susceptible to the heating process (in tissue culture it occurs during the media sterilization process), so the zeatin from Moringa leaf extract cannot function optimally. The destruction of the zeatin in the Moringa leaf extract caused a reduction in the zeatin content in the planting medium after undergoing the sterilization process. It is still unknown the level of zeatin change in Moringa leaf extract before and after the media sterilization process. However, the results of LC-MS (Liquid Chromatography Mass Spectrometry) analysis showed a decrease in the peak point on the media with the addition of a Moringa leaf extract (Figure 3 and 4). This indicates a decrease in the zeatin content in the growing media due to zeatin damage during the high- pressure heating process in the media sterilization process.

    Moringa leaf extract contains many other chemical substances apart from zeatin. Based on the results of LC-MS analysis (Figure 3 and 4), there are several curves indicating the presence of several different substances in the Moringa leaf extract, one of which is vitamin C [49,50,51]. This prevents the fungal contamination and browning symptoms in the planting media treated with Moringa leaf extract. From the observations, it is known that at the age of 14 DAS and 21 DAS, the explants showed signs of contamination. However, giving the Moringa leaf extract in the planting media had the advantage of reducing the level of contaminants, especially from fungi, bacteria, and browning, because the extract contains vitamin C which functions as a natural antioxidant for the patchouli explants. Whereas, in the observation of the number of shoots, the use of the Moringa leaf extract at 40 grams/L can increase the number of shoots similar to the use of 1.5 ppm zeatin. This extract amount is the highest number given among all treatments using Moringa leaf extract.

    Figure 3.  The results of LC-MS (Liquid Chromatography Mass Spectrometry) zeatin analysis before autoclave.
    Figure 4.  The results of LC-MS (Liquid Chromatography Mass Spectrometry) zeatin analysis after autoclave.

    The use of the Moringa leaf extract at 40 grams/L as a natural growth regularor can be an alternative to the zeatin hormone at 1.5 ppm to obtain the same quality of the growing patchouli explants shoots. However, in terms of the leaf growth and length of patchouli explants, Moringa leaf extract has not been able to completely give the same result as the zeatin hormone.

    The authors declare that there is no conflict of interest regarding the publication of this manuscript.



    [1] Al-Moulani A, Constantinos A (2017) Banking sector depth and economic growth nexus: a comparative study between the natural resource-based and the rest of the world's economies, International. Rev Appl Econ 31: 625-650. DOI:10.1080/02692171.2017.1299115 doi: 10.1080/02692171.2017.1299115
    [2] Alexander K (2014) Stability and Sustainability in Banking Reform: are environmental risks missing in Basel III. CISL & UNEPFI: Cambridge and Geneva.
    [3] Aluko OA, Ajayi MA (2018) Determinants of banking sector development: Evidence from Sub-Saharan African countries. Borsa Istanbul Rev 18: 122-139. doi: 10.1016/j.bir.2017.11.002
    [4] Arcand JL, Berkes E, Panizza U (2012) Too much finance? IMF Working Paper, No. 12/161, Washington DC: IMF.
    [5] Azeez BA, Oke MO (2012) A Time Series Analysis on the Effect of Banking Reforms on Nigeria's Economic Growth. Int J Econ Res 3: 26-37.
    [6] Baltagi BH (2005) Econometric Analysis of Data Panel, England: John Wiley & Sons Ltd.
    [7] Bolt K, Matete M, Clemens M (2002) Manual for calculating adjusted net savings. Environ Department World Bank, 1-23.
    [8] Bryman A, Bell E (2015) Business research methods, Oxford University Press, USA.
    [9] Demetriades PO, Rousseau PL (2016) The changing face of financial development. Econ Lett 141: 87-90. doi: 10.1016/j.econlet.2016.02.009
    [10] Charfeddine L, Ben Khediri K (2016) Financial development and environmental quality in UAE: Cointegration with structural breaks. Renew Sust Energy Rev 55: 1322-1335. doi: 10.1016/j.rser.2015.07.059
    [11] Demirgüç-Kunt A, Detragiache E (1999) The determinants of banking crises: evidence from industrial and developing countries, The World Bank.
    [12] Demirgüç-Kunt A, Detragiache E (2005) Cross-country empirical studies of systemic bank distress: a survey, The World Bank.
    [13] Ferreira S, Vincent JR (2005) Genuine savings: leading indicator of sustainable development?. Econ Dev Cult Change 53: 737-754. doi: 10.1086/426834
    [14] Ferreira S, Hamilton K, Vincent JR (2008) Comprehensive wealth and future consumption: accounting for population growth. World Bank Econ Rev 22: 233-248. doi: 10.1093/wber/lhn008
    [15] Genberg H (2017) Global shocks and risk to financial stability in Asia (No. 709). ADBI Working Paper Series.
    [16] Hamilton K (2006) Where is the wealth of nations?: measuring capital for the 21st century, World Bank Publications.
    [17] Hanley N, Dupuy L, McLaughlin E (2015) Genuine savings and sustainability. J Econ Surv 29: 779-806. doi: 10.1111/joes.12120
    [18] Jacobs LM, Van Rossem R (2014) The BRIC Phantom: A comparative analysis of the BRICs as a category of rising powers. J Policy Model 36: S47-S66. doi: 10.1016/j.jpolmod.2013.10.008
    [19] Jayakumar M, Pradhan RP, Dash S, et al. (2018) Banking competition, banking stability, and economic growth: Are feedback effects at work? J Econ Bus 96: 15-41. doi: 10.1016/j.jeconbus.2017.12.004
    [20] Jiang B (2014) Financial stability of banking system in China, Doctoral dissertation, Nottingham Trent University.
    [21] Jokipii T, Monnin P (2013) The impact of banking sector stability on the real economy. J Int Money Financ 32: 1-16. doi: 10.1016/j.jimonfin.2012.02.008
    [22] Jung JY (2008) Regional financial cooperation in Asia: challenges and path to development. Press & Commun CH 4002 Basel Switzerland, 120.
    [23] Kaminsky GL, Reinhart CM (1999) The twin crises: the causes of banking and balance-of-payments problems. Am Econ Rev 89: 473-500. doi: 10.1257/aer.89.3.473
    [24] Kregel J (2009) The global crisis and the implications for developing countries and the BRICs: Is the "B" really justified? Braz J Polit Econ 29: 341-356. doi: 10.1590/S0101-31572009000400002
    [25] Moundigbaye M, Rea WS, Reed WR (2017) Which panel data estimator should I use?: A corrigendum and extension. Economics Discussion Papers, No 2017-58. Kiel Inst World Econ 2.
    [26] Mhadhbi K (2014) Financial development and economic growth: A dynamic panel data analysis. Int J Econ Financ Manage 2: 48-58.
    [27] Murphy P, Waygood S, Wilson G (2017) Ideas for Action for a Long-Term and Sustainable Financial System. Bus Sustainable Dev Comm.
    [28] Narayan PK, Narayan S (2013) The short-run relationship between the financial system and economic growth: New evidence from regional panels. Int Rev Financ Anal 29: 70-78. doi: 10.1016/j.irfa.2013.03.012
    [29] Pardi F, Salleh AM, Nawi AS (2015) Determinants of Sustainable Development in Malaysia: A VECM Approach of Short-Run and Long-Run Relationships. Am J Econ 5: 269-277.
    [30] Pazarbasioglu C, Johnsen G, Hilbers MPLC, et al. (2005) Assessing and managing rapid credit growth and the role of supervisory and prudential policies (No. 5-151), International Monetary Fund.
    [31] Pearce DW, Atkinson GD (1993) Capital theory and the measurement of sustainable development: an indicator of "weak" sustainability. Ecol Econ 8: 103. doi: 10.1016/0921-8009(93)90039-9
    [32] Pillarisetti JR (2005) The World Bank's 'genuine savings' measure and sustainability. Ecol Econ 55: 599-609. doi: 10.1016/j.ecolecon.2005.01.018
    [33] Pradhan RP, Arvin MB, Nair M, et al. (2019) Inter-linkages between competition and stabilisation policies in the banking sector and stock market development in Europe. Appl Econ 51: 4313-4324. doi: 10.1080/00036846.2019.1591603
    [34] Rahman MM, Ashraf BN, Zheng C, et al. (2017) Impact of Cost Efficiency on Bank Capital and the Cost of Financial Intermediation: Evidence from BRICS Countries. Int J Financ Stud 5: 32. doi: 10.3390/ijfs5040032
    [35] Schmidt-Traub G, Shah A (2015) Investment needs to achieve the Sustainable Development Goals. Paris New York Sustainable Dev Solutions Network.
    [36] Sen S (2016) The BRICS Initiatives Towards a New Financial Architecture: An Assessment with Some Proposals (No. 205). RIS Discussion Paper.
    [37] Solow RM (1956) A Contribution to the Theory of Economic Growth. Q J Econ 70: 65-94. doi: 10.2307/1884513
    [38] Stewart R, Chowdhury M (2019) Does Bank Stability Promote Economic Resilience?: Evidence From Panel Data. Evidence From Panel Data.
    [39] TheGlobalEconomy.com (2019) Business and economic data for 200 countries. Available from https://www.theglobaleconomy.com/indicators_list.php.
    [40] Tongurai J, Vithessonthi C (2018) The impact of the banking sector on economic structure and growth. Int Rev Financ Anal 56: 193-207. doi: 10.1016/j.irfa.2018.01.002
    [41] Tripathy R (2019) Doe measure of financial development matter for economic growth in India? Quant Financ Econ 3: 508-525. doi: 10.3934/QFE.2019.3.508
    [42] World Bank (2012) Contribution to Beyond GDP, "Virtual Indicator Expo", Washington DC: World Bank.
    [43] World Bank (2019) Economic research data. Retrieved from FRED, Federal Reserve Bank of St. Louis. [dataset for banking system stability] Available from: https://fred.stlouisfed.org/series.
    [44] World Bank Group (2019) World Development Indicators 2019, Washington DC: World Bank. [dataset for economic sustainability and other determinants].
    [45] Wyman O (2015) Post-Crisis Changes in the Stability of the US Banking System Evidence from US Bank Holding Companies from 2004 to 2014, NY 10036: New York.
    [46] Yaffee R (2003) A primer for panel data analysis. Connect: Information Technology at NYU, 1-11.
    [47] Younsi M, Bechtini M (2018) Economic Growth, Financial Development and Income Inequality in BRICS Countries: Evidence from Panel Granger Causality Tests. Available from: https://mpra.ub.uni-muenchen.de/85182/.
  • This article has been cited by:

    1. Giuseppe Di Vita, Liam Pippinato, Simone Blanc, Raffaele Zanchini, Angela Mosso, Filippo Brun, Understanding the Role of Purchasing Predictors in the Consumer’s Preferences for PDO Labelled Honey, 2021, 27, 1045-4446, 42, 10.1080/10454446.2021.1884161
    2. Monica Vercelli, Luca Croce, Teresina Mancuso, An Economic Approach to Assess the Annual Stock in Beekeeping Farms: The Honey Bee Colony Inventory Tool, 2020, 12, 2071-1050, 9258, 10.3390/su12219258
    3. Liam Pippinato, Simone Blanc, Teresina Mancuso, Filippo Brun, A Sustainable Niche Market: How Does Honey Behave?, 2020, 12, 2071-1050, 10678, 10.3390/su122410678
    4. Simone Blanc, Raffaele Zanchini, Giuseppe Di Vita, Filippo Brun, The role of intrinsic and extrinsic characteristics of honey for Italian millennial consumers, 2021, ahead-of-print, 0007-070X, 10.1108/BFJ-07-2020-0622
    5. Davide Menozzi, Ching-Hua Yeh, Elena Cozzi, Filippo Arfini, Consumer Preferences for Cheese Products with Quality Labels: The Case of Parmigiano Reggiano and Comté, 2022, 12, 2076-2615, 1299, 10.3390/ani12101299
    6. Nadia Palmieri, Walter Stefanoni, Francesco Latterini, Luigi Pari, Italian Consumer Preferences for Eucalyptus Honey: An Exploratory Study, 2022, 14, 2071-1050, 7741, 10.3390/su14137741
    7. Francesco Pagliacci, Leonardo Cei, Edi Defrancesco, Paola Gatto, The EU Mountain Product Voluntary Quality Term as a Valorization Tool for Livestock Farms: Challenges and Opportunities in an Alpine Context, 2022, 14, 2071-1050, 3292, 10.3390/su14063292
    8. Ivana Bassi, Matteo Carzedda, Luca Grassetti, Luca Iseppi, Federico Nassivera, Consumer attitudes towards the mountain product label: Implications for mountain development, 2021, 18, 1672-6316, 2255, 10.1007/s11629-020-6616-z
    9. Raffaele Zanchini, Simone Blanc, Liam Pippinato, Giuseppe Di Vita, Filippo Brun, Consumers’ attitude towards honey consumption for its health benefits: first insights from an econometric approach, 2022, 124, 0007-070X, 4372, 10.1108/BFJ-09-2021-0992
    10. Ivana Bassi, Matteo Carzedda, Enrico Gori, Luca Iseppi, Rasch analysis of consumer attitudes towards the mountain product label, 2022, 10, 2193-7532, 10.1186/s40100-022-00218-7
    11. Petjon Ballco, Fatma Jaafer, Tiziana de Magistris, Investigating the price effects of honey quality attributes in a European country: Evidence from a hedonic price approach, 2022, 38, 0742-4477, 885, 10.1002/agr.21760
    12. Giacomo Staffolani, Deborah Bentivoglio, Adele Finco, Consumers’ Purchasing Determinants Towards Mountain Food Products, 2022, 14, 2071-1050, 8282, 10.3390/su14148282
    13. Rachele De Cianni, Liam Pippinato, Raffaele Zanchini, Filippo Brun, Giuseppe Di Vita, Teresina Mancuso, Parental behaviour in choosing snacks for children aged six to ten: the role of mothers' nutritional awareness, 2023, 125, 0007-070X, 713, 10.1108/BFJ-09-2021-1010
    14. Maria Teresa Trentinaglia, Daniele Cavicchioli, Cristina Bianca Pocol, Lucia Baldi, Where was my cup of honey made? PDO honey and sub-regional ethnocentric consumer segments, 2023, 125, 0007-070X, 296, 10.1108/BFJ-07-2022-0640
    15. Federica Murmura, Lolita Liberatore, Fabio Musso, Laura Bravi, Giada Pierli, Organic Honey - Comparison of Generational Behaviour and Consumption Trends After Covid-19, 2024, 30, 1045-4446, 67, 10.1080/10454446.2024.2320649
    16. Raffaele Zanchini, Giuseppe Di Vita, Luca Panzone, Filippo Brun, What Is the Value of a “Mountain Product” Claim? A Ranking Conjoint Experiment on Goat’s Milk Yoghurt, 2023, 12, 2304-8158, 2059, 10.3390/foods12102059
    17. Kerem Yaman, Alexandru Nicolescu, Onur Tepe, Mihaiela Cornea-Cipcigan, Burcu Aydoğan-Çoşkun, Rodica Mărgăoan, Dilek Şenoğul, Erkan Topal, Cosmina Maria Bouari, Physicochemical, Antimicrobial Properties and Mineral Content of Several Commercially Available Honey Samples, 2024, 14, 2076-3417, 8305, 10.3390/app14188305
    18. Valentina Maria Merlino, Simone Blanc, Stefano Massaglia, Innovation in agriculture and the agri-food chain: Some insights, 2023, 8, 2471-2086, 550, 10.3934/agrfood.2023029
    19. Kehinde Oluseyi Olagunju, Simone Angioloni, Maurizio Canavari, Niche markets for sustainable agri-food systems: A systematic review, 2025, 11, 24058440, e42346, 10.1016/j.heliyon.2025.e42346
  • Reader Comments
  • © 2019 the Author(s), licensee AIMS Press. This is an open access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0)
通讯作者: 陈斌, bchen63@163.com
  • 1. 

    沈阳化工大学材料科学与工程学院 沈阳 110142

  1. 本站搜索
  2. 百度学术搜索
  3. 万方数据库搜索
  4. CNKI搜索

Metrics

Article views(6676) PDF downloads(776) Cited by(33)

Figures and Tables

Figures(1)  /  Tables(10)

/

DownLoad:  Full-Size Img  PowerPoint
Return
Return

Catalog