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  • Does the learning space matter? An evaluation of active learning in a purpose-built technology-rich collaboration studio

    Donkin, Rebecca; Kynn, Mary (ASCILITE, 2021-01-01)
    Studies in technology-rich learning environments have reported positive outcomes of active learning when compared to the traditional didactic classroom; others have found no benefits or have found interruption to learning due to the distraction of the technology. Evidence is required to support effective technology spaces that promote professional preparation, engagement and learning transfer. The impact of a technology-enabled collaboration studio on facilitating team-based learning for professional preparation through a case study in biomedical sciences was explored using a mixed method approach. Explicit assessment items as objective measures of student learning outcomes and implicit subjective, self-reported feelings of engagement and readiness for clinical practice is reported. Quantitative results showed an average 11.8% (p < 0.001; 95% CI 6.6-17.0) improvement in the final examination score for those students who had content delivered in the collaborative environment compared to a standard classroom. Qualitative results also support the notion that engagement and learning was enhanced. Investment towards a technology-enabled collaboration studio has shown a contributory effect that improves final grade outcomes through increased engagement, communication, motivation and professionalism for the learner. This research informs guidelines for best practice in active learning environments, particularly in purpose-built high technology learning spaces. Implications for practice or policy: Learning outcomes can be improved by investing in technology-enabled collaboration studios. Engagement and a sense of professional practice are enhanced by active learning in a technology-rich learning environment. Institutions should invest in technology-enabled active learning spaces.
  • Accountability in educational dialogue on attrition rates: Understanding external attrition factors and isolation in online law school

    George, Amanda-Jane; McEwan, Alexandra; Tarr, Julie-Anne (ASCILITE, 2021-01-01)
    Australian higher education institutions have focused on attrition rates with increased vigour in light of the introduction of a new student success metric tied to attrition rates. Online programs have been of particular concern given persistently high attrition rates, being roughly double that of programs delivered either face-to-face or in blended online/face-to-face mode. This study considers attrition theory as it has evolved for the online environment with particular reference to the role of external risk factors such as employment, and internal factors, such as social integration. The study presents data from a 2018 survey of students enrolled in a fully online law school program at an Australian university (n = 203). The data reveals a cohort with an array of external attrition risk factors, who are not only time poor but experience a strong sense of isolation. The study contributes to the attrition literature by providing insights into effective educational design and delivery aimed at student retention. Implications for practice or policy Online program convenors ought to consider the attrition risk factors at issue in their cohort before designing comprehensive retention initiatives and plans. Instructors ought to consider external attrition factors, such as family and employment demands, when selecting and designing student assessments. Instructors ought to realistically appraise retention initiatives, such as social media initiatives, to address internal risk factors of perceived isolation and institutional commitment.
  • The influence of interactive and static infographics on the academic achievement of reflective and impulsive students

    Ismaeel, Dina; Al Mulhim, Ensaf (ASCILITE, 2021-01-01)
    This article examines the influence of static/interactive infographics on reflective/impulsive students’ academic achievement. The study sample consisted of 80 undergraduate students who were divided into two groups according to their cognitive style (reflective/impulsive). Each group was further divided into two sub-groups based on the type of infographics (static/interactive) to be evaluated. The findings showed that interactive infographics are more effective than static infographics in improving academic achievement. Reflective students outperformed impulsive students in terms of academic achievement, and there was a significant interaction between interactive infographics and reflective students. This study may serve as a guide for educators and designers of learning resources in selecting the most appropriate forms of technology conforming to students’ varying cognitive styles. Implications for practice or policy: The designers of e-learning environments must focus on the cognitive style of each learner. The design of those environments must take into account the diversity of information presentation methods to meet the various cognitive styles. Students' academic achievement can be improved by the use of interactive infographics due to their richness in material, multimedia approach, and interactivity that stimulate and communicate with learners’ senses and positively affect their acquisition of information.
  • Within these hyperporous walls: An examination of a rebundled online learning model of higher education

    Shaw, Paula; Green, Pauline; Gration, Marlies; Rhodes, Christine; Sheffield, David; Stone, Julie (ASCILITE, 2020-10-30)
    Through this paper, we explore unbundling, the separation of various aspects of education, resources, teaching and assessment (Ossiannilsson et al., 2015) and rebundling, where these activities are “recombined into new configurations with little loss of functionality” (Ge et al., 2004, p. 1). We chart the evolution of online learning at the University of Derby, from a small-scale learning and certification bundle to a rebundled online university experience. In this rebundled model, a bespoke department is responsible for the operationalisation and quality of the university’s online experience. Firstly, we established the quality impact of this model, using higher education institution (HEI) value drivers. Secondly, focus groups explored macro (national), meso (institutional) and micro (practice) issues from strategic manager, academic and student experience perspectives. To facilitate discussion about the online university experience, we used a new conceptual pedagogic realignment with organisational priorities and horizon emergent technologies (PROPHET) framework. Based on our findings, we make recommendations to HEIs that are considering rebundling online learning. These include the equitable data capture and analysis of online student demographics; consideration of academic well-being and training; and the university-wide benefits obtained from knowledge exchange with online professionals, in relation to future-focused technologies and policymaking. Implications for practice or policy: HEIs should be equitable in their data capture and analysis processes, incorporating all online student and learner demographics. HEIs should seek out and utilise the expertise of online professionals in institutional policymaking. HEIs should refocus academic workload planning and training to include online learning. HEIs should engage in evidence-based knowledge exchange with online professionals to ensure a future-focused cohesive university experience.
  • Managing expectations and developing trust: An evaluation of a public-private partnership

    Huijser, Henk; Fitzgerald, Rachel (ASCILITE, 2020-10-30)
    Changing learner demographics and requirements are driving an increase in the range of private education available in the higher education sector. To stay current, universities may need to adapt to learner needs and rethink how they deliver education. This case study evaluates a model of delivery that is a collaboration of a traditional public university and a private education provider to design and deliver online education for a specific demographic where the private provider undertakes the online teaching and collaborates with the university on the design. Initial evidence suggests that the partnership model has the potential to work well with good communication and adjustments from both sides, including addressing assumptions about preparedness for online. Early indications further suggest that this model facilitates rapid change and deeper understanding about online learning, and that it brings shared benefits and rewards.
  • A public-private partnership to transform online education through high levels of academic student support

    Walsh, Chris; Mital, Abhinav; Ratcliff, Michael; Yap, Ana; Jamaleddine, Zeina (ASCILITE, 2020-10-26)
    Online education often struggles to maintain a consistent, high quality academic experience. High attrition rates and low student satisfaction continue to challenge higher education providers. We present an innovative public-private partnership that delivers a resources-sufficient model of fully online postgraduate education with high levels of academic student support in an unbundled approach. The partnership overcomes the challenges that plague online education by leveraging learning analytics to provide highly responsive student support, 7 days a week and in the evenings. The success of this model is its ability to ameliorate problems inherent in online education. This includes the lack of ongoing staff training and support to successfully teach online, staff availability when students need support and insufficient staff-student ratios. As the sector moves towards a digitally integrated future, our model of online education illustrates how a public-private partnership can provide online learning that is effective as measured by high rates of student retention and transition, satisfaction, and academic success. We argue our resources-sufficient model provides a transformational roadmap for scaled online learning that creatively reimagines supported, personalised, engaged and student-centred digital learning as the sector moves towards a digitally integrated future. Implications for practice or policy Public-private partnerships can represent a rebundling of the university that explicates how the university should work to provide responsive, supported, and high-quality online education. A resources-sufficient model of online education characterised by high levels of ongoing staff training, learning analytics to track student engagement, and optimum staff-student ratios, increases student retention and transition, satisfaction, and academic success. Student engagement systems that leverage learning analytics can work to increase students’ academic success and decrease attrition rates.
  • Partnerships for scaled online learning and the unbundling of the traditional university

    Huijser, Henk; Fitzgerald, Rachel; Salmon, Gilly (ASCILITE, 2020-11-03)
    This special issue is about partnerships for scaled online learning and the unbundling of the traditional university. We are excited by the emerging models that are showcased; they are more diverse than we had originally envisaged. We hope this issue will be considered by readers as a valuable and timely contribution to a wider conversation about partnership and unbundling. There are clearly opportunities for creative and transformational thinking and practice as we move towards a more digitally integrated future for higher education. In this editorial, we outline the varied contributions and place them in the context of a wider discussion about higher education, for now and for a post-COVID world.
  • Establishing and sustaining national partnerships in professional development and the recognition of open courses in teaching and learning through digital badges

    Donnelly, Roisin; Maguire, Terry (ASCILITE, 2020-10-26)
    This article discusses a national partnership in Irish higher education between the National Forum for the Enhancement of Teaching and Learning and the sector. The partnership initiative focussed on the scalable design and development of a suite of open-access professional development (PD) courses in teaching and learning. The empirical work explored the role and value of digital badges as professional recognition for open courses, and in particular the transformative experience of the collaborative course design teams from teachers into teachers-as-designers. Each course has been mapped to Ireland’s national PD framework for all staff who teach. This initiative aimed to provide multiple nationally developed access points to PD opportunities and recognise engagement through digital badges. The partnership with course designers from institutions across Ireland was multifaceted, and their transformation from novice creators of digital content is explored here. Lessons learnt relate to developing consensus on national criteria and associated evidence for scalable open courses, ensuring quality assurance and supporting teams working in partnership. A framework of triple-loop learning was used for conceptualising the different phases of development of the collaborating teams and the sectoral learning around partnerships and nationally recognised collaborative course design. Implications for practice or policy: Instructional designers and learning technologists should be included in the development team for early consideration of the concept of badging. Explicit planning is required, including a course development workshop, provision of templates for designing the course and guides for developing resources. To ensure rigor, the development team should integrate a peer review process for validating the course content. Involving human resource and senior managers in exploring PD recognition is vital for sector-wide implementation.
  • Badge of honour? An exploration of the use of digital badges to support a partnership approach to faculty development

    Risquez, Angelica; Cassidy, Dara; O'Suilleabhain, Gearoid (ASCILITE, 2020-10-26)
    This article describes a professional development initiative facilitated through a transformational partnership model. In this context, we discuss our experience of piloting an online continuing professional development course in the area of online teaching, which offered a digital badge for successful participants. The course was the result of a partnership between three Irish higher education institutions and a national agency that had initiated a nation-wide scheme to create and disseminate a range of open access collaborative professional development courses to promote the professionalisation of teaching and learning, with a specific digital badge being available for each course. We investigated the interplay between the digital badge issued for the course we piloted, and other potential intrinsic and extrinsic motivators. Digital badges appear to be a weak motivating factor in initial enrolment and engagement, although for some participants, they did motivate continued engagement and completion. We discuss implications in relation to internal and external drivers and motivations around professional development. We also offer reflections on the larger context in which badges might be used or valued by course participants in their professional environments. Implications for practice or policy: For digital badges to motivate learning, educational developers and institutions need to associate them with intrinsically meaningful rewards. Partnership between higher education institutes and non-accrediting bodies can drive the development and wider acceptance and use of digital badges as a tangible and agreed currency of learner and learning achievement. Learners benefit most from digital badges when they are linked to and facilitate the development of personal identities associated with disciplinary and professional communities.
  • MOOCs, learning designers and the unbundling of educator roles in higher education

    White, Steven; White, Su; Borthwick, Kate (ASCILITE, 2020-10-26)
    In university educational technology projects, collaborations with external partners pose a range of opportunities and challenges. Educational projects are often associated with unbundling of conventional higher education roles though there is limited empirical work in this area. This is particularly the case with massive open online courses (MOOCs), where further research is needed into the production of courses and the roles of those who produce them. This study investigated the extent to which conventional roles of academics are unbundled during MOOC production partnerships between universities and an external MOOC platform provider. The findings indicate that aspects of conventional educator roles are substantially unbundled to learning designers and other seemingly peripheral actors. Unbundling is partially driven by pragmatic decisions shaping course production processes which need to accommodate the massive and open properties of MOOCs, the nature of cooperation agreements with external platform providers and the reputational risk associated with such public ventures. This study adds to empirical knowledge on the unbundling of roles in online learning projects, and the findings have relevance for those involved in decision-making, planning and development of such projects in higher education. Implications for practice or policy: Managers of online learning projects could use these insights to inform recruitment or training of learning designers (e.g., instructional designers, educational designers). Managers of online learning projects could use these insights to inform planning and decision making for projects involving external partners and collaborations. Learning designers could use these insights to help plan for online learning projects which involve open content, massive numbers of participants, high-profile collaborations.
  • Just when I needed you most: Establishing on-demand learning support in a regional university

    Wilson, Gail; McAuley, Andrew; Ashton-Hay, Sally; Van Eyk, Tina (ASCILITE, 2020-10-26)
    This article discusses the experiences and challenges of introducing a third-party learning support provider into the teaching and learning culture at Southern Cross University (SCU), a regional university with campus locations in New South Wales and Queensland. The provider was engaged to extend online study support after-hours to first year students to complement the on-campus and online academic skills consultations available during business hours. The case study covers a 2015 pilot, a wider roll-out in 2016, and finally, a 2017 university-wide access via the intranet as well as through nominated units. The project team collaborated, planned, and prepared for adding third-party student support with specific strategies used to implement institutional cultural change. The case study offers implications for practice and policy across the higher education sector through the lessons learned, including the need for a complementarity of services approach with existing student services, a team-based strategic approach with a provider representative, and the benefits from open and positive communication. The partnership between SCU and the third-party provider evolved to the mutual benefit of both organisations. Students received support and feedback when they needed it most, academic staff revitalised coursework, and the third-party provider fine-tuned a targeted service for the institution. Implications for practice or policy: Situate the academic skills support services provided in-house and the service provided by the third-party provider as complementary to each other. Re-enforce this complementarity in all communication with students and academic staff. Adopt a team-based approach to planning the introduction and implementation of a third-party provider’s services. Utilise the provider’s strengths, such as data generation and reporting, that enable student usage information about the after-hours service to be disseminated across the university.
  • Virtual Reality for Experiential Education: A User Experience Exploration

    Schott, Christian; Marshall, Stephen (ASCILITE, 2020-10-30)
    Virtual reality technology has made significant advances and is now widely recognised for its potential to provide fully immersive experiences that have relevance to many aspects of life, including education. This paper explores the effectiveness of VR technology for situated experiential education by adopting a user experience (UX) theoretical framing of an example application in tourism education. The trial of a VR-based experiential education tool followed by semi-structured interviews revealed many positive user perspectives that lend strong support for the technology’s use for experiential education, however, several negative experiences were also identified, included the debilitating impact of motion sickness. The UX framework contributes a deeper analysis of the positive and negative experiences by applying the three UX facets, beyond instrumental facet, emotion & affect facet, and the experiential facet, which in combination serve to not only identify key areas requiring improvement but also assists in the prioritisation process. While the exploratory findings promote further engagement with VR to foster experiential education more research is required to locate VR’s broader pedagogical place in tertiary education.
  • Economic and Social Sustainability: The Influence of Oligopolies on Inequality and Growth

    Ronald R. Kumar; Peter J. Stauvermann (MDPI AG, 2020-11-01)
    To realize<b> </b>economic and social sustainability, it is necessary to avoid economic injustice and therefore too unequal a distribution of income and wealth. In this paper we investigate the extent to which oligopolies contribute to an unequal income distribution, and the consequences of enforcing more market competition. For this purpose, an overlapping generation growth model is developed with imperfect competition to derive the influence of market concentration on economic growth and the distribution of income. We investigate the influence of market concentration on the inter- and intra-generational distribution of income and economic growth. We show that political lobbying and corruption are important reasons for missing competition in markets. While an increasing market concentration leads to a more unequal intra-generational distribution and to a redistribution of income from the old to the young generation, the impact on economic growth is in general ambiguous, and specifically depends on the cost of lobbying.
  • Using Recycled Aggregates from Construction and Demolition Waste in Unbound Layers of Pavements

    Sajjad Pourkhorshidi; Cesare Sangiorgi; Daniele Torreggiani; Patrizia Tassinari (MDPI AG, 2020-11-01)
    Pavements are an expensive part of transportation infrastructures, as their construction and maintenance require large amounts of resources and materials every year and all over the world. A sustainable solution for considering environmental concerns about roads and pavements, in general, is utilizing recycled materials for their construction. This has been shown to lower the carbon footprint of the construction sector and to result in natural resource conservation, in reduction of harmful emissions and in minimization of overall costs for pavement construction and maintenance. One of the main groups of recycled materials which has attracted much attention since the end of the last century is construction and demolition waste aggregates (CDW). This paper reviews the completed studies referring to the use of the construction and demolition waste aggregates in unbound layers of pavements and compare the in-hand results from various engineering assessments of these aggregates and mixes. A number of tests and evaluations are applied in order to enhance the required quality and durability of the pavements under given traffic volumes traffic loads and climate actions. Today, unbound recycled aggregates (RA) are mainly used in the lower layers, such as subgrade, capping, sub-base and base, but in rural roads they can be adopted also for bound layers, towards the surface of the structure and may be constituents of bound layers and of novel surfacing applications.
  • Comparison of Product Sustainability of Conventional and Low-Carbon Apples in Korea

    Ik Kim; Chan-young Song; Eui-Chan Jeon (MDPI AG, 2020-11-01)
    Apple is Korea’s most representative fruit. This study calculated absolute and relative product sustainability through environmental and cost assessments on apples by cultivation farming. The ISO 14040 life cycle assessment (LCA) methodology was used as a method of environmental assessment. Primary data for one year, 2018, were collected for the environmental assessment of conventional and low-carbon farming. The eco-points of apples cultivated by conventional and low-carbon farming using the LCA 2.07 × 10<sup>−3</sup> and 1.17 × 10<sup>−3</sup>, respectively. The environmental impact of conventional apples was 78% higher than that of low-carbon apples. Cost assessment results show that every 1 kg of conventional and low-carbon apples costs USD 1.93 and USD 3.17, respectively, and their profits were USD 0.20 and USD 1.00, respectively. The total cost of conventional apples was lower than that of low-carbon apples, but its profit was one-fifth that of low-carbon apples. The UN Economic and Social Commission for Asia and the Pacific (UN ESCAP)’s eco-efficiency method was used to calculate absolute sustainability, and the concept of factor X was introduced to evaluate relative sustainability. Absolute sustainability for conventional and low-carbon apples was 96.01 (USD/eco-point) and 853.03 (USD/eco-point), respectively. Low-carbon apples’ relative sustainability was computed in factor 8.89. Finally, if all farms that grow conventional apples shift to cultivating low-carbon apples, they can save 58,111 tons of carbon dioxide. This amount is at least 3.4% of the nation’s greenhouse gas reduction in the agricultural and livestock sectors. This study provides a clear reason for the agricultural sector to shift its cultivation method from conventional to eco-friendly farming, including low-carbon farming.
  • Type of Entrepreneurial Activity and Sustainable Development Goals

    Ana Venâncio; Inês Pinto (MDPI AG, 2020-11-01)
    In this study, we conduct an exploratory study with the aim to investigate whether the type of entrepreneurial activity contributes to the achievement of sustainable development goals (SDGs) in its five dimensions (people, prosperity, planet, peace, and partnership). In addition, we evaluate whether foreign direct investment (FDI) strengthens or reduces these relations. To do so, we apply a multivariate analysis to a sample of 67 countries and find that entrepreneurship contributes negatively to the achievement of SDGs. This effect is mostly due to necessity and non-innovative entrepreneurships, and is evident in the people, prosperity, and partnership dimensions. Nonetheless, FDI helps to diminish this negative effect, as it improves the relation between entrepreneurships, particularly necessity entrepreneurships, and SDG achievement. The main dimension which experiences an improvement due to FDI is people.
  • Major Crises of the XXIst Century and Impact on Economic Growth

    Iulia Cristina Iuga; Anastasia Mihalciuc (MDPI AG, 2020-11-01)
    Global economic growth is noted to have been severely affected by the Great Recession in 2009, reaching its lowest level since the series began in 2019. This low was exceeded in 2020, in the sense that the level of economic growth in Q1 and Q2 2020 is well below 2009 due to countries’ efforts to stop the COVID-19 pandemic. Cases of coronavirus that have occurred since February–March 2020 have started to produce significant effects on economic growth, and the evolution of the economic growth indicator is in decline for the countries analysed. The article is aiming to develop two models (using Empirical Regression Model) that analyse the influence of macroeconomic indicators on economic growth. Our study covers EU member countries in Central and Eastern Europe from 2001–2020 Q2. Using the same variables and coefficients for both models, six for the first model and seven for the second model with the addition of coronavirus cases, we see a change in the behaviour of independent variables. The authors consider that this variable influences the economic situation in a country because it has caused the change in the unfavourable direction of certain macroeconomic indicators with a direct influence on economic growth. By adding cases of coronavirus (Cc) the equation becomes broader and contains several variables that explain the evolution of economic growth. Each of the indicators changes its value, but it is noted that variables with negative coefficients decrease further (e.g., Cs, GvS). Our findings in this article confirm that of all the determinants analysed, CsGw, Ret, GvS, and Cc overwhelmingly influence economic growth.
  • Diverse Perceptions on Eco-Certification for Shrimp Aquaculture in Indonesia

    Fahma Fiqhiyyah Nur Azizah; Hiroe Ishihara; Aiora Zabala; Yutaro Sakai; Gede Suantika; Nobuyuki Yagi (MDPI AG, 2020-11-01)
    Shrimp is a major aquaculture species in Indonesia. Despite the Indonesian government’s effort to reinforce sustainability practices using a national eco-certification scheme, the uptake of stakeholders has been slow so far. This study analyzed diverse perceptions of the national eco-certification of shrimp aquaculture among stakeholders across the value chain in Indonesia. Using Q-methodology, 49 statements were selected, and they covered seven themes: conceptual understanding, priorities, motivation for eco-certification, market access, impacts of eco-certification, obstacles in Indonesia, and stakeholder involvement. Thirty respondents across the supply chain of whiteleg shrimp sorted these statements according to their level of agreement. Based on their support or opposition to eco-certification, responses were categorized into five perspectives: (1) supporter for the certification by principle, (2) market-oriented supporter, (3) collaborative supporter, (4) ambivalent self-sufficient, and (5) antagonistic business-oriented. Several reasons for stakeholder’s slow acceptance were identified. These include a limited understanding of sustainability concepts in eco-certification, uncertainty for the potential positive effects of eco-certification in terms of market access, the recognition of other priorities such as improving farm-infrastructures, and a lack of stakeholders’ participation in communication forums. The findings of this study can facilitate the process of consensus-building on eco-certification among farmers, scientists, the government, non-governmental organizations, and other stakeholders to support a viable pathway for policy development to achieve sustainable shrimp aquaculture. Ultimately, this study provides new insights on how a country in the Global South perceives eco-certification differently from the Global North.
  • Mapping Social Impact: A Bibliometric Analysis

    Elisa Baraibar-Diez; Manuel Luna; María D. Odriozola; Ignacio Llorente (MDPI AG, 2020-11-01)
    Social dimension is a fundamental element in the evaluation of initiatives and policies that are demanded and promoted by public and private organizations as well as society as a whole. Thus, there is a thriving interest in social impact research, especially from the point of view of its measurement and valuation. In this work, we explored the rising attention on the concept of social impact to identify salient agents in the field and categorize the conceptual structure of research. To achieve this, we used evaluative and relational techniques combining traditional bibliometric analysis using VOSviewer and a text mining analysis based on natural processing language (NLP) to search for documents with the term “social impact” in the title. The documents were extracted from the database Web of Science (WoS) for the period of 1938–2020. As a result, we mapped the concept of social impact from up to 1677 documents, providing an overview of the topics in which the concept was used (e.g., health, finance, environment and development, etc.)<i> </i>and the trends of research. This work seeks to serve as a roadmap that reflects not only the evolution of social impact but also future lines of research that require attention.
  • The Impact of Monetary Policies on the Sustainable Economic and Financial Development in the Euro Area Countries

    Dana Kiseľáková; Paulina Filip; Erika Onuferová; Tomáš Valentiny (MDPI AG, 2020-11-01)
    One of the responses of the monetary policies of central banks to the sustainable development on financial markets, which also affected other markets and economic growth, is the role of non-standard monetary policies, referred to as quantitative easing in the form of Asset Purchase Programme. In this paper, the following main research problem was addressed: How can the Asset Purchase Programme help the European Central Bank fulfill its mandate of supervising the financial stability and financial development? Based on this, we formulated the main objective: to identify the impact of monetary policies on the dynamics of financial markets development, labor markets, and the markets for goods and services. As part of the applied methodology, the impact of the quantitative easing on the government bond yields curve was based on an indirect assessment using the seemingly unrelated regression model, considering the use of parameters from the functional benchmark form. Through the vector error correction model, another additional impact of the application of the monetary policy mechanisms on selected indicators of the considered markets was identified. The relationship between financial markets and economic growth was determined on the basis of the two-stage least square model using endogeneity control instruments. Applying the changes identified by the above models allowed us to determine the expected change in the rate of growth of the aggregate output of the euro area countries. Based on our results, we found out that Asset Purchase Programme had an impact on the growth of government bond yields issued by euro area countries, on lowering the risk rate on corporate bond markets, and increasing the nominal value of shares. In addition, growth in inflation and a decline in interest rates were affected. Finally, the European Central Bank (ECB)’s non-standard monetary policies have positively affected and stimulated the labor market and development in goods and services markets, referred to the sustainable financial development.

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