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The International Capital Flows and Domestic Savingsdomestic Investment Nexus: A Comparative Evidence Between Heterogeneous Developing Regions
Drawing inspiration from Feldstein and Horiokas (1980) (FH) puzzle, our study elucidates the impact of remittances and Foreign Direct Investment (FDI) on domestic savings and investment in two disparate yet globalized developing regions: Latin America and the Caribbean and South Asia. Utilizing an extensive dataset spanning from 1984 to 2021 and employing diverse methodologies, including Dynamic System generalized method of moment, DriscollKraay standard error, fully modified ordinary least squares, and dynamic ordinary least squares, our findings reveal that remittances exert a positive influence on both domestic investment and savings across both regions. However, South Asia predominantly directs remittance inflows towards investment, while Latin America and the Caribbean exhibit a propensity towards saving these funds. As for FDI, the primary developing region predominantly channels these funds into investment, whereas the lower region prioritizes savings. The impact of control variables manifests varied effects across both regions. Ultimately, our study underscores the pivotal role of foreign remittances in supporting investment and savings, underscoring the profound influence of economic growth on these dynamics. This accentuates the imperative for governments to proactively allocate financial resources to optimize economic growth and fortify financial frameworks. Moreover, focused strategies are indispensable for adeptly managing foreign inflows while navigating external shocks such as international repayments, external debt, and aid. Additionally, enhancements in monetary and fiscal policies are imperative to sustain competitive interest rates and foster stable macroeconomic conditions, thereby fostering conducive environments for both public and private domestic savings. JEL Classification: F24; F3; P33; C23; O18 2024 The Author(s). -
Do economic globalization and the level of education impede poverty levels? A non-linear ARDL approach
This study empirically examines whether economic globalization reduces (enhances) the level of poverty in the top (bottom) globalized region by controlling economic growth, urbanization, government expenditure, and public expenditure on education. This issue has taken Europe and Central Asia (ECA) as the top (16) and South Asia (SA) as the bottom (7) economic globalized developing region for the empirical analysis for the period of 1991-2020. Two empirical models, non-linear ARDL and PMG-ARDL, estimate the impact of globalization (trade and financial openness) and education on poverty. This study also segregates economic globalization into de jure and de facto to critically analyze the impact on poverty reduction. The long-run results suggest that economic globalization has a negative (positive) effect on poverty in the top (bottom) globalized region. Apart from globalization, primary education is insufficient for reducing poverty in the ECA region, while primary education is enough to reduce poverty in the SA region. After replacing economic globalization with trade and financial openness, the results reveal that more trade openness is difficult for reducing poverty in top globalized developing countries. On the contrary, financial openness reduces (enhances) poverty in the top (bottom) globalized region. Additionally, the impact of de jure and de facto economic globalization are similar throughout the regions. The effects of control variables are mixed in nature. From a policy perspective, the government of these two regions should use education as a weapon to lower poverty vulnerability by improving its quality and giving extensive focus on trade and financial openness to find out the leakage of the financial flows. The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2024. -
Role of Digitalization and Government Effectiveness in Sustainable Energy Transition: Evidence From Asian Economies
This study explores how digitalization, through resident and non-resident innovation initiatives, along with government effectiveness, affects the transition to renewable energy generation in five Advanced (Australia, Hong Kong, Japan, New Zealand and Singapore) and seven Emerging (China, India, Indonesia, Malaysia, Philippines, Thailand and Vietnam) Asian economies. The research uses annual data from 1985 to 2022 and applies several econometric methods to analyse the impact of these factors on renewable energy generation in a panel setup while also considering economic growth and human capital as key control variables. The findings reveal that residential innovation negatively impacts renewable energy generation in Advanced Asia but has a positive effect in Emerging Asia. Additionally, government effectiveness and non-residential innovation hinder renewable energy generation in Emerging Asia while contributing positively in Advanced Asia. Economic growth and human capital show a positive association with renewable energy generation in both Advanced and Emerging Asian economies. These findings are robust to an alternative method used. Besides, additional robust results further indicate that artificial intelligence patents used as an alternative measure of digitalization hinder renewable energy generation in Emerging Asia and promote it in Advanced Asia. These findings provide valuable guidance for policymakers and stakeholders, highlighting the need for tailored strategies to drive sustainable energy transition in different economic contexts. 2025 John Wiley & Sons Ltd. -
Role of Globalization and Innovation Pattern in Growth of Bank Credit: Evidence From Emerging and Advanced Asia
This study examines the role of globalization and innovation pattern (i.e., innovation by the residents and non-residents) in the growth of domestic bank credit across emerging and advanced Asian economies spanning from 1996 to 2022. The bank credit growth model includes economic growth and real interest rate as important control variables. This study employs Cross Sectional-Autoregressive Distributed Lag (CS-ARDL) as an appropriate baseline method because of the cointegration, endogeneity, and cross-sectional dependency present in the data. The long-run results for emerging Asian economies indicate that globalization exhibits a negative impact on banking credit, contrasting with the positive influence observed in advanced Asian economies due to heightened economic growth and increased credit demand. Residential innovation consistently bolsters banking credit in both sets of economies, albeit with mixed effects stemming from non-resident innovation. The long-run results further indicate the positive (negative) impact of economic growth (real interest rate) on bank credit in emerging and advanced Asian economies. These findings are reliable due to the similar results obtained from using Driscoll-Kraay Robust Standard Errors (DKSEs) as robust method. For policymakers in emerging economies, the imperative policy lies in striking a delicate balance between economic openness and bank credit, while counterparts in advanced economies are poised to bolster bank credit accessibility through foreign innovation while upholding stringent regulatory oversight. 2024 John Wiley & Sons Ltd. -
Determinants of Financial Development in Top and Bottom Remittances and FDI Inflows Recipient Developing RegionsHow Does Institutional Quality Matter?
In this paper, we empirically examine the effects of remittances inflows, foreign direct investment (FDI) inflows, and institutional quality index on financial development index in the top (15 Europe and Central Asian countries) and bottom (29 Sub-Saharan African countries) remittances and FDI recipient developing regions using balanced panel data over the period 19842020. We used economic growth and government investment as control variables in the financial development function. The findings from the panel PMG-ARDL model indicate that inflows of remittances, FDI, and institutional quality stimulate (reduce) financial development in the top (bottom) region. This varying finding appears to be conditional on introducing institutional quality in financial development function as moderating factor. It finds that financial development is positively associated with remittance and FDI inflows in the presence of institutional quality as moderating channel for both the regions. Financial development is also significantly associated with economic growth in both regions. The mixed impact of domestic investment on financial development is found in both the regions. Our results are robust to the FGLS technique as an alternative econometric set-up. Interestingly, institutional quality reduces the weak effects of remittances and FDI inflows on financial development in the bottom region. Overall, our findings confirm the Mishkins (2009) economic globalization-led (i.e., remittances and FDI inflows) financial development hypothesis. The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2024. -
The Role of Real Exchange Rate in Indias Service Export: Do Remittances Inflows Matter in Post Liberalization-Era?
This study assesses the effects of real exchange rate and remittance inflows on India's total service exports, comprising traditional and modern service exports, spanning the annual data from 1990 to 2020. The control variables for the service export function include developments in the banking sector and the stock market and net inflows of foreign direct investment. The ARDL model is the estimating technique of the present study. The real exchange rate has an adverse effect on total, traditional, and modern service exports, according to the long-run outcomes of the ARDL model. Remittance inflows are interestingly shown to support modern service exports while impeding total and traditional service exports. The growth of the banking sector is beneficial for traditional and total service exports, but it has a negative impact on modern service exports. All service exports are benefited by stock market development; however, net FDI inflows negatively impact all forms of service exports. Based on these results, thepolicymakers in India are advised to maximize the effective utilization of remittance inflows in traditional service exports. Additionally, proactive intervention by the central bank is recommended to mitigate the adverse effects of the real exchange rate on traditional and modernservice exports. This study also provides valuable insights for thepolicymakers and practitioners seeking to enhance India's service export performance while navigating the complexities of real exchange rates, remittance inflows, and financial factors. 2024, The Author(s), under exclusive licence to Springer Japan KK, part of Springer Nature. -
Boosting productive capacity in OECD countries: Unveiling the roles of geopolitical risk and globalization
This study examines the intertwined effects of geopolitical risk and globalization on productive capacity (the measure of economic cycles) in 20 Organisation for Economic Cooperation and Development (OECD) countries from 2000 to 2021. The panel threshold regression and Driscoll-Kraay standard error estimations highlight the positive impact of globalization on productive capacity. Still, they are underscored by the negative effect of geopolitical risk. The study also unveils a synergistic relationship, demonstrating that the combined influence of globalization and geopolitical risk can amplify productive capacity under specific conditions. Government effectiveness and innovation have positive effects on productive capacities. These findings underscore the need for balanced policies that leverage global economic integration while ensuring geopolitical stability, and offering nuanced insights to guide strategic decision-making for sustained economic cycles. 2024 Elsevier Inc. -
Navigating the digital transformation landscape: Implications for accounting
Digitalization brings significant changes to the world, particularly in industries where information technology is essential. Accounting is one profession that has benefited from digital developments. The goal of this chapter is to synthesize recent academic studies on accounting digitalization and provide some suggestions for future research. Because of the short- and long-term effects of environmental factors on both the corporate and financial sectors, it is clear that business leaders and investors must measure and manage environmental risks to address the impact on business and society. This chapter aims to contribute to these critical discussions by providing new insights of digitalization, tax avoidance, reporting, accounting, and green finance. 2024, IGI Global. All rights reserved. -
Interplay of financial inclusion and economic growth in emerging economies
This study delves into the complex link between financial inclusionboth traditional and digitaland economic growth across emerging economies from 1990 to 2022, using Dynamic Simulated ARDL and Driscoll-Kraay Standard Error techniques. Key findings highlight that traditional financial inclusion correlates positively with economic growth, whereas digital financial inclusion presents obstacles. Additionally, fiscal, monetary, and trade policies play vital roles: fiscal policies in Brazil, Colombia, and Mexico focus on infrastructure, social programs, and tax reforms, respectively, to spur growth. Monetary policies include Brazil's inflation targeting, Turkey's interest rate adjustments, and India's MUDRA scheme, which promotes entrepreneurship. Trade policies, such as Chile's Free Trade Agreements and Mexico's participation in NAFTA, improve market access and economic resilience, while Egypt and Saudi Arabia focus on foreign direct investment and economic diversification. The study emphasizes coordinated policy efforts for sustained growth, advocating for financial inclusion supported by robust regulations and government investments in critical areas like infrastructure and healthcare. Central banks contribute by maintaining price stability and credit access, while strategic trade agreements and export diversification enhance economic resilience. The focus of the study on emerging economies and macro-level insights calls for further research at the micro-level to refine these results. By maintaining policy coherence and regular evaluations, these strategies aim to foster inclusive, long-term economic growth. 2025 The Author(s) -
Economic globalization and unemployment: Evidence from high-, middle- and low-income countries
This study intends to empirically evaluate the effects of economic globalization and its components (i.e. trade and financial openness) on unemployment in high-, middle- and low-income countries from 1991 to 2020. Further, it considers real GDP per capita (sectoral divisions of income, i.e. agriculture, industry and service sector) and urbanization as control variables in the unemployment function. On the empirical front, this study employs the Panel Dynamic Simulated ARDL model and the Kernel-Based Regularized Least Squares for long-run influence estimations. The emanating outcome of these analyses states that economic globalization destroys employment opportunities for low-income countries as it enhances unemployment in the long run. However, in high- and middle-income countries, economic globalization creates employment, which implies reducing unemployment in the long run. The result also indicates that trade and financial openness destroy employment opportunities in low-income countries. Although trade openness in middle-income countries shows the same effect, financial openness does not mimic the same. For high-income countries, trade openness reduces unemployment, but financial openness fosters it. Therefore, these findings indicate that to keep unemployment at a low level, policies related to the opening up of the economy in terms of factor mobility, offshoring, outsourcing and international trade need to be implemented in low-income countries. Moreover, a similar consideration is needed for high and middle-income countries to avoid faraway repercussions on unemployment due to becoming a peripheral country. 2024 John Wiley & Sons Ltd. -
Fueling a greener tomorrow: The impact of energy diversification on green growth
Motivated by the necessity of attaining carbon neutrality and striking a balance between clean and conventional energy sources, the emphasis is on how urgent it is to combat climate change and make the switch to sustainable energy systems. In this context, the currentstudy aims to examine the effects of energy diversification on green growth, considering such complementary factors as green technology, human capital, remittance inflows, foreign direct investment inflows, trade openness, and gross fixed capital formation. An empirical analysis is conducted by framing a green growth function in the panel data framework which is analyzed using the dynamic standard correlated model for the BRICS nations (Brazil, Russia, India, China, and South Africa) for the period between 1995 and 2020. The results show that (i) energy diversification exerts a dampening effect on the trajectory of green growth, (ii) the process of green growth was affected due to green technology and foreign direct investment inflows, (iii) underscores the pivotal role of human capital and gross fixed capital formation in bolstering the green growth trajectory, (iv) despite their potential relevance, remittance inflows and trade openness exhibit negligible impact within the framework of the green growth function, thus underscoring their limited contribution to the overarching sustainable development. The practical policy recommendations and invaluable insights provided by these empirical findings are instrumental in fostering green growth among the BRICS countries. Moreover, it contributes to the discourse on sustainable development by providing a solid foothold for informing the development of relevant policies in similar situations around the world. 2024 United Nations. -
A comparative study on the moderating impact of renewable energy and innovation on environmental quality
This study explores the complex interactions between renewable energy production, innovation, economic growth, institutional quality, economic globalization, and CO2 emissions in OECD countries and emerging economies from 1996 to 2021. Results from DriscollKraay standard error and feasible generalized least square reveal distinct trends: renewable energy production leads to increased CO2 emissions in emerging economies but significantly reduces emissions in OECD countries. Besides, residential and non-residential innovation, along with total innovation, show similar effects. Notably, technology-moderated renewable energy production effectively lowers CO2 emissions in both country groups. Similarly, economic growth enhances environmental quality in both sets of countries. However, institutional quality needs improvement in emerging economies, while current levels suffice in OECD nations to maintain environmental quality. Moreover, the study emphasizes the importance of considering globalization's impact on CO2 emissions, advocating for international agreements to leverage globalization for environmental benefits. Overall, these findings provide valuable insights for shaping renewable energy policies, fostering innovation, promoting economic growth, enhancing institutional quality, and harnessing globalization efforts to reduce CO2 emissions and enhance environmental quality. 2024 United Nations. -
Characteristic Equation Development for Conical Active Solar Still With/Without Photovoltaic Thermal for Sustainable Solution to Clean Water Scarcity: A Comparative Study
To address global water scarcity and promote sustainable freshwater solutions, a novel solar distillation system has been developed and numerically analyzed. Three cases namely (a) conical solar still (CSS) consisting of partially covered photovoltaic thermal (PVT) flat plate collectors (FPCs), (b) CSS with fully covered PVT-FPCs, and (c) CSS containing FPCs have been considered. Detailed thermal models for different cases have been developed, and the results are compared. An experimental validation of case (a) has been presented. The root mean square percentage deviation for water temperature, condensing cover temperature, and yield is obtained as 5.30%, 4.90%, and 9.11%, respectively. The conical geometry of the proposed system increases the condensing surface area and reduces the shading effect, improving distillation performance. Results show that the maximum collector outlet and basin water temperatures reached approximately 99.8 C and 95.2 C, respectively, at the mass flow rate of 0.04 kg/s and N = 8. Among the configurations, case (c) demonstrated the best performance, achieving a daily distillate yield of 6.44 kg and a maximum instantaneous efficiency of 88.28%. However, case (c) is not self-sustainable. In comparison, cases (a) and (b) recorded yields of 4.70 kg and 3.33 kg and maximum instantaneous efficiency of 79.76% and 25.32%, respectively. The suitability of cases (a) and (b) depends on the requirements of users. Case (a) is suitable when comparatively low electrical output and high yield are required, whereas case (b) is suitable when high electrical output and low yield are required. Copyright 2026 by ASME. -
The Role of Real Exchange Rate in Indias Service Export: Do Remittances Inflows Matter in Post Liberalization-Era?
This study assesses the effects of real exchange rate and remittance inflows on India's total service exports, comprising traditional and modern service exports, spanning the annual data from 1990 to 2020. The control variables for the service export function include developments in the banking sector and the stock market and net inflows of foreign direct investment. The ARDL model is the estimating technique of the present study. The real exchange rate has an adverse effect on total, traditional, and modern service exports, according to the long-run outcomes of the ARDL model. Remittance inflows are interestingly shown to support modern service exports while impeding total and traditional service exports. The growth of the banking sector is beneficial for traditional and total service exports, but it has a negative impact on modern service exports. All service exports are benefited by stock market development; however, net FDI inflows negatively impact all forms of service exports. Based on these results, thepolicymakers in India are advised to maximize the effective utilization of remittance inflows in traditional service exports. Additionally, proactive intervention by the central bank is recommended to mitigate the adverse effects of the real exchange rate on traditional and modernservice exports. This study also provides valuable insights for thepolicymakers and practitioners seeking to enhance India's service export performance while navigating the complexities of real exchange rates, remittance inflows, and financial factors. The Author(s), under exclusive licence to Springer Japan KK, part of Springer Nature 2024. -
Role of Digitalization and Government Effectiveness in Sustainable Energy Transition: Evidence From Asian Economies
This study explores how digitalization, through resident and non-resident innovation initiatives, along with government effectiveness, affects the transition to renewable energy generation in five Advanced (Australia, Hong Kong, Japan, New Zealand and Singapore) and seven Emerging (China, India, Indonesia, Malaysia, Philippines, Thailand and Vietnam) Asian economies. The research uses annual data from 1985 to 2022 and applies several econometric methods to analyse the impact of these factors on renewable energy generation in a panel setup while also considering economic growth and human capital as key control variables. The findings reveal that residential innovation negatively impacts renewable energy generation in Advanced Asia but has a positive effect in Emerging Asia. Additionally, government effectiveness and non-residential innovation hinder renewable energy generation in Emerging Asia while contributing positively in Advanced Asia. Economic growth and human capital show a positive association with renewable energy generation in both Advanced and Emerging Asian economies. These findings are robust to an alternative method used. Besides, additional robust results further indicate that artificial intelligence patents used as an alternative measure of digitalization hinder renewable energy generation in Emerging Asia and promote it in Advanced Asia. These findings provide valuable guidance for policymakers and stakeholders, highlighting the need for tailored strategies to drive sustainable energy transition in different economic contexts. 2025 John Wiley & Sons Ltd. -
Role of Globalization and Innovation Pattern in Growth of Bank Credit: Evidence From Emerging and Advanced Asia
This study examines the role of globalization and innovation pattern (i.e., innovation by the residents and non-residents) in the growth of domestic bank credit across emerging and advanced Asian economies spanning from 1996 to 2022. The bank credit growth model includes economic growth and real interest rate as important control variables. This study employs Cross Sectional-Autoregressive Distributed Lag (CS-ARDL) as an appropriate baseline method because of the cointegration, endogeneity, and cross-sectional dependency present in the data. The long-run results for emerging Asian economies indicate that globalization exhibits a negative impact on banking credit, contrasting with the positive influence observed in advanced Asian economies due to heightened economic growth and increased credit demand. Residential innovation consistently bolsters banking credit in both sets of economies, albeit with mixed effects stemming from non-resident innovation. The long-run results further indicate the positive (negative) impact of economic growth (real interest rate) on bank credit in emerging and advanced Asian economies. These findings are reliable due to the similar results obtained from using Driscoll-Kraay Robust Standard Errors (DKSEs) as robust method. For policymakers in emerging economies, the imperative policy lies in striking a delicate balance between economic openness and bank credit, while counterparts in advanced economies are poised to bolster bank credit accessibility through foreign innovation while upholding stringent regulatory oversight. 2024 John Wiley & Sons Ltd. -
Interplay of financial inclusion and economic growth in emerging economies
This study delves into the complex link between financial inclusionboth traditional and digitaland economic growth across emerging economies from 1990 to 2022, using Dynamic Simulated ARDL and Driscoll-Kraay Standard Error techniques. Key findings highlight that traditional financial inclusion correlates positively with economic growth, whereas digital financial inclusion presents obstacles. Additionally, fiscal, monetary, and trade policies play vital roles: fiscal policies in Brazil, Colombia, and Mexico focus on infrastructure, social programs, and tax reforms, respectively, to spur growth. Monetary policies include Brazil's inflation targeting, Turkey's interest rate adjustments, and India's MUDRA scheme, which promotes entrepreneurship. Trade policies, such as Chile's Free Trade Agreements and Mexico's participation in NAFTA, improve market access and economic resilience, while Egypt and Saudi Arabia focus on foreign direct investment and economic diversification. The study emphasizes coordinated policy efforts for sustained growth, advocating for financial inclusion supported by robust regulations and government investments in critical areas like infrastructure and healthcare. Central banks contribute by maintaining price stability and credit access, while strategic trade agreements and export diversification enhance economic resilience. The focus of the study on emerging economies and macro-level insights calls for further research at the micro-level to refine these results. By maintaining policy coherence and regular evaluations, these strategies aim to foster inclusive, long-term economic growth. 2025 The Author(s) -
A comparative study on the moderating impact of renewable energy and innovation on environmental quality
This study explores the complex interactions between renewable energy production, innovation, economic growth, institutional quality, economic globalization, and CO2 emissions in OECD countries and emerging economies from 1996 to 2021. Results from DriscollKraay standard error and feasible generalized least square reveal distinct trends: renewable energy production leads to increased CO2 emissions in emerging economies but significantly reduces emissions in OECD countries. Besides, residential and non-residential innovation, along with total innovation, show similar effects. Notably, technology-moderated renewable energy production effectively lowers CO2 emissions in both country groups. Similarly, economic growth enhances environmental quality in both sets of countries. However, institutional quality needs improvement in emerging economies, while current levels suffice in OECD nations to maintain environmental quality. Moreover, the study emphasizes the importance of considering globalization's impact on CO2 emissions, advocating for international agreements to leverage globalization for environmental benefits. Overall, these findings provide valuable insights for shaping renewable energy policies, fostering innovation, promoting economic growth, enhancing institutional quality, and harnessing globalization efforts to reduce CO2 emissions and enhance environmental quality. 2024 United Nations. -
Fueling a greener tomorrow: The impact of energy diversification on green growth
Motivated by the necessity of attaining carbon neutrality and striking a balance between clean and conventional energy sources, the emphasis is on how urgent it is to combat climate change and make the switch to sustainable energy systems. In this context, the currentstudy aims to examine the effects of energy diversification on green growth, considering such complementary factors as green technology, human capital, remittance inflows, foreign direct investment inflows, trade openness, and gross fixed capital formation. An empirical analysis is conducted by framing a green growth function in the panel data framework which is analyzed using the dynamic standard correlated model for the BRICS nations (Brazil, Russia, India, China, and South Africa) for the period between 1995 and 2020. The results show that (i) energy diversification exerts a dampening effect on the trajectory of green growth, (ii) the process of green growth was affected due to green technology and foreign direct investment inflows, (iii) underscores the pivotal role of human capital and gross fixed capital formation in bolstering the green growth trajectory, (iv) despite their potential relevance, remittance inflows and trade openness exhibit negligible impact within the framework of the green growth function, thus underscoring their limited contribution to the overarching sustainable development. The practical policy recommendations and invaluable insights provided by these empirical findings are instrumental in fostering green growth among the BRICS countries. Moreover, it contributes to the discourse on sustainable development by providing a solid foothold for informing the development of relevant policies in similar situations around the world. 2024 United Nations. -
Quasi-finite modules over affine and extended affine Lie algebras
In this paper, we consider irreducible quasi-finite (or equivalently weakly integrable) modules, with non-trivial action of the core, over the extended affine Lie algebras (EALAs) whose centerless cores are multiloop algebras. The centerless cores of all but one family of EALAs having nullity greater than 1 are known to admit such multiloop realizations. For any such (untwisted) EALA, we show that the irreducible quasi-finite modules are either integrable with the center of the underlying core acting trivially, or restricted generalized highest weight (GHW) modules. We further prove that in the nullity 2 case, these irreducible restricted GHW modules turn out to be highest weight type modules, thereby classifying the irreducible quasi-finite modules over all such EALAs. In particular, we obtain the classification of irreducible quasi-finite modules over toroidal Lie algebras, minimal EALAs and toroidal EALAs of nullity 2. Along the way, we also completely classify the irreducible weakly integrable modules over affine Kac-Moody algebras (RaoFutorny in Trans. Am. Math. Soc. 361(10): 54355455, 2009). Our results generalize the well-known work of Chari (Invent. Math. 85(2):317335, 1986) and ChariPressley (Math. Ann. 275(1):87104, 1986) concerning the classification of irreducible integrable modules over (nullity 1) affine KacMoody algebras. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature 2025.