Causuality Between Finance And Growth
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Finance Growth Nexus Evidence From Indian Economy Using Causality Co Integration Test Based On Error Correction Model
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Author : Manoj Dora
language : en
Publisher: GRIN Verlag
Release Date : 2009-10-26
Finance Growth Nexus Evidence From Indian Economy Using Causality Co Integration Test Based On Error Correction Model written by Manoj Dora and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-26 with categories.
Master's Thesis from the year 2009 in the subject Business economics - General, grade: A, Vanderbilt University (Graduate Program in Economic Development), course: Masters in Economics, language: English, abstract: This study explores the relationship between financial growth and economic development in India using time series data over the period 1950-2007. The majority of the previous studies on this subject have used cross-sectional data, which may not address country specific issues. In addition, many studies used either OLS technique of estimation or bi-variate causality test and may, therefore suffer from the omission-of variable bias. This study attempts to examine the dynamic relationship between financial growth and economic development by including a range of financial variables like, quasi money for monetization, domestic credit for financial intermediation activities and bank asset for financial intermediary institutions. The casual relationship between economic development and financial growth indicators was examined with the help of Granger-Causality procedure based on Unrestricted Vector Auto Regression using the error correction term. The result from the cointegration tests indicates that financial development has a long-run equilibrium with economic growth. The financial sector and real sector move and evolve together in the same direction. The error correction model suggests that, in the short-run, the output variable is the only effective adjustment factor in the system that responds to the fluctuations of financial measures and domestic capital formation. On the other hand, the response of financial intensities and investments are sluggish adjustments that correct the deviation from equilibrium. In nutshell, this study shows that India's financial development and economic growth are positively correlated; the process of economic development is not sustainable without the contributions of the financial sector and vice versa.
Finance And Growth
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Author : Philip Arestis
language : en
Publisher:
Release Date : 1997
Finance And Growth written by Philip Arestis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Economic development categories.
An Empirical Reassessment Of The Relationship Between Finance And Growth
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Author : Mr.Giovanni Favara
language : en
Publisher: International Monetary Fund
Release Date : 2003-06-01
An Empirical Reassessment Of The Relationship Between Finance And Growth written by Mr.Giovanni Favara and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-06-01 with Business & Economics categories.
This paper reexamines the empirical relationship between financial development and economic growth. It presents evidence based on cross-section and panel data using an updated dataset, a variety of econometric methods, and two standard measures of financial development: the level of liquid liabilities of the banking system and the amount of credit issued to the private sector by banks and other financial institutions. The paper identifies two sets of findings. First, in contrast with the recent evidence of Levine, Loayza, and Beck (2001), cross-section and panel-data-instrumental-variables regressions reveal that the relationship between financial development and economic growth is, at best, weak. Second, there is evidence of nonlinearities in the data, suggesting that finance matters for growth only at intermediate levels of financial development. Moreover, using a procedure appropriately designed to estimate long-run relationships in a panel with heterogeneous slope coefficients, there is no clear indication that finance spurs economic growth. Instead, for some specifications, the relationship is, puzzlingly, negative.
Economic Growth And Financial Development
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Author : Muhammad Shahbaz
language : en
Publisher: Springer Nature
Release Date : 2021-09-21
Economic Growth And Financial Development written by Muhammad Shahbaz and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-21 with Business & Economics categories.
This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.
An Empirical Reassessment Of The Relationship Between Finance And Growth
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Author : Giovanni Favara
language : en
Publisher:
Release Date : 2006
An Empirical Reassessment Of The Relationship Between Finance And Growth written by Giovanni Favara and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper reexamines the empirical relationship between financial development and economic growth. It presents evidence based on cross-section and panel data using an updated dataset, a variety of econometric methods, and two standard measures of financial development: the level of liquid liabilities of the banking system and the amount of credit issued to the private sector by banks and other financial institutions. The paper identifies two sets of findings. First, in contrast with the recent evidence of Levine, Loayza, and Beck (2001), cross-section and panel-data-instrumental-variables regressions reveal that the relationship between financial development and economic growth is, at best, weak. Second, there is evidence of nonlinearities in the data, suggesting that finance matters for growth only at intermediate levels of financial development. Moreover, using a procedure appropriately designed to estimate long-run relationships in a panel with heterogeneous slope coefficients, there is no clear indication that finance spurs economic growth. Instead, for some specifications, the relationship is, puzzlingly, negative.
The Econometrics Of Finance And Growth
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Author : Thorsten Beck
language : en
Publisher: World Bank Publications
Release Date : 2008
The Econometrics Of Finance And Growth written by Thorsten Beck and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Access to Finance categories.
Abstract: This paper reviews different econometric methodologies to assess the relationship between financial development and growth. It illustrates the identification problem, which is at the center of the finance and growth literature, using the example of a simple Ordinary Least Squares estimation. It discusses cross-sectional and panel instrumental variable approaches to overcome the identification problem. It presents the time-series approach, which focuses on the forecast capacity of financial development for future growth rates, and differences-in-differences techniques that try to overcome the identification problem by assessing the differential effect of financial sector development across states with different policies or across industries with different needs for external finance. Finally, it discusses firm-level and household approaches that allow analysts to dig deeper into the channels and mechanisms through which financial development enhances growth and welfare, but pose their own methodological challenges.
Social Economic And Environmental Impacts Between Sustainable Financial Systems And Financial Markets
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Author : Ziolo, Magdalena
language : en
Publisher: IGI Global
Release Date : 2019-10-25
Social Economic And Environmental Impacts Between Sustainable Financial Systems And Financial Markets written by Ziolo, Magdalena and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-25 with Business & Economics categories.
Sustainable development is necessary to counteract and mitigate the impact of socially harmful forces in a globalized world. However, sustainable development and its organizations must ensure the effective management of their funds and beneficial financial frameworks in order to best realize their sustainable goals. There is a need for studies that seek to understand how to connect sustainable development and the financial world in order to maximize the economic and environmental wellbeing of the world. Social, Economic, and Environmental Impacts Between Sustainable Financial Systems and Financial Markets is a pivotal reference source that examines the funding and monetary utilization of environmental and socially-responsible entities. Featuring research on topics such as green taxes, intergenerational equity, and shadow economy, this book is ideally designed for government officials, policymakers, economists, financial managers, sustainability developers, and academicians seeking current research on the relationship between new sustainable financial phenomena and negative global externalities.
Financial Development And Source Of Growth
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Author : Mr.Sami Ben Naceur
language : en
Publisher: International Monetary Fund
Release Date : 2017-06-30
Financial Development And Source Of Growth written by Mr.Sami Ben Naceur and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-30 with Business & Economics categories.
This paper examines how financial development affects the sources of growth—productivity and investment—using a sample of 145 countries for the period 1960-2011. We employ a range of econometric approaches, focusing on the CCA and MENA countries. The analysis looks beyond financial depth to capture the access, efficiency, stability, and openness dimensions of financial development. Yet even in this broad interpretation, financial development does not appear to be a magic bullet for economic growth. We cannot confirm earlier findings of an unambiguously positive relationship between financial development, investment, and productivity. The relationship is more complex. The influence of the different dimensions of financial development on the sources of growth varies across income levels and regions.
Financial Intermediation And Growth
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Author : Ross Levine
language : en
Publisher: World Bank Publications
Release Date : 1999
Financial Intermediation And Growth written by Ross Levine and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Accounting categories.
This paper evaluates (1) whether the exogenous component of financial intermediary development influences economic growth and (2) whether cross-country differences in legal and accounting systems (e.g., creditor rights, contract enforcement, and accounting standards) explain differences in the level of financial development. Using both traditional cross-section, instrumental variable procedures and recent dynamic panel techniques, we find that the exogenous component of financial intermediary development is positively associated with economic growth. Also, the data show that cross-country differences in legal and accounting systems help account for differences in financial development. Together, these findings suggest that legal and accounting reforms that strengthen creditor rights, contract enforcement, and accounting practices can boost development and accelerate economic growth.
The Influence And Effects Of Financial Development On Economic Growth
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Author : Susanne Rislå Andersen
language : en
Publisher:
Release Date : 2003
The Influence And Effects Of Financial Development On Economic Growth written by Susanne Rislå Andersen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Economic development categories.
This study examines the empirical relationship between financial development and economic growth. The employed data set includes a representative selection of 60 countries over the period 1965-1997. To test the empirical relationship between finance and growth, I have used OLS regressions and three indicators of financial sector development. These indicators measure the financial sector by size (liquid liabilities) and activity (credit provided to the private sector and credit by banks). In accordance to earlier research, the financial sector plays an important part in economic growth as it can reduce the cost of acquiring information, conducting transactions and facilitating savings mobilisation. By providing these services, the financial sector can enhance resource allocation and increase aggregate savings. The study identifies three sets of findings. First, I run regressions by using financial indicators averaged over the period 1965-1997, and I find a positive statistical relationship between financial development and economic growth. The second finding is based on regressions with financial indicators measured in the initial year 1965. These regressions support the first findings, in addition to testing for the long-run effects and checking for causality. While the two first findings are in accordance with earlier studies, the third finding adds to previous research by controlling for the level of economic development. In the last regressions, the sample has been separated into different income groups, interacting with the three financial variables. Financial sector development seems to have at least the same importance in developing countries as in industrialised countries, especially concerning increased credit allocated to the private sector. Credit provided to the private sector seems to follow a path with increased influence associated with a decreased income level, and seems to be important for convergence and a country's economic growth.