Financial Development, Economic Growth and Stock Market Volatility
Author : Umar Bida Ndako
Publisher :
Page : pages
File Size : 24,48 MB
Release : 2010
Category :
ISBN :
Author : Umar Bida Ndako
Publisher :
Page : pages
File Size : 24,48 MB
Release : 2010
Category :
ISBN :
Author : C. Goodhart
Publisher : Springer
Page : 248 pages
File Size : 44,64 MB
Release : 2004-06-13
Category : Business & Economics
ISBN : 0230374271
The most successful economies have the best working financial markets. While causation obviously runs in both directions, current research has increasingly emphasized the role of finance in promoting growth. Here seven leading financial economists explore the links between financial development and growth. The book seeks to answer the question of the role of finance in promoting sustainable growth and in the reduction of poverty, for example via micro-financial institutions.
Author : Hafiz A. Akhand
Publisher : World Bank Publications
Page : 52 pages
File Size : 20,91 MB
Release : 1999
Category : Banks and banking
ISBN :
Stock markets, banks and economic growth: a reasonable extreme bounds analysis (Discussion paper, 99/4)
Author : Basudeb Guha-Khasnobis
Publisher : Springer
Page : 337 pages
File Size : 16,39 MB
Release : 2008-04-01
Category : Business & Economics
ISBN : 0230594026
This book explores country case studies and works that detail the exact transmission mechanisms through which financial development can enhance pro-poor development in order to derive best practices in this field. This is an important companion for professionals and policymakers, and also a vital reference source for students.
Author : Ross Levine
Publisher : World Bank Publications
Page : 32 pages
File Size : 37,93 MB
Release : 1996
Category : Aumentoa de la produccion
ISBN : 6101919153
Author : Oro Ufuo Oro
Publisher :
Page : 40 pages
File Size : 37,97 MB
Release : 2018
Category :
ISBN :
The relationship between economic growth, growth volatility and financial sector development continues to attract attention in the theoretical and empirical literature. Over time, some studies hypothesize that finance has a causal linear relationship with growth. Recently several other authors contradict this claim and argue that the relationship that exists between finance and growth is nonlinear. We investigate these claims for Nigeria for the period between 1970 and 2015, using semi-parametric econometric methods, Hansen sample splitting techniques and threshold estimator. We observed no evidence of 'Too much finance' as claimed by many researchers in recent times. We show that the relationship between financial development and economic growth is U-shaped. This is equally true for the relationship between financial development and growth volatility. We also discuss policy implications of our findings and recommend financial innovations and decentralization of stock exchanges to boost access to financial services, in addition, improved regulation to enhance financial market efficiency.
Author : Thorsten Beck
Publisher : World Bank Publications
Page : 43 pages
File Size : 19,98 MB
Release : 2006
Category : Capital market
ISBN :
Financial sector development fosters economic growth and reduces poverty by widening and broadening access to finance and allocating society's savings more efficiently. The author first discusses three pillars on which sound and efficient financial systems are built: macroeconomic stability and effective and reliable contractual and informational frameworks. He then describes three different approaches to government involvement in the financial sector: the laissez-faire view, the market-failure view and the market-enabling view. Finally, the author analyzes the sequencing of financial sector reforms and discusses the benefits and challenges that emerging markets face when opening their financial systems to international capital markets.
Author : Ms.Ratna Sahay
Publisher : International Monetary Fund
Page : 41 pages
File Size : 20,5 MB
Release : 2015-05-04
Category : Business & Economics
ISBN : 1475570198
The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to excessive risk taking and instability. Encouragingly, the set of regulatory reforms that promote financial depth is essentially the same as those that contribute to greater stability. Better regulation—not necessarily more regulation—thus leads to greater possibilities both for development and stability.
Author : Philippe Aghion
Publisher : OUP Oxford
Page : 160 pages
File Size : 40,75 MB
Release : 2005-07-28
Category : Business & Economics
ISBN : 0191530239
It has long been recognized that productivity growth and the business cycle are closely interrelated. Yet, until recently, the two phenomena have been investigated separately in the economics literature. This book provides the first consistent attempt to analyze the effects of macroeconomic volatility on productivity growth, and also the reverse causality from growth to business cycles. The authors show that by looking at the economy through the lens of private entrepreneurs, who invest under credit constraints, one can go some way towards explaining persistent macroeconomic volatility and the effects of volatility on growth. Beginning with an analysis of the effects of volatility on growth, the authors argue that the lower the level of financial development in a country the more detrimental the effect of volatility on growth. This prediction is confirmed by cross-country panel regressions. The data also suggests that a fixed exchange rate regime or more countercyclical budgetary policies are growth-enhancing in countries with a lower level of financial development. The former reduce aggregate volatility whereas the latter reduce the negative effects of volatility on long-term productivity-enhancing investment by firms. The book concludes with an investigation into how the interplay between credit constraints and pecuniary externalities is sufficient to generate persistent business cycles and to explain the occurrence of currency crises.
Author : Ross Levine
Publisher :
Page : 130 pages
File Size : 20,74 MB
Release : 2004
Category : Economic development
ISBN :
"This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research"--NBER website