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Does central banking promote financial development?

机译:中央银行会促进金融发展吗?

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This paper examines the influence of central bank characteristics and their monetary policies on the level of financial development. Initially, on the basis of a review of the literature, we selected the central characteristics of the central banks as well as their monetary policies likely to influence the level of financial development. Next, we estimated an econometric model linking the level of financial development with measures of central bank characteristics and their monetary policies using panel data econometrics. The sample is made up of a panel of 89 countries, including 22 developed countries, 34 emerging countries and 33 developing countries over the period 1980–2010. The results show that there is a very significant influence of central bank characteristics as well as their monetary policies on the fluctuation of the level of financial development for the three categories of countries.
机译:本文研究了中央银行的特征及其货币政策对金融发展水平的影响。最初,在回顾文献的基础上,我们选择了中央银行的中心特征以及可能影响金融发展水平的货币政策。接下来,我们估计了一个计量经济学模型,该模型使用面板数据计量经济学将金融发展水平与央行特征及其货币政策的度量联系起来。该样本由1980-2010年期间的89个国家组成,包括22个发达国家,34个新兴国家和33个发展中国家。结果表明,这三类国家的中央银行特征及其货币政策对金融发展水平的波动有很大的影响。

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