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首页> 外文期刊>Borsa Istanbul Review >Testing for causality among globalization, institution and financial development: Further evidence from three economic blocs
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Testing for causality among globalization, institution and financial development: Further evidence from three economic blocs

机译：检验全球化，制度和金融发展之间的因果关系：来自三个经济集团的进一步证据

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This paper employs several techniques to study the dynamic effect and causality among globalization, institutions and financial development. Specifically, we use the panel cointegration technique by Pedroni (1999, 2004); the DOLS approach by Kao and Chiang (1999); the FMOLS; the PMG technique of Pesaran et?al. (1999) and the panel VECM causality approach. The panel cointegration test shows the existence of cointegration among our dataset. The Granger causality test demonstrates that causality runs from globalization to institutions, and institutions in turn Granger cause financial development specifically in the banking sector in the BRICS and MINT blocs. Globalization is further found to have a causal impact on the stock market, although bypassing the institutions channel. For the PMG, DOLS and FMOLS results, there is evidence of a positive long run relationship among globalization, institutions and financial development.
机译：本文采用多种技术研究全球化，制度和金融发展之间的动态影响和因果关系。具体来说，我们使用Pedroni（1999，2004）的面板协整技术; Kao和Chiang（1999）的DOLS方法; FMOLS; Pesaran等人的PMG技术。 （1999）和小组VECM因果关系方法。面板协整检验表明我们的数据集中存在协整。格兰杰因果关系检验表明，因果关系从全球化延伸到机构，而机构反过来又使格兰杰在金砖国家和MINT集团的银行业引起了金融发展。尽管绕开了机构渠道，但进一步发现全球化对股票市场有因果影响。对于PMG，DOLS和FMOLS结果，有证据表明全球化，机构和金融发展之间存在长期的积极关系。

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