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首页> 外文期刊>SAGE Open >The Asymmetric Influence of Financial Development on Economic Growth in Kenya: Evidence From NARDL
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The Asymmetric Influence of Financial Development on Economic Growth in Kenya: Evidence From NARDL

机译：金融发展对肯尼亚经济增长的不对称影响：Nardl的证据

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This study analyzed the asymmetric effects of financial development on economic growth using a model augmented with inflation and government expenditure asymmetries to inform model specification. The research question used entails, Do their asymmetry changes significantly influence growth? Using the nonlinear auto-regressive distributive lag (NARDL), the most significant results posit that positive shocks in financial development in the short run and its negative shocks in the long run increase and decrease economic growth, respectively. Regarding inflation, its positive (negative) shocks in both runs, respectively, reduce (increase) economic growth. In comparison, positive shocks in financial development that spur growth in the short run and negative shocks in financial development (government expenditure) that increase (reduce) growth are the most domineering effects as the rest of the shocks insignificantly affect growth. Results clearly demonstrate to an environment steered by stable and sustainable inflation that regulated government expenditure and comprehensive financial system deepening would positively cause economic growth. Therefore, appropriate policies that favor low inflation and reduced government spending, expansion of feasibly reformed financial institutions, capital accumulation, and increased resource mobilization should be instituted if real growth is to positively happen.
机译：这项研究分析了金融发展对经济增长的不对称影响，采用通货膨胀和政府支出不对称增加了模型规范。使用的研究问题需要，他们的不对称变化会显着影响增长吗？使用非线性自动回归分配滞后（NARDL），最重要的结果是在短期内的金融发展中积极冲击的问题分别在漫长的运行中的持续增长和减少经济增长中的负面冲击。关于通货膨胀，其两次运行中的正（负）震荡分别减少（增加）经济增长。相比之下，金融发展中的积极冲击，在金融发展（政府支出）增加（减少）增长的短期和负面冲击中，这是增加（降低）增长的抗冲击性是最霸气的影响，因为其余的震动不显着影响增长。结果清楚地表明，通过稳定和可持续的通货膨胀引导的环境，即监管政府支出和全面的金融体系深化会积极导致经济增长。因此，如果实际增长是积极发生的，应制定有利于低通胀和减少政府支出，扩大可行的改革金融机构，资本积累和增加的资源调动的适当政策。

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