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Financial Development, Interest Rate Liberalization, and Macroeconomic Volatility

机译：金融发展，利率自由化和宏观经济波动

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摘要

This article examines the relationship between financial development, interest rate liberalization, and macroeconomic volatility in fifty-six emerging and developed economies over the period 1980-2009. We find that financial development plays a significant role in dampening the volatility of macroeconomic growth rate, but up to a limit. The more the interest rate is liberalized, the more likely that financial development can stabilize the economy. Particularly, interest rate liberalization has a more positive influence on emerging and developing countries. Financial development and interest rate liberalization can also alleviate the influence of external shocks. They mutually enhance their functions as economic stabilizers.
机译：本文研究了1980-2009年间56个新兴经济体和发达经济体的金融发展，利率自由化和宏观经济波动之间的关系。我们发现，金融发展在抑制宏观经济增长率的波动方面起着重要作用，但达到了极限。利率放开得越多，金融发展就越有可能稳定经济。特别是，利率市场化对新兴国家和发展中国家具有更积极的影响。金融发展和利率自由化也可以减轻外部冲击的影响。它们相互增强了作为经济稳定剂的功能。

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