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Linkages between financial development, financial instability, financial liberalisation and economic growth in Africa

机译:非洲金融发展,金融不稳定,金融自由化与经济增长之间的联系

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摘要

In the aftermath of the 2008 global financial crisis, the implications of financial liberalisation for stability and economic growth have come under increased scrutiny. One strand of literature posits a positive relationship between financial liberalisation and economic growth and development. However, others emphasise the link between financial liberalisation is intrinsically associated with financial instability which may be harmful to economic growth and development. This study assesses linkages between financial instability, financial liberalisation, financial development and economic growth in 41 African countries for the period 1985–2010. The results suggest that financial development and financial liberalisation have positive effects on financial instability. The findings also reveal that economic growth reduces financial instability and the magnitude of reduction is higher in the pre-liberalisation period compared to post-liberalisation period.
机译:在2008年全球金融危机之后,金融自由化对稳定和经济增长的影响受到了越来越多的审查。一连串的文献在金融自由化与经济增长与发展之间建立了积极的关系。但是,另一些人则强调,金融自由化之间的联系与金融不稳定有内在联系,这可能对经济增长和发展有害。这项研究评估了1985-2010年间41个非洲国家的金融不稳定,金融自由化,金融发展与经济增长之间的联系。结果表明,金融发展和金融自由化对金融不稳定具有积极影响。研究结果还表明,经济增长减少了金融不稳定,与自由化后相比,自由化前的减少幅度更大。

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