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首页> 外文期刊>The Singapore economic review >INFLUENCE OF MACROECONOMIC STABILITY ON FINANCIAL DEVELOPMENT IN DEVELOPING ECONOMIES: EVIDENCE FROM WEST AFRICAN REGION
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INFLUENCE OF MACROECONOMIC STABILITY ON FINANCIAL DEVELOPMENT IN DEVELOPING ECONOMIES: EVIDENCE FROM WEST AFRICAN REGION

机译：宏观经济稳定性对发展中经济经济发展的影响：来自西非地区的证据

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摘要

This paper examines the effects of macroeconomic stability on financial development in the West African region. Macroeconomic stability is measured based on five Maastricht Criteria's variables namely inflation rate, real exchange rate, government debt, fiscal deficit and real interest rate. The study employs dynamic models on the panel data. We find that macroeconomic stability has significant effects on financial development in the region. Specifically, inflation rate, real exchange rate and fiscal deficit have negative effects, while the effects of government debt and real interest rate are positive. The implication of this study is that macroeconomic stability variables are determinants of financial development. Hence, developing economies should strive to achieve macroeconomic stability in order to drive financial development, with a view to achieving sustainable economic development.
机译：本文探讨了宏观经济稳定性对西非地区金融发展的影响。宏观经济稳定性是根据五个Maastricht标准的变量来衡量的，即通货膨胀率，实际汇率，政府债务，财政赤字和实际利率。该研究采用了面板数据上的动态模型。我们发现宏观经济稳定性对该地区的金融发展具有显着影响。具体而言，通货膨胀率，实际汇率和财政赤字具有负面影响，而政府债务和实际利率的影响是积极的。本研究的含义是宏观经济稳定性变量是金融发展的决定因素。因此，发展中经济体应努力实现宏观经济稳定，以推动金融发展，以实现可持续的经济发展。

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