The impact of financial development on economic growth Empirical analysis of emerging market countries

Najeb Masoud; Glenn Hardaker

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The impact of financial development on economic growth Empirical analysis of emerging market countries

机译：金融发展对经济增长的影响新兴市场国家的经验分析

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Purpose - The purpose of this paper is to provide a theoretical framework that integrates the endogenous growth and functions of financial markets and institutions theory in order to investigate how the financial market and the banking sector develop indicators that affect economic growth in these countries. Design/methodology/approach - This paper is an empirical analysis of the relationship between financial development and economic growth for 42 emerging markets, over 12 years, using endogenous growth model. Findings - First, the results suggest that stock market development has a significant effect on economic growth, and this effect remains strong even after the influence of banking sector and other control variables using a growth model. Second, the research findings largely support the view that there is a stable, long-term equilibrium relationship between the evolution of the stock market and the evolution of the economy. Originality/value - The evidence supports the view that the relation between stock market development and economic growth in emerging economies is bi-directional. The findings describe that the stock market and the banking sector in emerging economy are complementary rather than substitutes in providing financial services to the economy.

机译：目的-本文的目的是提供一个综合了金融市场和机构理论的内生性增长和功能的理论框架，以研究金融市场和银行业如何制定影响这些国家经济增长的指标。设计/方法/方法-本文是使用内生增长模型对42个新兴市场在过去12年中金融发展与经济增长之间的关系进行的经验分析。研究结果-首先，结果表明股票市场发展对经济增长具有显着影响，即使在银行部门和其他使用增长模型的控制变量的影响下，这种影响仍然很强。其次，研究结果在很大程度上支持了以下观点：股票市场的发展与经济的发展之间存在稳定的长期均衡关系。原创性/价值-证据支持新兴经济体股票市场发展与经济增长之间的关系是双向的观点。调查结果表明，新兴经济体中的股票市场和银行业是向经济体提供金融服务的互补而非替代。

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来源
《Studies in economics and finance》 |2012年第3期|p.148-173|共26页
作者
Najeb Masoud; Glenn Hardaker;
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作者单位

University of Huddersfield Business School, University of Huddersfield, Huddersfield, UK;

University of Huddersfield Business School, University of Huddersfield, Huddersfield, UK;

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原文格式 PDF
正文语种 eng
中图分类
关键词
financial development; economic growth; stock exchanges; emerging markets;

机译：金融发展;经济增长;证券交易所;新兴市场;

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7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

The impact of financial development on economic growth Empirical analysis of emerging market countries

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