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Financial Development Economic Growth And Crises
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Book Synopsis Handbook of Finance and Development by : Thorsten Beck
Download or read book Handbook of Finance and Development written by Thorsten Beck and published by Edward Elgar Publishing. This book was released on 2018-07-27 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook provides a comprehensive overview of the relationship between financial and real sector development. The different chapters, written by leading contributors in the field, survey research on the importance of financial development for economic growth, the causes and consequences of financial fragility, the historic development of financial systems in several major economies and regions of the world, and the regulatory and supervisory underpinnings of financial sector development.
Book Synopsis Economic Growth and Financial Development by : Muhammad Shahbaz
Download or read book Economic Growth and Financial Development written by Muhammad Shahbaz and published by Springer Nature. This book was released on 2021-09-21 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.
Book Synopsis Financial Development, Economic Growth and Crises by : Noureen Adnan
Download or read book Financial Development, Economic Growth and Crises written by Noureen Adnan and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of financial markets in a globalised economy cannot be overstated. An obvious example is the 2008 collapse of Lehman Brothers, the consequences of which were not just confined to the United States but spread to almost all developed economies in the world. On a daily basis movement in the world's stock, bond, commodity and currency markets can be affected by as diverse factors as a revision to the inflation rate in China, an unexpected European Union meeting on the Euro or the announcement of company earnings in the U.S. The link between financial markets and the real economy, the increased volatility in financial markets, and the repercussions of financial crises are issues of great interest to economic agents (policymakers, firms, households) around the world. However, they are of even greater significance to developing nations, as they try to raise their living standards. The research presented in this thesis aims to inform the discussion on the pertinence of financial development for economic growth. Following a brief introduction, Chapter 2 sets the scene by reviewing the neo- classical growth models and endogenous growth theory. The rationale for focusing v - on the role of financial development is discussed next followed by all evaluation of the empirical evidence. Chapter 3 concentrates on the measurement of financial de- velopment. Existing measures are examined and a new measure is introduced using the latest available data for the largest possible number of economies. The principal components methodology, which reduces the dimensionality of the data, is used for the construction of this new measure. This is then used to revisit the empirical relationship between financial development and growth in Chapter 4. The method- ology employed is that of least squares dummy variables (LSDV) estimation, and the issue of potential endogeneity is explored through the use of two-stage ordinary least squares (OLS) and generalised method of moments (GMM). Chapter 5 undertakes a large sample analysis to address the relationship between financial development, and the likelihood of financial crises and chapter 6 summaries the findings from this work and discusses limitations and possible extensions. VI.
Book Synopsis Financial Development, Economic Crises and Emerging Market Economies by : Faruk Ulgen
Download or read book Financial Development, Economic Crises and Emerging Market Economies written by Faruk Ulgen and published by Routledge. This book was released on 2016-08-12 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recurrent crises in emerging markets and in advanced economies in the last decades cast doubt about the ability of financial liberalization to meet the aims of sustainable economic growth and development. The increasing importance of financial markets and financial efficiency criterion over economic decisions and policies since the 1980s laid down the conditions of the development process of emerging market economies. Numerous crises experienced thereafter gave rise to flourishing work on the links between financialization and economic development. Several decades of observations and lessons can now be integrated into economic and econometric models to give more sophisticated and multivariable approaches to financial development with respect to growth and development issues. In the markets-based and private-enterprise dominated world economy, two conditions for a successful growth-enhancing financial evolution can at least be brought fore: macroeconomic stability and consistent supervision. But even after the 2007-2008 global crisis, economists do not agree on the meaning of those conditions. For liberal and equilibrium-market economists, good finance and supervision mean market-friendly structures while for institutionalists, post-Keynesian and Marxist economists, good finance and supervision must lie in collectively designed and managed public structures. Drawing heavily on the tumultuous crises of the 1990s-2000s, this book argues that those experiences can shed light on such a crucial issue and lead economic theory and policy to go beyond the blindness of efficient free markets doctrine to economic catastrophes. It also points to new challenges to global stability in the wake of reconfiguration of international financial arena under the weight of major emerging market economies.
Book Synopsis Financial Development, Growth, and Crisis by : Norman Loayza
Download or read book Financial Development, Growth, and Crisis written by Norman Loayza and published by . This book was released on 2018 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the evolving literature that links financial development, financial crises, and economic growth in the past 20 years. The initial disconnect -- with one literature focusing on the effect of financial deepening on long-run growth and another studying its impact on volatility and crisis -- has given way to a more nuanced approach that analyzes the two phenomena in an integrated framework. The main finding of this literature is that financial deepening leads to a trade-off between higher economic growth and higher crisis risk; and its main conclusion is that, for at least middle-income countries, the positive growth effects outweigh the negative crisis risk impact. This balanced view has been revisited recently for advanced economies, where an emerging and controversial literature supports the notion of "too much finance," suggesting that there might be a threshold beyond which financial depth becomes detrimental for economic growth by crowding out other productive activities and misallocating resources. Nevertheless, the growth/crisis trade-off is alive and strong for a large share of the world economy. Recognizing the intrinsic trade-offs of financial development can provide a useful framework to design policies targeting financial deepening, diversity, and inclusion. In particular, acknowledging the trade-offs can highlight the need for complementary policies to mitigate the risks, from financial macroprudential policies to monetary policy frameworks that monitor the growth of credit and asset prices.
Book Synopsis Taming Financial Development to Reduce Crises by : Mr.Sami Ben Naceur
Download or read book Taming Financial Development to Reduce Crises written by Mr.Sami Ben Naceur and published by International Monetary Fund. This book was released on 2019-05-08 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses whether and how financial development triggers the occurrence of banking crises. It builds on a database that includes financial development as well as financial access, depth and efficiency for almost 100 countries. Through estimation of a dynamic logit panel model, it appears that financial development, from an institutional dimension and to a lesser extent from a market dimension, triggers financial instability within a one- to two-year horizon. Additionally, whereas financial access is destabilizing for advanced countries, it is stabilizing for emerging and low income ones. Both results have important implications for macroprudential policies and financial regulations.
Book Synopsis Financial Development and Economic Growth by : C. Goodhart
Download or read book Financial Development and Economic Growth written by C. Goodhart and published by Springer. This book was released on 2004-06-13 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most successful economies have the best working financial markets. While causation obviously runs in both directions, current research has increasingly emphasized the role of finance in promoting growth. Here seven leading financial economists explore the links between financial development and growth. The book seeks to answer the question of the role of finance in promoting sustainable growth and in the reduction of poverty, for example via micro-financial institutions.
Book Synopsis Living through Crises by : Rasmus Heltberg
Download or read book Living through Crises written by Rasmus Heltberg and published by World Bank Publications. This book was released on 2012-04-01 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together qualitative studies conducted during 2008-11 in communities in sixteen countries, with eight case studies that illustrate how people in specific localities were impacted by global shocks and what coping mechanisms they used.
Book Synopsis Surviving Large Losses by : Philip T. Hoffman
Download or read book Surviving Large Losses written by Philip T. Hoffman and published by Harvard University Press. This book was released on 2009-07 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation. Listen to a short interview with Philip T. Hoffman Host: Chris Gondek.
Book Synopsis Financial Crises by : Mr.Stijn Claessens
Download or read book Financial Crises written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-02-19 with total page 754 pages. Available in PDF, EPUB and Kindle. Book excerpt: The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.
Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens
Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Book Synopsis Financial Systems and Economic Growth by : Peter L. Rousseau
Download or read book Financial Systems and Economic Growth written by Peter L. Rousseau and published by Cambridge University Press. This book was released on 2017-09-01 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout much of the twentieth century, economists paid little heed to the role of financial intermediaries in procuring a beneficial allocation of capital. By the end of the century, however, some financial historians had begun to turn the tide, and the phrase 'finance-growth nexus' became part of the lexicon of modern economics. Recent experience has added another dimension in that countries with broader, deeper and more active financial systems might be prone to financial crises, particularly if regulatory structures are inadequate. In this book, Peter L. Rousseau and Paul Wachtel have gathered together some of today's most distinguished financial historians to examine this finance-growth nexus from both historical and modern perspectives. Some essays examine the nexus in a particular historical or cross-country context. Others, in the light of recent experience, explore the expanded nexus of finance, growth, crises, and regulation.
Book Synopsis Macroprudential Policies, Economic Growth, and Banking Crises by : Mohamed Belkhir
Download or read book Macroprudential Policies, Economic Growth, and Banking Crises written by Mohamed Belkhir and published by International Monetary Fund. This book was released on 2020-05-22 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a sample that covers more than 100 countries over the 2000-2017 period, we assess the impact of macroprudential policies on financial stability. In particular, we examine whether the activation of macroprudential policies is conducive to a lower incidence of systemic banking crises. Our empirical setup is designed to account for the potential direct and indirect effects that macroprudential policies can have on banking crises. We find that while macro-prudential policies exert a direct stabilizing effect, they also have an indirect destabilizing effect, which works through the depressing of economic growth. A Generalized Impulse Response Function analysis of a dynamic system composed of the probability of a banking crisis and economic growth reveals, however, that macroprudential policies have a positive net effect on financial stability (lower likelihood of systemic banking crises).
Book Synopsis Managing Currency Crises in Emerging Markets by : Michael P. Dooley
Download or read book Managing Currency Crises in Emerging Markets written by Michael P. Dooley and published by University of Chicago Press. This book was released on 2007-11-01 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy debates on these issues-consider how best to reduce the frequency and cost of such crises. The contributions here explore the management process from the beginning of a crisis to the long-term effects of the techniques used to minimize it. The first three chapters focus on the earliest responses and the immediate defense of a currency under attack, exploring whether unnecessary damage to economies can be avoided by adopting the right response within the first few days of a financial crisis. Next, contributors examine the adjustment programs that follow, considering how to design these programs so that they shorten the recovery phase, encourage economic growth, and minimize the probability of future difficulties. Finally, the last four papers analyze the actual effects of adjustment programs, asking whether they accomplish what they are designed to do-and whether, as many critics assert, they impose disproportionate costs on the poorest members of society. Recent high-profile currency crises have proven not only how harmful they can be to neighboring economies and trading partners, but also how important policy responses can be in determining their duration and severity. Economists and policymakers will welcome the insightful evaluations in this important volume, and those of its companion, Sebastian Edwards and Jeffrey A. Frankel's Preventing Currency Crises in Emerging Markets.
Book Synopsis Financial Development, Financial Fragility, and Growth by : Norman Loayza
Download or read book Financial Development, Financial Fragility, and Growth written by Norman Loayza and published by International Monetary Fund. This book was released on 2005-08 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the apparent contradictions between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private domestic credit and liquid liabilities. On the other hand, the banking and currency crisis literature finds that monetary aggregates, such as domestic credit, are among the best predictors of crises and their related economic downturns. This paper accounts for these contrasting effects based on the distinction between the short- and long-run effects of financial intermediation.
Book Synopsis Economic Growth and Financial Development by : Muhammad Shahbaz
Download or read book Economic Growth and Financial Development written by Muhammad Shahbaz and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.
Book Synopsis Finance and Development by : Christopher J. Green
Download or read book Finance and Development written by Christopher J. Green and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this new book a group of 18 distinguished authors presents comprehensive surveys of current issues in the field of finance and development. . . This book nicely bridges the gap between general research on the role of finance for economic growth and the role finance plays for developing economies and poverty reduction. . . Moreover, the authors identify a great number of promising ideas for future research. . . Ryszard Kokoszczynski, SUERF Newsletter The European Money & Finance Forum In the last two decades, the role of finance in the development process has become a major topic of research and debate. Although it is widely agreed that there is an important link between the two, there is much less consensus on the exact nature of the relationship. Is financial development a prerequisite for general economic development, or is it a more passive by-product of the development process? In this valuable new book, a distinguished group of authors takes stock of the existing state of knowledge in the field of finance and the development process. Each chapter offers a comprehensive survey and synthesis of current issues. These include such critical subjects as savings, financial markets and the macroeconomy, stock market development, financial regulation, foreign investment and aid, financing livelihoods, microfinance, rural financial markets, small and medium enterprises, corporate finance and banking. This book will be accessible to postgraduate and advanced undergraduate students of finance and development. It will also be an essential reference source for all professionals and academics working in this area who want to learn how finance can contribute to the development process and poverty reduction.
