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Author : Ákos Valentinyi
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.F/5 ( download)
Download or read book How Financial Development and Inflation May Affect Growth written by Ákos Valentinyi and published by . This book was released on 1994 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter L. Rousseau
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (129 download)
Download or read book Inflation, Financial Development, and Growth written by Peter L. Rousseau and published by . This book was released on 2009 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: A large body of evidence links financial development to economic growth, yet the channels through which inflation affects this relationship and its stability have been less thoroughly explored. We take an econometric and graphical approach to examining these channels, and find that higher levels of financial development, combined with low inflation, are related to higher rates of economic growth, especially in lower-income countries, but that financial development loses much of its explanatory power in the presence of high inflation. In particular, small increases in the price level seem able to wipe out relatively large growth effects of financial deepening when the annual rate of inflation lies between 4 and 19 percent, whereas the operation of the finance-growth link is less affected by inflation rates above this range. Growth is generally much lower, however, in such high inflation settings where financial development is typically repressed.
Author : Mr.Sami Ben Naceur
Publisher : International Monetary Fund
ISBN 13 : 1484306325
Total Pages : 41 pages
Book Rating : 4.4/5 (843 download)
Download or read book Financial Development and Source of Growth written by Mr.Sami Ben Naceur and published by International Monetary Fund. This book was released on 2017-06-30 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how financial development affects the sources of growth—productivity and investment—using a sample of 145 countries for the period 1960-2011. We employ a range of econometric approaches, focusing on the CCA and MENA countries. The analysis looks beyond financial depth to capture the access, efficiency, stability, and openness dimensions of financial development. Yet even in this broad interpretation, financial development does not appear to be a magic bullet for economic growth. We cannot confirm earlier findings of an unambiguously positive relationship between financial development, investment, and productivity. The relationship is more complex. The influence of the different dimensions of financial development on the sources of growth varies across income levels and regions.
Author : Edward S. Shaw
Publisher : Oxford University Press, USA
ISBN 13 : 9780195016338
Total Pages : 260 pages
Book Rating : 4.0/5 (163 download)
Download or read book Financial Deepening in Economic Development written by Edward S. Shaw and published by Oxford University Press, USA. This book was released on 1973-01-01 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nouriel Roubini
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (318 download)
Download or read book A Growth Model of Inflation, Tax Evasion, and Financial Repression written by Nouriel Roubini and published by . This book was released on 1992 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we study the effects of policies of financial repression on long term growth and try to explain why optimizing governments might want to repress the financial sector. We also explain why inflation may be negatively related to growth, even though it does not affect growth directly. We argue that the main reason why governments repress the financial sector is that this sector is the source of "easy" resources for the public budget The source of revenue stemming from this intervention is modeled through the inflation tax. Our model has the implication that financial development reduces money demand. Hence, if the government allows for financial development the inflation tax base, and the chance to collect seigniorage, is reduced. To the extent that the financial sector increases the efficiency of the allocation of savings to productive investment, the choice of the degree of financial development will have real effects on the saving and investment rate and on the growth rate of the economy. We show that in countries where tax evasion is large the government will optimally choose to repress the financial sector in order to increase seigniorage taxation. This policy will then reduce the efficiency of the financial sector, increase the costs of intermediation, reduce the amount of investment and reduce the steady state rate of growth of the economy. Financial repression will therefore be associated with high tax evasion, low growth and high inflation.
Author : Ross Levine
Publisher :
ISBN 13 :
Total Pages : 130 pages
Book Rating : 4.:/5 (318 download)
Download or read book Finance and Growth written by Ross Levine and published by . This book was released on 2004 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research"--NBER website
Author : Peter L. Rousseau
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Inflation, Financial Development and Growth written by Peter L. Rousseau and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is generally thought that there is a negative long-term relationship between inflation and growth and a positive long-term relationship between financial development and growth. The existing empirical literature suggests that the finance-growth relationship is more robust than the inflation-growth relationship. In this paper we explore the triangle of relationships - finance-inflation-growth - with panel data from as many as 84 countries for 1960-95. Our results with standard growth equations indicate that inflation inhibits economic growth both directly and indirectly through its effect on financial development. However, the direct effects of inflation largely disappear when inflation is moderate. We also find that the strong and robust effect of financial sector depth on economic growth is largely unaffected by the presences of the inflation rate. However, the effect of financial depth tends to be much weaker in high inflation environments.
Author : Mr.Pablo Emilio Guidotti
Publisher : International Monetary Fund
ISBN 13 : 1451852452
Total Pages : 38 pages
Book Rating : 4.4/5 (518 download)
Download or read book Financial Development and Economic Growth written by Mr.Pablo Emilio Guidotti and published by International Monetary Fund. This book was released on 1992-12-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the empirical relationship between long–run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross–country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 1451956029
Total Pages : 229 pages
Book Rating : 4.4/5 (519 download)
Download or read book IMF Staff Papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1963-01-01 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses effects of inflation on economic development. A mild inflation may well encourage little, or no, evasion of the “inflation tax.” On the other hand, a strong inflation, and frequently a mild one also, will lead to community reactions which have effects like those of widespread tax evasion. A development policy may have wider aims than the encouragement of a high level of investment. Inflation has two effects on the desire for liquidity, which are related to the two basic reasons why individuals and businesses wish to hold liquid assets—the speculative and precautionary motives. Inflation increases the value of effective liquidity, thereby raising the community's desire for it, but it makes the most generally accepted store of liquidity unacceptable sources of protection. The control of inflation is only one of the problems facing a government wishing to encourage rapid economic development. The fight against illiteracy, the reform of bureaucratic practices, the building of basic sanitary facilities for the eradication of endemic diseases, the substitution of competitive for monopolistic trade practices, the encouragement of a widespread spirit of entrepreneurship, and the creation of an adequate amount of social capital, may be important prerequisites for rapid growth.
Author : Jongrim Ha
Publisher : World Bank Publications
ISBN 13 : 1464813760
Total Pages : 513 pages
Book Rating : 4.4/5 (648 download)
Download or read book Inflation in Emerging and Developing Economies written by Jongrim Ha and published by World Bank Publications. This book was released on 2019-02-24 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.
Author : Ross Levine
Publisher : World Bank Publications
ISBN 13 : 6101919153
Total Pages : 32 pages
Book Rating : 4.1/5 (19 download)
Download or read book stock market development and long run growth written by Ross Levine and published by World Bank Publications. This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Asli Demirguc-Kunt
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 82 pages
Book Rating : 4./5 ( download)
Download or read book Finance, Financial Sector Policies, and Long-run Growth written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2008 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The first part of this paper reviews the literature on the relation between finance and growth. The second part of the paper reviews the literature on the historical and policy determinants of financial development. Governments play a central role in shaping the operation of financial systems and the degree to which large segments of the financial system have access to financial services. The paper discusses the relationship between financial sector policies and economic development.
Author : Aslı Demirgüç-Kunt
Publisher : MIT Press
ISBN 13 : 9780262541794
Total Pages : 452 pages
Book Rating : 4.5/5 (417 download)
Download or read book Financial Structure and Economic Growth written by Aslı Demirgüç-Kunt and published by MIT Press. This book was released on 2001 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: CD-ROM contains: World Bank data.
Author : Abdulsalam Abubakar
Publisher :
ISBN 13 :
Total Pages : 538 pages
Book Rating : 4.:/5 (957 download)
Download or read book Financial Development, Impact on Output and Its Determinants written by Abdulsalam Abubakar and published by . This book was released on 2015 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of financial development to influence the capital accumulation, productivity and hence economic growth, has continued to take a centre stage in the economic growth literature. The apparent low level of economic performance of the Economic Community of West African States (ECOWAS) region, low physical and human capital accumulations and low productivity have raised issues about the role of financial development to the economic growth process of the region and serve as the motivation of this study. The study investigates the impact of financial development on the output of eleven ECOWAS member states over the period from 1980 to 2011. The determinants of financial development in ECOWAS from 1996 to 2011 period are also examined. The study employs panel cointegration techniques, which involve panel cointegration tests by Pedroni (2000; 2004) and Kao (1999) and two panel cointegration estimators, namely; the fully modified OLS (FMOLS) and dynamic OLS (DOLS). Furthermore, the study adopts the Dumitrescu-Hurlin (2012) panel causality test to determine the causal relationship between financial development and output in ECOWAS. The findings show that broad money and financial sector deposits have negative and significant impact on the output, as found by Hakeem (2010) in sub-Saharan African region. On the other hand, banking sector deposits, domestic credit, bank credit and the ratio of bank credit to bank deposits are found to have positive and significant impact on output in ECOWAS. This is consistent with the findings of Ndebbio (2003) and Gaye (2013). These effects are largely transmitted through the physical capital accumulation channel, as found by Rioja and Valev (2003) in developing countries. The empirical evidence further shows that whereas unidirectional causality runs from GDP to broad money and bank deposits, the reverse is the case for bank credit and ratio of bank credit to bank deposits. Similarly, bidirectional causality is found to exist between financial sector deposit and domestic credit on one hand, and GDP on the other hand. These findings are consistent with that of Bangke and Eggoh (2010). For determinants of financial development, inflation, institutional quality and current account openness are found to be the major determinants of financial depth. While financial intermediation activities are determined by a combination of the previous factors and the level of income and human capital accumulation. These findings largely explain the connection between lack of access to finance by a larger segment of the household and private sectors in the ECOWAS and the low levels of output in the region. Hence, the major policy implications are that financial policies in the region should aim at eliminating and/or mitigating factors that hinder access to finance. These can be achieved through, economic, legal, political and other institutional reforms, which can also enhance financial development in the region and position it to better serve the real economy.
Author : Michael Bruno
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (318 download)
Download or read book Inflation Crises and Long-run Growth written by Michael Bruno and published by . This book was released on 1995 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent literature suggests that long-run averages of growth and inflation are only weakly correlated and such correlation is not robust to exclusion of extreme inflation observations; inclusion of time series panel data has improved matters, but an aggregate parametric approach remains inconclusive. We propose a nonparametric definition of high inflation crises as periods when inflation is above 40 percent annually. Excluding countries with high inflation crises, we find no evidence of any consistent relationship between growth and inflation at any frequency. However, we find that growth falls sharply during discrete high inflation crises, then recovers surprisingly strongly after inflation falls. The fall in growth during crisis and recovery of growth after crisis tend to average out to close to zero (even slightly above zero), hence the lack of a robust cross-section correlation. Our findings could be consistent either with trend stationarity of output, in which inflation crises are purely cyclical phenomena, or with models in which crises have a favorable long-run purgative effect. Our findings do not support the view that reduction of high inflation carries heavy short-to-medium run output costs.
Author : Asli Demirgüç-Kunt
Publisher :
ISBN 13 : 9781785367427
Total Pages : 1616 pages
Book Rating : 4.3/5 (674 download)
Download or read book Finance and Growth written by Asli Demirgüç-Kunt and published by . This book was released on 2018-07-27 with total page 1616 pages. Available in PDF, EPUB and Kindle. Book excerpt: This two-volume collection brings together major contributions to the study of finance and growth. It includes conceptual and empirical papers that use a range of methodologies to discover the connections between financial systems - including financial contracts, markets, and intermediaries - and the functioning of the economy - including economic growth, entrepreneurship, technological innovation, poverty alleviation, the distribution of income, and the structure and volatility of economies. It also discusses contributions to the study of the legal, political, institutional, social capital and policy determinants of financial development. With an original introduction by the editors, this collection is an important resource for students, academics and practitioners.
Author : Noureen Adnan
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (824 download)
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.
