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Inflation And Financial Depth
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Book Synopsis Inflation and Financial Depth by : Mr.Bruce D. Smith
Download or read book Inflation and Financial Depth written by Mr.Bruce D. Smith and published by INTERNATIONAL MONETARY FUND. This book was released on 2001-04-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is now a substantial theoretical literature arguing that inflation impedes financial deepening. Furthermore, it has been hypothesized that the relationship is a nonlinear one, in that there is a threshold level of inflation below which inflation has a positive effect on financial depth, but above which the effect turns negative. Using a large cross-country sample, empirical support is found for the existence of such a threshold. The estimates indicate that the threshold level of inflation is generally between 3 and 6 percent a year, depending on the specific measure of financial depth that is used.
Book Synopsis Inflation and Financial Depth by : Mohsin S. Khan
Download or read book Inflation and Financial Depth written by Mohsin S. Khan and published by . This book was released on 2008 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is now a substantial theoretical literature arguing that inflation impedes financial deepening. Furthermore, it has been hypothesized that the relationship is a nonlinear one, in that there is a threshold level of inflation below which inflation has a positive effect on financial depth, but above which the effect turns negative. Using a large cross-country sample, empirical support is found for the existence of such a threshold. The estimates indicate that the threshold level of inflation is generally between 3 and 6 percent a year, depending on the specific measure of financial depth that is used.
Download or read book Inflation and Financial Depth written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Monetary Fund (IMF) presents the full text of the April 2001 working paper entitled "Inflation and Financial Depth," prepared by Mohsin S. Khan, Abdelhak S. Senhadji, and Bruce D. Smith. The text is available in PDF format. This paper uses a large cross-country sample to find that the threshold level of inflation is usually between three and six percent a year, depending on what measure of financial depth is used.
Book Synopsis Inflation, Financial Development and Growth by : Peter L. Rousseau
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.
Book Synopsis Inflation Thresholds and the Finance-Growth Nexus by : Peter L. Rousseau
Download or read book Inflation Thresholds and the Finance-Growth Nexus written by Peter L. Rousseau and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The robustness of the cross-sectional relationship between the size of a country's financial sector and its rate of economic growth is by now well established. In this article, we examine whether the strength of this relationship varies with the inflation rate. Using five-year averages of standard measures of financial development, inflation, and growth for 84 countries from 1960 to 1995, a series of rolling panel regressions show that there is an inflation threshold for the finance-growth relationship that lies between 13 and 25 percent. When inflation exceeds the threshold, finance ceases to increase economic growth. We also find that the level of financial depth varies inversely with inflation in low-inflation environments and that disinflation is associated with a positive effect of financial depth on growth.
Book Synopsis Financial Deepening in Economic Development by : Edward S. Shaw
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:
Book Synopsis Inflation Thresholds and the Finance-Growth Nexus by : Peter L. Rousseau
Download or read book Inflation Thresholds and the Finance-Growth Nexus written by Peter L. Rousseau and published by . This book was released on 2008 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The robustness of the cross-sectional relationship between the size of a country's financial sector and its rate of economic growth is by now well established. In this article, we examine whether the strength of this relationship varies with the inflation rate. Using five-year averages of standard measures of financial development, inflation, and growth for 84 countries from 1960 to 1995, a series of rolling panel regressions show that there is an inflation threshold for the finance-growth relationship that lies between 13 and 25 percent. When inflation exceeds the threshold, finance ceases to increase economic growth. We also find that the level of financial depth varies inversely with inflation in low-inflation environments and that disinflation is associated with a positive effect of financial depth on growth.
Book Synopsis Dollarization and Financial Development by : Mr.Geoffrey J Bannister
Download or read book Dollarization and Financial Development written by Mr.Geoffrey J Bannister and published by International Monetary Fund. This book was released on 2018-09-11 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite significant strides in financial development over the past decades, financial dollarization, as reflected in elevated shares of foreign currency deposits and credit in the banking system, remains common in developing economies. We study the impact of financial dollarization, differentiating across foreign currency deposits and credit on financial depth, access and efficiency for a large sample of emerging market and developing countries over the past two decades. Panel regressions estimated using system GMM show that deposit dollarization has a negative impact on financial deepening on average. This negative impact is dampened in cases with past periods of high inflation. There is also some evidence that dollarization hampers financial efficiency. The results suggest that policy efforts to reduce dollarization can spur faster and safer financial development.
Book Synopsis Monetary Regimes and Inflation by : Peter Bernholz
Download or read book Monetary Regimes and Inflation written by Peter Bernholz and published by Edward Elgar Publishing. This book was released on 2015-04-30 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exploring the characteristics of inflations and comparing historical cases from Roman times up to the modern day, this book provides an in depth discussion of the subject. It analyses the high and moderate inflations caused by the inflationary bias of
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498340660 Total Pages :106 pages Book Rating :4.4/5 (983 download)
Book Synopsis Enhancing Financial Sector Surveillance in Low-Income Countries - Background Paper by : International Monetary Fund
Download or read book Enhancing Financial Sector Surveillance in Low-Income Countries - Background Paper written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-04-16 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides an overview of the literature on the challenges posed by shallow financial systems for macroeconomic policy implementation. Countries with shallow markets are more likely to choose fixed exchange rates, less likely to use indirect measures as instruments of monetary policy, and to implement effective counter-cyclical fiscal policies. But causation appears to work in both directions, as policy stances can themselves affect financial development. Drawing on recent FSAP reports, the note also shows that shallow financial markets tend to increase foreign exchange, liquidity management, and concentration risks, posing risks for financial stability
Book Synopsis How Financial Markets Affect Long-run Growth by : Ejaz Ghani
Download or read book How Financial Markets Affect Long-run Growth written by Ejaz Ghani and published by World Bank Publications. This book was released on 1992 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: A country with a more developed financial system tends to grow faster because it can make more efficient use of resources. Policy reform that fosters financial development also fosters a better growth rate real GDP.
Book Synopsis What is the Optimal Rate of Inflation for Long-Run Growth? A Cross-Country Analysis by : Hakan Yilmazkuday
Download or read book What is the Optimal Rate of Inflation for Long-Run Growth? A Cross-Country Analysis written by Hakan Yilmazkuday and published by . This book was released on 2011 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the relationship between financial development and growth is almost obvious, the effect of inflation on the finance-growth nexus is still a subject of debate. In particular, what is the optimal rate of inflation for long-run growth? To answer this question, I analyze the relation between finance, inflation and growth by using a semiparametric graphical approach. I find that the optimal level of inflation that leads to higher long-run growth rates is around 10 percent. I also show that the positive effects of low inflation on growth are more apparent when there are high levels of financial depth. Finally, when both the levels of inflation and financial depth are low, the growth rate of the economy is volatile.
Book Synopsis Too Much Finance? by : Mr.Jean-Louis Arcand
Download or read book Too Much Finance? written by Mr.Jean-Louis Arcand and published by International Monetary Fund. This book was released on 2012-06-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can indeed be "too much" finance. In particular, our results suggest that finance starts having a negative effect on output growth when credit to the private sector reaches 100% of GDP. We show that our results are consistent with the "vanishing effect" of financial development and that they are not driven by output volatility, banking crises, low institutional quality, or by differences in bank regulation and supervision.
Book Synopsis Inflation in Emerging and Developing Economies by : Jongrim Ha
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.
Book Synopsis Financial Development and Economic Growth by : Jose De Gregorio
Download or read book Financial Development and Economic Growth written by Jose De Gregorio and published by . This book was released on 1992 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation and Financial Depth by : Mohsin S. Khan
Download or read book Inflation and Financial Depth written by Mohsin S. Khan and published by International Monetary Fund. This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Budget Deficits and Interest Rates by : Ari Aisen
Download or read book Budget Deficits and Interest Rates written by Ari Aisen and published by International Monetary Fund. This book was released on 2008-02 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We extend the literature on budget deficits and interest rates in three ways: we examine both advanced and emerging economies and for the first time a large emerging market panel; explore interactions to explain some of the heterogeneity in the literature; and apply system GMM. There is overall a highly significant positive effect of budget deficits on interest rates, but the effect depends on interaction terms and is only significant under one of several conditions: deficits are high, mostly domestically financed, or interact with high domestic debt; financial openness is low; interest rates are liberalized; or financial depth is low.
