Linkages Between Financial Variables Financial Sector Reform And Economic Growth And Efficiency

Author : Mr.R. B. Johnston,Ceyla Pazarbasioglu
Publisher : International Monetary Fund
Page : 32 pages
File Size : 54,5 Mb
Release : 1995-10-01
Category : Business & Economics
ISBN : 9781451948110

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Linkages Between Financial Variables, Financial Sector Reform and Economic Growth and Efficiency by Mr.R. B. Johnston,Ceyla Pazarbasioglu Pdf

This paper analyzes the different channels through which financial variables and financial sector reform can affect economic growth and efficiency, using panel data for 40 countries which reformed their financial systems. Financial sector reform is hypothesized to affect economic growth and efficiency through three main channels: the real interest rate representing the interest cost of capital, the volume of intermediation, and financial sector efficiency. The results indicate that financial reforms have structural effects; that financial variables and reforms are important determinants of economic performance; that the impact depends on whether countries did or did not face a financial crisis; and that the “quality” of financial sector reform matters.

Author : R. Barry Johnston
Publisher : Unknown
Page : 32 pages
File Size : 46,7 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291213848

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Linkages between Financial Variables, Financial Sector Reform and Economic Growth and Efficiency by R. Barry Johnston Pdf

This paper analyzes the different channels through which financial variables and financial sector reform can affect economic growth and efficiency, using panel data for 40 countries which reformed their financial systems. Financial sector reform is hypothesized to affect economic growth and efficiency through three main channels: the real interest rate representing the interest cost of capital, the volume of intermediation, and financial sector efficiency. The results indicate that financial reforms have structural effects; that financial variables and reforms are important determinants of economic performance; that the impact depends on whether countries did or did not face a financial crisis; and that the quot;qualityquot; of financial sector reform matters.

Author : Thorsten Beck
Publisher : World Bank Publications
Page : 43 pages
File Size : 50,8 Mb
Release : 2006
Category : Capital market
ISBN : 8210379456XXX

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Creating an Efficient Financial System by Thorsten Beck Pdf

Financial sector development fosters economic growth and reduces poverty by widening and broadening access to finance and allocating society's savings more efficiently. The author first discusses three pillars on which sound and efficient financial systems are built: macroeconomic stability and effective and reliable contractual and informational frameworks. He then describes three different approaches to government involvement in the financial sector: the laissez-faire view, the market-failure view and the market-enabling view. Finally, the author analyzes the sequencing of financial sector reforms and discusses the benefits and challenges that emerging markets face when opening their financial systems to international capital markets.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 408 pages
File Size : 41,9 Mb
Release : 1999-04-22
Category : Business & Economics
ISBN : 9781455221448

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Sequencing Financial Sector Reforms by International Monetary Fund Pdf

Financial sector liberalization can spur economic growth and development, but reforms to liberalize the financial sector can also entail risks if they are not properly designed and implemented. One of the central questions for countries reforming their financial systems is how to sequence the reforms so as to maximize the benefits of liberalization and contain its risks. Edited by R. Barry Johnston and V. Sundararajan of the IMF's Monetary and Exchange Affairs Department, this book attempts to answer this and related questions by drawing lessons from financial sector reforms in selected countries. In particular, the book surveys financial sector reforms in Indonesia, Thailand, and Korea between the mid-1980s and mid-1990s.

Author : Niels Hermes,Robert Lensink
Publisher : Psychology Press
Page : 382 pages
File Size : 53,9 Mb
Release : 1996
Category : Developing countries
ISBN : 9780415133920

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Financial Development and Economic Growth by Niels Hermes,Robert Lensink Pdf

This work contains original contributions on the theory of the relationship between financial development and economic growth.

Author : Asli Demirguc-Kunt
Publisher : World Bank Publications
Page : 82 pages
File Size : 53,5 Mb
Release : 2008
Category : Access to Finance
ISBN : 8210379456XXX

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Finance, Financial Sector Policies, and Long-run Growth by Asli Demirguc-Kunt Pdf

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 : Mr.Sami Ben Naceur,Mr.Robert Blotevogel,Mr.Mark Fischer,Haiyan Shi
Publisher : International Monetary Fund
Page : 41 pages
File Size : 44,6 Mb
Release : 2017-06-30
Category : Business & Economics
ISBN : 9781484306321

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Financial Development and Source of Growth by Mr.Sami Ben Naceur,Mr.Robert Blotevogel,Mr.Mark Fischer,Haiyan Shi Pdf

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 : International Monetary Fund
Publisher : International Monetary Fund
Page : 24 pages
File Size : 46,7 Mb
Release : 1990-12-01
Category : Business & Economics
ISBN : 9781451939569

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Financial Sector Reform and Central Banking in Centrally Planned Economies by International Monetary Fund Pdf

This paper reviews key areas of central banking reform in a sample of centrally planned economies undergoing transition to market-based systems. The discussion draws mainly on the experiences of four countries, Hungary, Poland, Czechoslovakia, and China. Significant efforts have been made, or are under consideration, in all countries to develop a more efficient framework for monetary management, and to provide greater autonomy to central banks in macro stabilization policies. These objectives call for a coordinated approach to strengthening a wide range of central banking functions simultaneously, and require that a core mass of supporting financial sector reforms be implemented to ensure effective transformation and stabilization with minimal transitional costs.

Author : Angel Okonkwo
Publisher : GRIN Verlag
Page : 68 pages
File Size : 43,8 Mb
Release : 2021-10-18
Category : Business & Economics
ISBN : 9783346516152

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Effects of Financial Sector Reforms on Economic Growth. The Case of Nigeria by Angel Okonkwo Pdf

Research Paper (undergraduate) from the year 2019 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 4.60, , course: Banking and Finance, language: English, abstract: The objectives of this study includes to examine the effects of banking sector reforms on bank performance, savings, investments, developments of the Nigerian Banking System and Economic Growth. The banking sector is without no doubt a very essential part of the economy of a nation and any reforms carried out in it extend to other parts of the economy representing a transformational moment for the economy and its people. So it remains a nationwide challenge that the Nigerian banking sector and it’s reforms haven’t been able to significantly support the long-term financial needs of the real sector or facilitate the growth of the Nigerian economy The Augmented Dickey-Fuller (ADF) Test and The Phillip-Perron Test were used to test for stationarity of the variables, while the Johansen co-integration test was employed to indicate the existence of a long-run relationship among Gross Domestic Product—which acted as the Economic Growth proxy, Commercial Bank’s Capital, Commercial Bank’s Credit, and Number of Commercial Bank Branches which acted as the other variables. Secondary data was sourced from Commercial Bank Statistics, Central Bank Of Nigeria Bulletins, Nigeria Bureau Of Statistics, Statistical Bulletins for the period of 1998-2017. Conclusively, there was a positive and significant relationship betweenEconomic Growth and Banking Sector Reforms in the long run, but a negative relationship between Economic Growth and Financial Sector Reforms in the short-run. It was recommended that the government should ensure political and macroeconomic stability as the activities in all other sectors are affected by them, and that people are enlightened on the benefits of banking sector reforms so that they don’t take opposing actions against the goal of reforms.

Author : José María Fanelli,Rohinton Medhora
Publisher : Springer
Page : 384 pages
File Size : 52,7 Mb
Release : 1998-11-12
Category : Business & Economics
ISBN : 9781349268719

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Financial Reform in Developing Countries by José María Fanelli,Rohinton Medhora Pdf

For the large number of developing countries undergoing significant structural transformations, one of the most important and controversial adjustment areas is that of the financial markets. Focusing on the role of the institutional and enabling environment within which financial reform occurs and on the integration of principles of finance with more macroeconomic approaches to the subject, the book contains case studies of reform experiences in Argentina, India, Nigeria, Turkey and Uruguay. Themes studied include the 'go slow' versus 'big bang' approach and the particular problem of bank-firm inter-linkages in Eastern Europe.

Author : Mr. Ross Levine
Publisher : International Monetary Fund
Page : 80 pages
File Size : 55,5 Mb
Release : 2021-06-11
Category : Business & Economics
ISBN : 9781513583365

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Finance, Growth, and Inequality by Mr. Ross Levine Pdf

Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this paper, I review theoretical and empirical research on the connections between the operation of the financial system and economic growth and inequality. While subject to ample qualifications, the preponderance of evidence suggests that (1) financial development—both the development of banks and stock markets—spurs economic growth and (2) better functioning financial systems foster growth primarily by improving resource allocation and technological change, not by increasing saving rates. Some research also suggests that financial development expands economic opportunities and tightens income distribution, primarily by boosting the incomes of the poor. This work implies that financial development fosters growth by expanding opportunities. Finally, and more tentatively, financial innovation—improvements in the ability of financial systems to ameliorate information and transaction costs—may be necessary for sustaining growth.

Author : Mr.Jonathan David Ostry,Mr.Alessandro Prati,Mr.Antonio Spilimbergo
Publisher : International Monetary Fund
Page : 62 pages
File Size : 55,5 Mb
Release : 2009-10-15
Category : Business & Economics
ISBN : 9781589068186

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Structural Reforms and Economic Performance in Advanced and Developing Countries by Mr.Jonathan David Ostry,Mr.Alessandro Prati,Mr.Antonio Spilimbergo Pdf

This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.

Author : Allen N. Berger,Iftekhar Hasan,Leora Klapper
Publisher : Unknown
Page : 44 pages
File Size : 44,6 Mb
Release : 2003
Category : Community banks
ISBN : UCSD:31822033631243

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Further Evidence on the Link Between Finance and Growth by Allen N. Berger,Iftekhar Hasan,Leora Klapper Pdf

Author : Christopher J. Green,Colin Kirkpatrick,Victor Murinde
Publisher : Edward Elgar Publishing
Page : 465 pages
File Size : 46,8 Mb
Release : 2006-01-01
Category : Business & Economics
ISBN : 9781845424602

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Finance and Development by Christopher J. Green,Colin Kirkpatrick,Victor Murinde Pdf

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.

Author : Manoj Dora
Publisher : GRIN Verlag
Page : 73 pages
File Size : 54,9 Mb
Release : 2009-10-26
Category : Electronic
ISBN : 9783640456949

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Finance-Growth Nexus: Evidence from Indian Economy Using Causality Co-Integration Test Based on Error Correction Model by Manoj Dora Pdf

Master's Thesis from the year 2009 in the subject Business economics - General, grade: A, Vanderbilt University (Graduate Program in Economic Development), course: Masters in Economics, language: English, abstract: This study explores the relationship between financial growth and economic development in India using time series data over the period 1950-2007. The majority of the previous studies on this subject have used cross-sectional data, which may not address country specific issues. In addition, many studies used either OLS technique of estimation or bi-variate causality test and may, therefore suffer from the omission-of variable bias. This study attempts to examine the dynamic relationship between financial growth and economic development by including a range of financial variables like, quasi money for monetization, domestic credit for financial intermediation activities and bank asset for financial intermediary institutions. The casual relationship between economic development and financial growth indicators was examined with the help of Granger-Causality procedure based on Unrestricted Vector Auto Regression using the error correction term. The result from the cointegration tests indicates that financial development has a long-run equilibrium with economic growth. The financial sector and real sector move and evolve together in the same direction. The error correction model suggests that, in the short-run, the output variable is the only effective adjustment factor in the system that responds to the fluctuations of financial measures and domestic capital formation. On the other hand, the response of financial intensities and investments are sluggish adjustments that correct the deviation from equilibrium. In nutshell, this study shows that India's financial development and economic growth are positively correlated; the process of economic development is not sustainable without the contributions of the financial sector and vice versa.