توجه: محتویات این صفحه به صورت خودکار پردازش شده و مقالههای نویسندگانی با تشابه اسمی، همگی در بخش یکسان نمایش داده میشوند.
اطلاعات انتشار: Spring ۲۰۰۹ - Number ۲۳، سال ۰
تعداد صفحات: ۲۴
There are vast literature about the relationship between financial development and economic growth. In most studies, the positive relation is approved while in few advocate that there is no relation. The positive relation may be from financial development to growth or vice versa or two ways. In this paper, the Granger causality relationship between financial development and economic growth is studied by the dynamic panel GMM–SYS approach and with two kinds of data, annual and five–non–overlapping data in MENA countries as a group. Five different measures of financial deepening are used to capture the variety of different channels through which financial development can affect growth. Results imply that a strong bi–directional causality between financial development and economic growth, but the relation from economic growth to financial development is stronger than vice versa direction. In this paper we argue about the determinants that influence the process of financial market integration in the East Asia–Pacific region. We question whether GDP, Exchange rate and real interest rate influence the financial integration. We construct a regression specification with respect to a probit\tobit panel model for our data set of the selected East Asia–Pacific countries over the 1990–2005 period. Generally, we find that macroeconomic indicators of the members are associated with higher or lower probability of integrating their financial markets and GDP has a positive effect on financial integration, while the results related to exchange rate and interest rate are ambiguous. The implication is that the elimination of exchange rate risk within the East Asia–Pacific region means the common currency, which reduces the remaining differences of investment and consumption opportunities across the member countries of the East Asia–Pacific during the implementation of financial integration.
اطلاعات انتشار: Volume ۱۷، ۲۰۱۳ - Number ۳، سال ۰
تعداد صفحات: ۲۸
نمایش نتایج ۱ تا ۲ از میان ۲ نتیجه