دانلود و نمایش مقالات مرتبط با Financial liberalization::صفحه 1
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نتیجه جستجو - Financial liberalization

تعداد مقالات یافته شده: 7
ردیف عنوان نوع
1 Joint analysis of the non-linear debt-growth nexus and capital account liberalization: New evidence from sub-Saharan region
تحلیل مشترک پیوند غیرخطی رشد بدهی و آزادسازی حساب سرمایه: شواهد جدید از منطقه جنوب صحرا-2021
This paper conducts an empirical investigation of the debt-growth nexus at firm level. We exploit a panel of sub-Saharan firms observed over the period 2004–2014 to jointly assess the impact of debt and financial liberalization on firm growth measured in terms of sales. Using a system GMM estimator, we find an inverted U-shaped relationship between debt and firm growth. However, the form of this relationship was reversed (U-shaped) by examining the joint effect of debt and capital account liberalization. This change results from the adoption of the policy of financial liberalization put in place by the regulatory authorities of the sub-Saharan countries. In addition, our results show that investment impact firm growth. Consequently, agency and trade-off theories are admitted. These findings may yield important policy implications. Policy makers must optimize financial decisions and adopt a gradual financial liberalization policy, thus ensuring the survival of sub-Saharan firms.
keywords: Firm financial structure | Financial liberalization | firm growth | sub-Saharan Africa | System GMM
مقاله انگلیسی
2 Finance, law and poverty: Evidence from India
امور مالی ، قانون و فقر: شواهدی از هند-2020
Using state-level data from India over the period 1983–2005, this paper shows a strong negative relationship between financial depth (as measured by credit volume) and rural poverty. Instrumental variable regressions suggest that this relationship is robust to endogeneity biases. Furthermore, financial deepening has a bigger impact on rural poverty alleviation than outreach (as measured by branch penetration). We find suggestive evidence that financial deepening reduced poverty rates especially among self-employed in the rural areas and also supported an inter-state migration trend from rural areas into the tertiary sector in urban areas, consistent with financial deepening being driven by credit to the tertiary sector. Our findings suggest that financial deepening contributed to poverty alleviation in rural areas by fostering entrepreneurship and inducing geographic-sectoral migration.
Keywords: Financial liberalization | Economic development | Poverty alleviation | Entrepreneurship | Migration | India
مقاله انگلیسی
3 Finance, law and poverty: Evidence from India
امور مالی ، قانون و فقر: شواهدی از هند-2020
Using state-level data from India over the period 1983–2005, this paper shows a strong negative relationship between financial depth (as measured by credit volume) and rural poverty. Instrumental variable regressions suggest that this relationship is robust to endogeneity biases. Furthermore, financial deepening has a bigger impact on rural poverty alleviation than outreach (as measured by branch penetration). We find suggestive evidence that financial deepening re duced poverty rates especially among self-employed in the rural areas and also supported an inter-state migration trend from rural areas into the tertiary sector in urban areas, consistent with financial deepening being driven by credit to the tertiary sector. Our findings suggest that financial deepening contributed to poverty alleviation in rural areas by fostering entrepreneurship and inducing geographic-sectoral migration.
Keywords: Financial liberalization | Economic development | Poverty alleviation | Entrepreneurship | Migration | India
مقاله انگلیسی
4 Financial openness and entrepreneurship
باز بودن مالی و کارآفرینی-2019
Using a panel data set of 62 countries from 1995 through 2013, the effects of financial openness on changes in entrepreneurship rates in the economy are estimated for emerging and developed markets. Controlling for the effects of political risk in conjunction with capital controls, capital controls have a negative effect on entrepreneurialism in emerging market countries, but can have a positive effect on entrepreneurialism in developed markets. The imposition of financial controls have a greater effect in magnitude in developed markets than in emerging markets, indicating that development of the internal financial system plays a role in extenuating the effects of capital controls. The effect of the imposition of financial controls is not uniform across the various financial instruments. In particular, the imposition of capital controls on derivatives and real estate in developed markets is associated with a negative effect on entrepreneurialism, unlike for other financial instruments in developed markets. However, in emerging markets, the effects on entrepreneurialism of financial controls seems to be more uniform when controlling for the interaction of political risk and financial controls. In controlling for the effects of political risk on financial liberalization, the effects of financial controls between emerging markets and developed markets are not the same. In general, the imposition of financial controls in emerging markets is associated with a decline in entrepreneurialism, while the imposition of such controls in developed markets is associated with an increase in entrepreneurial activity
Keywords: Entrepreneurship | Financial regulation | Emerging markets
مقاله انگلیسی
5 Liberalization, crisis and growth in MENA region: Do institutions matter?
لیبرالیزاسیون، بحران و رشد در منطقه خاورمیانه وشمال افریقا : آیا موسسات مهم هستند؟-2018
The main purpose of this study is to investigate the interaction between financial liberalization, banking crisis and economic growth by taking into consideration the role of institutions. Our sample covers 15 Middle East and North African observed during the period 2000–2013. Using a dynamic panel data framework, our findings reveal that financial liberalization contributed to improve economic growth in MENA countries while banking crisis had harmful effects on MENA economies. The quality of institutions did not have a clear impact except for rule and order and democratic institution. These results have important policy implications. To grow output and avoid the occurrence of banking crisis, MENA countries should reinforce their institutions quality by adopting good practice of governance and regulation.
Keywords: Economic growth; Financial liberalization; Institutions; MENA countries
مقاله انگلیسی
6 Exploring the nexus between financial sector reforms and the emergence of digital banking culture – Evidences from a developing country
بررسی رابطه بین اصلاحات بخش مالی و ظهور فرهنگ بانکی دیجیتال - شواهد از یک کشور در حال توسعه-2017
Several financial and banking sector reform programs were instituted in different countries over the last three decades. The underlining purpose of these reforms was largely to improve banking sector supervision and regulation, introduce bank privatization mechanism, introduce clearance and settlement systems, infuse competition and to stimulate financial innovation. The objectives of this study are to 1) review the relevant published literature and market survey reports on the financial & banking sector reforms undertaken in Pakistan and elsewhere, 2) analyze how these reform programs develop digital banking culture and increase financial inclusion in the country and 3) guide future research by putting forward a research agenda. The findings of the study suggest a link between the financial and banking sector reforms and the stimulation of financial innovation; the promotion of digital banking culture; and the infusion of financial inclusion in Pakistan. We discuss managerial/policy implications of the study, limitations and presents re commendations for future research.
Keywords: Financial and banking sector reforms | Financial liberalization | Digital banking | Financial inclusion
مقاله انگلیسی
7 What is the net effect of financial liberalization on bank productivity? A decomposition analysis of bank total factor productivity growth
اثر خالص آزاد سازی مالی بر بهره وری بانکی چیست؟ تجزیه و تحلیل رشد بهره وری کل عوامل بانک-2017
We employ a unique framework to quantify the net effect of financial liberalization on banks’ total factor productivity (TFP) growth through a decomposition analysis of two effects: a positive direct effect of financial liberalization on bank TFP growth; and a negative indirect effect operating through a higher propensity to systemic banking crisis. The empirical decomposition is based on a sample of 1530 banks operating in 88 countries over the period 1999–2011. We find that the net effect of financial liberalization on bank TFP growth is positive: the direct positive effect outweighs the negative one. An important policy implication flows from these findings.
Keywords: Financial liberalization | Banking crisis | Systemic risk | Bank productivity | Total factor productivity
مقاله انگلیسی
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