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نتیجه جستجو - System GMM

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 Female Labor Force Participation and economic growth: Accounting for the gender bonus
مشارکت نیروی کار زنان و رشد اقتصادی: محاسبه پاداش جنسیتی-2021
Borrowing from the demographic dividend literature, this paper examines whether there is a gender bonus, namely an increase in the average living standard associated with increases in female labor force participation (FLFP) rates. Translating a per worker production function into a per capita one, it derives a linear dynamic model, the coefficient of which can be used to test for the existence of a gender bonus, and the reasons for this bonus. Using an international panel and applying a system GMM approach, it finds a positive and statistically significant effect of the growth of FLFP on economic growth and a positive but not statistically different from zero effect of the initial FLFP on economic growth. Importantly, we cannot reject the hypothesis that either of these effects is merely an accounting effect, namely a consequence of having more workers in the economy and more aggregate output. It finds no support for a secondary bonus through education or population growth.
keywords: نیروی کار زن | پاداش جنسیت | رشد اقتصادی | Female Labor Force | Gender bonus | Economic growth
مقاله انگلیسی
3 Foreign penetration, competition, and financial freedom: Evidence from the banking industries in emerging markets
نفوذ خارجی ، رقابت و آزادی مالی: شواهدی از صنایع بانکی در بازارهای نوظهور-2019
Traditional theories suggest that foreign entry intensifies competition and improves efficiency in a banking sector. However, the positive impacts may be offset by several factors, such as foreign banks’ “cherry-picking” lending practice, mergers & acquisitions, and the “crowd-out” effect. Based on a sample of commercial and savings banks collected from Bankscope, this paper investigates the effects of foreign penetration on bank competition in the host countries. Using the two-step Arellano-Bond system GMM method, we show that the entry of foreign banks enhances competition in the banking systems among the sampled developing countries between 2000 and 2014. The positive relationship between foreign penetration and banking competition is more conspicuous after the 2008–2009 global recession. Latin American countries appear to benefit more from foreign bank penetration during the sample period than emerging markets in Asia. Also, the level of a host country’s financial freedom has a moderation effect on the “foreign penetration—competition” nexus.
Keywords: Emerging market economies | Banking | Foreign penetration | Competition
مقاله انگلیسی
4 Remittance volatility and financial sector development in sub-Saharan African countries
نوسانات حواله و توسعه بخش مالی در کشورهای جنوب صحرای آفریقا-2019
In this study we examine the relationship between remittances, remittance volatility and financial sectordevelopment in sub-Saharan Africa using a two-step system GMM estimator over the period 2002–2014.Separately focussing on banking sector- and stock market development, our study distinguishes betweenthe effect of remittances and remittance volatility on financial sector depth and financial sector efficiency.The results indicate remittances act as a substitute for the formal banking system in sub-Saharan Africancountries. We further provide evidence that remittance volatility is detrimental to both banking sector depthand efficiency. No evidence is found that remittance volatility is related to stock market development. Apolicy implication from our study is that sub-Saharan African countries should have measures in place tomonitor the predictability of remittances while the cost of remittance transfer needs to be investigated.
Keywords: Remittance volatility | Financial development | Panel data
مقاله انگلیسی
5 What drives credit risk in the Indian banking industry? An empirical investigation
چه چیزی باعث ایجاد ریسک اعتباری در صنعت بانکی هند می شود؟ یک تحقیق تجربی-2019
Using a two-step system GMM approach on a unique bank-level dataset for the period 1998/ 99–2013/14, this paper tries to explore the key determinants of credit risk in the Indian banking industry. The main premise of this paper is that, along with regulatory and institutional factors, both macroeconomic and bank-specific variables influence the formation of credit risk in a banking system, and their influences vary across ownership groups. The empirical findings suggest that lower profitability, more diversification in the banking business, the large size of banks and a higher concentration of banks in lending increase the probability of defaults in India. We find a significant degree of persistence in credit risk, and the observed persistence is higher in the gross non-performing loans (NPLs) specification relative to what has been observed in the net NPLs specification. In the case of public sector banks, NPLs are more sensitive to internal bankspecific factors, while for private and foreign banks, macroeconomic and industry-related factors play a significant role in determining credit risk. Our results are robust for different panel data estimation models and sub-samples of ownership groups. The findings of this paper provide important insights into the formation of default risk in the banking system of an emerging market economy.
Keywords: Credit risk | Persistence effect | System GMM | Indian banks
مقاله انگلیسی
6 Bank regulation and efficiency: Evidence from transition countries
مقررات بانک و بهره وری: شواهدی از کشورهای در حال گذار-2019
Given the nascent nature of banking sectors in transition countries and their unique institutional settings, this paper documents the effects of regulation on the efficiency of banks using system GMM and dynamic panel quantile regressions for 21 transition countries for the period 2002–2014. Within the system GMM estimation the paper finds bank activity restrictions to be the only regulation improving banking efficiency in these countries. However, the dynamic panel quantile results show that the regulation has different effects at different quantiles. This study provides important policy implications related to banking regulation in transition economies.
Keywords: Banking | Bank regulation | Transition economies
مقاله انگلیسی
7 Do we need bigger Islamic banks? An assessment of bank stability
آیا ما به بانک های اسلامی بزرگ نیاز داریم؟ ارزیابی ثبات بانک-2017
In this paper, we evaluate from the stability point of view whether Islamic banks should stay small or should be bigger. More specifically, in relating bank stability to bank size, we examine potential non-linear effects of size on bank soundness and the roles regulation plays in strengthening or weakening the size-stability relation using a panel sample of 45 Islamic banks from 13 countries. Our results show that larger Islamic banks are more stable, at least when they surpass a certain threshold size. As regards regulation, activity restrictions and capital stringency play a role in strengthening the stability-size relation. By contrast, the positive stability-size relation is weakened with more private monitoring and supervisory power. Hence, our results point to the benefits of having bigger Islamic banks. They also suggest that, to further enhance the stability implications of larger Islamic banks, policymakers should focus on improving regulation in the forms of activity restrictions and capital stringency.
Keywords: Islamic banking stability | Bank size | System GMM | LSDVC | Regulation
مقاله انگلیسی
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