文章基本信息

标题：The Dark Side of Financial Innovation: Deterrent For Economic Growth
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作者：Ayesha Afzal ; Anusheh Ali Gauhar
期刊名称：Academy of Accounting and Financial Studies Journal
印刷版ISSN：1096-3685
出版年度：2020
卷号：24
期号：5
页码：1-11
语种：English
出版社：The DreamCatchers Group, LLC
摘要：This study explores the impact of financial innovation on economic growth with a unique focus on its detrimental effects. Using data from 164 countries for 1990 to 2017, the paper uses panel OLS regression model with an exhaustive set of variables to conduct the base analysis while GMM is used to accurately study the possible endogenous relationship between financial variables and economic performance across countries. The results show that there is a significant, negative relationship between financial innovation and economic growth, thereby highlighting the dark side of financial innovation. The findings have important policy implications for regulators especially with emphasis on the role of market discipline..
关键词：Financial Innovation;Financial Crisis;Regulation