文章基本信息

标题：Financial Development and Domestic Public Debt in Emerging Economies: A Panel Cointegration Analysis
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作者：Miraç Fatih İlgün
期刊名称：Journal of Applied Economics and Business Research
电子版ISSN：1927-033X
出版年度：2016
卷号：6
期号：4
页码：284-296
出版社：Journal of Applied Economics and Business Research
摘要：The share of domestic public debt over total public debt has increased in most developing economies during thelast 30 years, these period also characterized by expansion and liberalization of the financial markets. Financialdevelopment requires the existence of appropriate institutional infrastructure and economic stability. This paperinvestigates the long-run relationship between financial development and domestic public debt in 18 emergingeconomies over the period 1987–2013. The study uses the second generation panel unit root test and panelcointegration analysis which allows for both cross section dependence and heterogeneity. The results reported inthis study suggest that government borrowing from domestic banks has negative effect on financial developmentin the long run. Furthermore, the findings indicate that while trade openness enhances financial development,economic instability exerts a negative impact in emerging countries.
关键词：Domestic public debt; Financial development; Emerging countries; Panel cointegration