文章基本信息

标题：Exploring the finance and growth relationship for emerging market economies
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作者：Hsin-Yu Liang ; Alan Reichert
期刊名称：Journal of Economic and Financial Sciences
印刷版ISSN：1995-7076
电子版ISSN：2312-2803
出版年度：2011
卷号：4
期号：2
页码：275-300
DOI：10.4102/jef.v4i2.321
摘要：This study focuses on alternative ways to measure financial sector development and the external factors that both directly and indirectly influence economic growth. The empirical results based upon panel data from 1985 to 2003 for a sample of emerging countries suggest three major conclusions. First, by including a range of alternative financial sector development measures and a variety of external policy-related factors in the model, the importance of supplying basic liquidity services, as measured by M3, becomes less important for emerging countries. Second, the empirical results suggest that while a basic level of deposit insurance protection might prove stabilizing for emerging economies, excessive levels of insurance may promote undue risk. Third, several competitive market structure and regulatory variables designed to measure efficiency in the intermediation process, such as net interest margin, and managerial efficiency as measured by overhead costs, are found to have a statistically significant, and in certain cases, unexpected impacts.
其他摘要：This study focuses on alternative ways to measure financial sector development and the external factors that both directly and indirectly influence economic growth. The empirical results based upon panel data from 1985 to 2003 for a sample of emerging countries suggest three major conclusions. First, by including a range of alternative financial sector development measures and a variety of external policy-related factors in the model, the importance of supplying basic liquidity services, as measured by M3, becomes less important for emerging countries. Second, the empirical results suggest that while a basic level of deposit insurance protection might prove stabilizing for emerging economies, excessive levels of insurance may promote undue risk. Third, several competitive market structure and regulatory variables designed to measure efficiency in the intermediation process, such as net interest margin, and managerial efficiency as measured by overhead costs, are found to have a statistically significant, and in certain cases, unexpected impacts.
关键词：financial development; legal structure; regulation; law; technology; deposit insurance; finance and growth nexus
其他关键词：financial development;legal structure;regulation;law;technology;deposit insurance;finance and growth nexus