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Finance and Macroeconomic Performance. Some Evidence for Emerging Markets

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  • Ali F. Darrat
  • Khaled Elkhal
  • Brent McCallum
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    Abstract

    This paper examines whether financial-sector development in several emerging markets affects their real economic activity. Results from cointegration and error correction models suggest that financial deepening (alternatively measured) exerts a robust longterm stimulating effect on real economic activity (both overall and sectoral) in all countries examined. However, short-term effects of financial deepening prove generally nonexistent, or tenuous at best. The results suggest that improving the structure and operation of the financial sector in emerging markets does stimulate real growth, but only if such improvement persists over a prolonged period of time.

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    Bibliographic Info

    Article provided by M.E. Sharpe, Inc. in its journal Emerging Markets Finance and Trade.

    Volume (Year): 42 (2006)
    Issue (Month): 3 (May)
    Pages: 5-28

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    Handle: RePEc:mes:emfitr:v:42:y:2006:i:3:p:5-28

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    Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=111024

    Related research

    Keywords: cointegration; emerging markets; error correction models; financial deepening; real economic growth;

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    Cited by:
    1. Khan, M. Arshad & Qayyum, Abdul, 2006. "Trade Liberalization, Financial Sector Reforms and Growth," MPRA Paper 2655, University Library of Munich, Germany, revised 2006.

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