Finance and Macroeconomic Performance. Some Evidence for Emerging Markets
AbstractThis 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 InfoArticle provided by M.E. Sharpe, Inc. in its journal Emerging Markets Finance and Trade.
Volume (Year): 42 (2006)
Issue (Month): 3 (May)
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=111024
cointegration; emerging markets; error correction models; financial deepening; real economic growth;
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- Khan, M. Arshad & Qayyum, Abdul, 2006.
"Trade Liberalization, Financial Sector Reforms and Growth,"
2655, University Library of Munich, Germany, revised 2006.
- Muhammad Arshad Khan & Abdul Qayyum, 2006. "Trade Liberalisation, Financial Sector Reforms, and Growth," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 45(4), pages 711-731.
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