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The heterogeneous effect of technology and macroeconomic policies on financial market development

Author

Listed:
  • Farzan Yahya

    (College of Finance and Economics, Nanchang Institute of Technology)

  • Muhammad Waqas

    (Jiangsu University of Science and Technology)

  • Muhammad Hussain

    (Xidian University)

  • Abdul Haseeb Tahir

    (Nanjing University of Science and Technology)

Abstract

This study examines the heterogeneous effect of technological advancement, anti-monopoly policies, government transparency, and macroeconomic stability on financial market development. A panel data of 74 countries over the period 2007 to 2017 is selected. Based on simultaneous panel quantile regression (SPQR), the findings reveal that macroeconomic stability improves financial market development after the financial markets attain a certain level of efficiency (50th and 90th). Similarly, there is an asymmetric effect of antimonopoly policies on financial market development and a stronger effect is observed for intermediate markets. On the other hand, no significant effect of transparent government policy is indicated at any quantile. Lastly, the “noise trading” mechanism of technology advancement is demonstrated by SPQR estimations, especially for least and highly developed financial markets. These findings suggest that countries could attain financial market efficiency by implementing anti-monopoly policies so that corruption and bureaucratic power could be cramped effectively. Nonetheless, continuous monitoring is essential to sustain the value-enhancing mechanisms for financial activities so that information asymmetry issues emerge from technology advancement and competition is avoided.

Suggested Citation

  • Farzan Yahya & Muhammad Waqas & Muhammad Hussain & Abdul Haseeb Tahir, 2024. "The heterogeneous effect of technology and macroeconomic policies on financial market development," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(2), pages 1131-1146, April.
    • Handle: RePEc:spr:qualqt:v:58:y:2024:i:2:d:10.1007_s11135-023-01649-0
    DOI: 10.1007/s11135-023-01649-0
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