Financial development, structure and growth: New data, method and results

Luintel, Kul B.; Khan, Mosahid; Leon-Gonzalez, Roberto; Li, Guangjie

doi:10.1016/j.intfin.2016.04.002

Cited by 40 publications

(35 citation statements)

References 32 publications

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“…Therefore, it is necessary to analyse each aspect and adjust the policies accordingly. The results are summarized in Table 9 , and the influences of FST and FGR [ 98 ] are not statistically significant, so we will not discuss the two indicators.…”

Section: Empirical Results and Discussionmentioning

confidence: 99%

To Facilitate or Curb? The Role of Financial Development in China’s Carbon Emissions Reduction Process: A Novel Approach

Xing

Jiang

2017

IJERPH

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With the Paris Agreement coming into effect, China, as the largest CO2 emitter in the world, will be facing greater pressure to reduce its carbon emissions. This paper discusses how to solve this issue from the perspective of financial development in China. Although many studies have analyzed its impact on carbon emissions, the conclusions are contradictory. A major criticism of the existing studies is the reasonability of the selection of appropriate indicators and panel estimation techniques. Almost all studies use only one or limited indicators to represent the financial development and ignore the cross-sectional dependence. To fulfil the gaps mentioned above, a financial development index system is built, and with the framework of the STIRPAT (Stochastic impacts by regression on population, affluence, and technology) model, this paper applies an ARDL approach to investigating the long-run relationship between financial development and carbon emissions and a dynamic panel error-corrected model to capture the short-run impact. The empirical results show that financial development can improve carbon emissions, and such impact not only shows a regional difference but also reflects the features of stage differences. Additionally, based on the discussion on seven specific aspects of financial development, our findings can be helpful for policy makers to enact corresponding policies to realize the goal of reducing carbon emissions in China.

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Section: Empirical Results and Discussionmentioning

confidence: 99%

To Facilitate or Curb? The Role of Financial Development in China’s Carbon Emissions Reduction Process: A Novel Approach

Xing

Jiang

2017

IJERPH

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“…The findings show that, GDP growth has dominant indicate on the financial development, while stock market dominance reflect a lower influence. Luintel et al (2016) found that, marketbased financial system account for a sizable economic influence on the high-income countries than the middle and low income nations. Vithessonthi and Kumarasinghe (2016) analyzed the effect of financial development and international trade on stock market integration in 15 Asian developed and developing economies.…”

Section: Introductionmentioning

confidence: 99%

The effects of financial development and trade openness on Nigeria‘s dynamic growth

Danlami¹,

Loganathan²,

Štreimikienė³

et al. 2018

Economics &Amp; Sociology

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This study attempts to investigate the short and long-run cointegration with the causal nexus between financial developments, trade and output growth in Nigeria. The financial instability index was generated using the residual based analysis to account for the effect of financial instability on growth. To examine the cointegration effects, the study used Autoregressive Distributed Lag (ARDL) model. The non-Granger causality analysis was also employed to determine the direction of causality between the variables. We found that financial instability retards growth significantly while financial liberalization indicates positive impact, but insignificant effect on growth. The study concluded that there is a long-run nexus between financial development and economic growth in Nigeria. We recommend that proactive measures need to be established to sustain economic growth in the country through enhancing productivity level, encouraging savings culture and economizing resources to promote capital accumulation.

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“…They were quick to add that financial structure has no significance in the middle-and low-income countries. Yeh and Lin (2013) and Gambacorta, Yang, and Tsatsaronis (2014), however, reported a non-linear relationship between financial structure and economic growth and that these relationships exist in developing countries, contrary to Luintel et al (2016). Other studies in this class include Tadesse (2005), Lin, Sun, and Jiang (2009) and Rajan and Zingales (2004).…”

Section: Literature On the Relationship Between Financial Structure Amentioning

confidence: 99%

The value of the financial structure to economic performance in oil‐producing countries

Oro

Ekpo

2020

OPEC Energy Review

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Is financial structure (FS) valuable to economic performance (EP) of countries? To answer this question, we investigated 23 oil-producing and 18 non-oil-producing countries over the course of ten years (2006)(2007)(2008)(2009)(2010)(2011)(2012)(2013)(2014)(2015). We found an increase in bank-based FS decreases economic growth (EG) and amplifies growth volatility (GV) in the oil-and non-oil-producing economies. An increase in market-based FS increases EG in the two samples but amplifies GV in the oil-producing economies while dampening GV in the non-oil-producing countries. The uniqueness in our results is that between the oil-and non-oil-producing countries, where the relationship between FS and EP is negative, the negative effect is more in the oil-producing countries. Where the relationship is positive in the two samples, the positive effect is smaller in the oil-producing countries. We, therefore, recommend that any policy reforms in the oil-producing economies should be contextspecific because oil-producing economies appear to differ from the other economies.OPEC Energy Review March 2020

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Financial development, structure and growth: New data, method and results

Cited by 40 publications

References 32 publications

To Facilitate or Curb? The Role of Financial Development in China’s Carbon Emissions Reduction Process: A Novel Approach

To Facilitate or Curb? The Role of Financial Development in China’s Carbon Emissions Reduction Process: A Novel Approach

The effects of financial development and trade openness on Nigeria‘s dynamic growth

The value of the financial structure to economic performance in oil‐producing countries

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