The Impact of National Financial Regulation on Macroeconomic and Fiscal Performance after the 2007 Financial Shock – Econometric Analyses Based on Cross-Country Data

Hagen, Tobias

doi:10.5018/economics-ejournal.ja.2013-33

Cited by 3 publications

(3 citation statements)

References 35 publications

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“…Hagen (2013) builds on Giannone, Lenza, and Reichlin (2011) and uses financial reform index developed by Abiad et al (2010). The study finds that countries with more deregulated financial markets experienced deeper recessions, stronger employment losses, and larger government budget deficits.…”

Section: Literature Reviewmentioning

confidence: 99%

Current account and financial reforms: Evidence from sub‐Saharan Africa

Onwuka

Chukwu²,

Agbanike³

2020

Int. J Fin Econ

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This study investigates the relationship between financial deregulation and current account imbalances in a panel of 14 Sub‐Saharan African countries over the period 1990–2015. While there are plethora of studies linking financial (de)regulation and economic crisis, the relationship between financial deregulation and current account imbalances has received little attention to date in the growth literature. Relying on the Classical‐Keynesian theoretic perspective, the study adopted the fixed‐effects panel least square estimation technique to determine the effects of financial reforms on current account balance. Our results are robust, suggesting a significant but negative relationship between financial reforms and current account balance. The results further suggest that factors that positively affect current account balance include terms of trade, inflation rate, gross domestic savings, per capita income, and net foreign assets. A policy shift towards improving terms of trade, and gross domestic savings, through expansion in aggregate output and devaluation of the domestic currency will increase internal market competitiveness within the region.

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Section: Literature Reviewmentioning

confidence: 99%

Current account and financial reforms: Evidence from sub‐Saharan Africa

Onwuka

Chukwu²,

Agbanike³

2020

Int. J Fin Econ

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“…The IMF (2010) points out that the negative external effects generated by financial market failures increase with the presence of a large and complex financial sector. This is due to the significant costs of the failure of a financial entity, because financial markets generally expect that governments will support the banking sector with funding in order to avoid adverse consequences (Hagen, 2013). This involves an additional moral hazard problem for the government.…”

Section: Introductionmentioning

confidence: 99%

Does financial VAT affect the size of the financial sector?

Laborda

Peña

2017

Economics

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The influence of VAT applied to financial services on the size of the financial sector is analyzed empirically. The authors use data from 36 European Union and OECD countries for the period from 1961 to 2012. Dynamic panel data techniques are used, concretely the GMM System. An unbalanced panel is handled. The results allow the authors to support the theoretical analysis that financial VAT has no significant effect on financial sector development. Results are robust to the specifications of the dependent and target variables and to the econometric method applied.

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“…This finding emphasizes the importance of optimal designing of financial regulations together with monetary policy in order to reconcile financial stability and economic growth. Hagen (2013) uses econometric models with cross-country data to measure the effects of financial regulations on macroeconomic variables. The data in this study cover 88 countries over the period of 1973-2005.…”

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confidence: 99%

Does Dodd Frank Act Affect Macroeconomic Variables?

Anaraki

2016

JGE

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The introduction of Dodd Frank Act has induced lots of controversy among economists on its macroeconomic outcomes; though some see it is a necessary piece of legislation, which can avoid future financial crisis, many think it is detrimental to private investment and employment. To see how the Act affect real macroeconomic variables such as GDP growth, investment, and unemployment rate, this study implements econometric models with time series data over the period of 1990-2015 to estimate how financial regulations in general and Dodd Frank Act in particular affects the above-mentioned variables. The results of this study suggest that the Act has a negative significant impact on GDP growth, private investment, and unemployment rate. Â Â Â

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The Impact of National Financial Regulation on Macroeconomic and Fiscal Performance after the 2007 Financial Shock – Econometric Analyses Based on Cross-Country Data

Cited by 3 publications

References 35 publications

Current account and financial reforms: Evidence from sub‐Saharan Africa

Current account and financial reforms: Evidence from sub‐Saharan Africa

Does financial VAT affect the size of the financial sector?

Does Dodd Frank Act Affect Macroeconomic Variables?

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