Time diversification: Definitions and some closed-form solutions

Chung, Kee H.; Smith, William T.; Wu, Tao

doi:10.1016/j.jbankfin.2008.12.007

Cited by 9 publications

(3 citation statements)

References 65 publications

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“…On Iraq, Khalaf (2011) finds that interest rate deregulation stimulates financial deepening encouraging savings and increasing financial assets in the long-run, but such may not be the case in the short-run. Chandar, Patro and Yezegel (2009) and Chung, Smith and Wu (2009) find that financial reform encourages savers and borrowers to operate in accordance with the dictates of market forces which would engender healthy competition and promote financial market efficiency. Orji, Aguegboh and Anthony-Orji (2015) find that financial liberalisation (proxied by domestic credit) promotes real sector activities.…”

Section: Brief Insights From Extant Literaturementioning

confidence: 99%

Financial reforms and credit growth in Nigeria: empirical insights from ARDL and ECM techniques

Adeleye

Osabuohien

Bowale

et al. 2017

International Review of Applied Economics

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In the last 37 years Nigeria has undergone several stages of financial reforms with different impacts on the economy. Hence, this paper empirically analyses the impact of financial reforms on credit growth in Nigeria using annual data from 1980 to 2016. The research work hinges on the theoretical underpinning of the McKinnon-Shaw hypothesis on the relevance of financial reforms in a lagging economy. Analysing the data with autoregressive distributed lag (ARDL) error correction representation and bounds testing techniques, we notably find evidence to this hypothesis and state that at higher real interest rate there is increased financial intermediation evidenced by credit growth. Other findings are that in the long-run, financial system deposits, inflation rate and per capita GDP are strong asymmetrical predictors of credit growth and real interest rate (the financial reform indicator) while the short-run relationships are indicator-specific. We further show that a long-run cointegration relationship exists between domestic credit and other covariates and likewise between the real interest rate and its regressors.

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Section: Brief Insights From Extant Literaturementioning

confidence: 99%

Financial reforms and credit growth in Nigeria: empirical insights from ARDL and ECM techniques

Adeleye

Osabuohien

Bowale

et al. 2017

International Review of Applied Economics

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“…Lack of integration implies that country and individual risks will be important factors in determining stock returns, and therefore investor behaviour (Chandar et al, 2009;Chung et al, 2009). Second, many groups of investors are constrained in their portfolio selection by asymmetric information, domestic regulations and corporate policies (Kalev et al, 2008;Silva and Chavez, 2008).…”

Section: Introductionmentioning

confidence: 99%

International diversification strategies: Revisited from the risk perspective

Bai

Green

2010

Journal of Banking & Finance

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“…On the empirical side, several studies have tested this hypothesis and investigated related issues in the literature. The studies by Chung, Smith and Wu (2009) and Chandar, Patro and Yezegel (2009) reported that financial reforms stimulate healthy competition and promote financial market efficiency by ensuring that borrowers and savers operate in line with the dictates of the market. A similar study was also conducted by Khalaf (2011) for the case of Iraq, with empirical results supporting the widely held view that interest rate deregulation stimulates savings, increases financial assets and engenders financial deepening in the long run.…”

Section: Literature Reviewmentioning

confidence: 99%

Financial Reforms, Capital Investment and Financial Intermediation in China

Ibhagui¹

2019

South Asian Journal of Macroeconomics and Public Finance

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China has witnessed remarkable changes in its capital investment and financial system since initiating economic and financial sector reforms more than three decades ago. However, there is a dearth of studies examining what impact these reforms have had on financial intermediation, measured by credit growth, in the country. This article addresses this vacuum and investigates the effect of financial sector and capital investment reforms on credit growth in China between 1986 and 2016. We examine how real interest rate (the financial reform indicator) and gross fixed capital formation (the economic capital investment indicator) are linked with financial intermediation in China. Our empirical results suggest that although gross fixed capital formation positively influences credit growth, there is no evidence that real interest rates influence credit growth in China. The main message is that credit has grown in China, not because of financial intermediation but because of the increased need to finance growing fixed capital investment. JEL Classification: E43, E44, F65

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Time diversification: Definitions and some closed-form solutions

Cited by 9 publications

References 65 publications

Financial reforms and credit growth in Nigeria: empirical insights from ARDL and ECM techniques

Financial reforms and credit growth in Nigeria: empirical insights from ARDL and ECM techniques

International diversification strategies: Revisited from the risk perspective

Financial Reforms, Capital Investment and Financial Intermediation in China

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