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The Allocation of Economic Capital in Opaque Financial Conglomerates
Mierzejewski, Fernando - 2009
The capital structure of firms that face restrictions on liquidity (i.e. that cannot hedge continuously) is affected by the agency costs and moral-hazard implicit in the contracts they establish with stockholders and customers. It is demonstrated in this paper that then an optimal level of...
Persistent link: https://www.econbiz.de/10013159445
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Financial development and economic growth: Evidence of non-linearity
Doumbia, Djeneba - Volkswirtschaftliche Fakultät, … - 2015
This paper explores the non-linear relationship between financial development and economic growth. It mainly relies on the Panel Smooth Transition Regression (PSTR) model of Gonzalés et al. (2005) and three metrics of financial development to endogenously assess the impact of financial...
Persistent link: https://www.econbiz.de/10011271319
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Bank stock returns and economic growth
Cole, Rebel; Moshirian, Fari; Wu, Qionbing - Volkswirtschaftliche Fakultät, … - 2007
country-specific and institutional characteristics, such as bank-accounting-disclosure standards, banking crises, enforcement … literature by analyzing the relationship between banking industry stock returns and future economic growth. Using dynamic panel … between bank stock returns and future GDP growth that is independent of the previously documented relationship between market …
Persistent link: https://www.econbiz.de/10011259225
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The Causal Nexus between Financial Development and Economic Growth in Kenya
Uddin, Gazi Salah; Sjö, Bo; Shahbaz, Muhammad - Volkswirtschaftliche Fakultät, … - 2013
This paper aims to reexamine the relationship between financial development and economic growth in Kenya over the period of 1971-2011. Since, financial sector plays a vital role in mobilizing and allocating savings into productive ventures, the core issue of this investigation remains important...
Persistent link: https://www.econbiz.de/10011260410
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Finance and growth in a small open emerging market
Law, Siong Hook; Azman-Saini, W.N.W.; Smith, Peter - Volkswirtschaftliche Fakultät, … - 2006
This study contributes to the debate on financial development and economic growth in Malaysia using quarterly observations for a sample period from 1980 to 2002. It utilises a battery of financial indicators. Based on multivariate framework which takes real interest rate and capital stock into...
Persistent link: https://www.econbiz.de/10005260031
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The dynamic of financial development, imports, foreign direct investment and economic growth: cointegration and causality analysis in Pakistan
Muhammad, Shahbaz; mohammad, Mafizur Rahman - Volkswirtschaftliche Fakultät, … - 2011
The paper investigates the effect of financial development, imports and foreign direct investment (FDI) on output in case of Pakistan over the period of 1990-2008 using quarterly data set. ARDL bounds testing approach is applied to examine the long run relationship and the direction of causality...
Persistent link: https://www.econbiz.de/10009211240
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Does Financial Development Increase Energy Consumption? Role of Industrialization and Urbanization in Tunisia
Muhammad, Shahbaz; Lean, Hooi Hooi - Volkswirtschaftliche Fakultät, … - 2011
This paper assesses the relationship among energy consumption, financial development, economic growth, industrialization and urbanization in Tunisia from 1971-2008. The autoregressive distributed lag bounds testing approach to cointegration and Granger causality tests are employed for the...
Persistent link: https://www.econbiz.de/10009295283
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Electricity Consumption, Financial Development and Economic Growth Nexus: A Revisit Study of Their Causality in Pakistan
Muhammad, Shahbaz - Volkswirtschaftliche Fakultät, … - 2011
This study contributes to energy economic literature by incorporating financial development in neo-classical production function to investigate the electricity consumption and economic growth nexus in case of Pakistan. ARDL bounds testing approach has been applied to examine cointegration...
Persistent link: https://www.econbiz.de/10009404633
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Financial Development, International Trade and Economic Growth: Empirical Evidence from Pakistan
Shaheen, Safana; Awan, Masood Sarwar; Waqas, Muhammad; … - Volkswirtschaftliche Fakultät, … - 2011
The study utilizes the Autoregressive-distributed lag (ARDL) approach for cointegration and Granger causality test, to explore the long run equilibrium relationship and the possible direction of causality between international trade, financial development and economic growth for the Pakistan...
Persistent link: https://www.econbiz.de/10009251540
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Financial Development and Economic Growth: Time Series Evidence from Egypt
Abu-Bader, Suleiman; Abu-Qarn, Aamer - Volkswirtschaftliche Fakultät, … - 2005
This paper examines the causal relationship between financial development and economic growth in Egypt during the period 1960-2001 within a trivariate VAR setting. We employ four different measures of financial development and apply Granger causality tests using the cointegration and vector...
Persistent link: https://www.econbiz.de/10005789771