In this paper we examined the impact of the liberalization of financial sector on growth in small open economy of Ghana using time series data from 1970 to 2007. Using autoregressive distributed lag (ARDL) modelling approach we find long-run positive and significant impact of financial...

This paper examines the relationship between financial integration and economic growth while taking into account a financial instability indicator in the analysis of this relationship. There will have to be a reconciliation between those who advocate the existence of positive effects and a...

Savings problem has become a crucial issue since it is one of the reasons of today's frequently-observed-financial crisis. There are several theories explaining this problem in the framework of consumption theory. Inequality in income distribution affects saving behavior. In this sense, our...

This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm's equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In...

Consumption and income have both grown rapidly in Taiwan over the past forty years, with younger birth cohorts experiencing faster growth. The long upward trend in consumption presents a strong challenge to the consumption smoothing predictions of the Permanent Income Hypothesis. We investigate...

We revisit the relationship between financial development and economic growth in a panel of 52 middle income countries over the 1980-2008 period, using pooled mean group estimator in a dynamic heterogeneous panel setting. We show that financial development does not have a linear positive...

While the financial inclusion would induce greater pollutant emissions through its impact of economic activity, the increased access to financial services may unleash investments in green technologies. This papier investigates whether the financial inclusion influences the dynamic of carbon...

The small sample performance of system Generalized Method of Moments (GMM) and an alternative Transformed Maximum Likelihood (TML) estimator is investigated in Monte Carlo simulations, implementing a data generating process that tracks important features inherent in dynamic panels used in...