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Financial Development and Long-Run Volatility Trends
Wang, Pengfei - 2013
significantly lower aggregate volatility. This relationship is also highly non-linear starting from a low level of financial … development the reduction in aggregate volatility by financial deepening is far more significant than it is when the financial … spending shocks, preference shocks) on aggregate output and investment, and why this volatility-reducing effect diminishes with …
Persistent link: https://www.econbiz.de/10013088166
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Financial Development and Economic Volatility : A Unified Explanation
Wang, Pengfei; Wen, Yi - 2009
Empirical studies showed that firm-level volatility has been increasing but the aggregate volatility has been … financial development leads to a larger firm-level volatility but a lower aggregate volatility. In addition, our model is also … consistent with the observed decline in volatility of private held firms which do not have (or have only limited) access to …
Persistent link: https://www.econbiz.de/10014208300
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On recessive and expansionary impact of financial development : empirical evidence
Nguena, Christian Lambert; Kodila-Tedika, Oasis - 2020
This paper mainly examines the effect of financial development on the recession, while controlling for potential recession factors. Using panel data of 129 countries spanning 1990-2010, we implemented "Locally Weighted Scatterplot Smoothing", "Local Linear" and "Iteratively Reweighted Least...
Persistent link: https://www.econbiz.de/10012221855
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On recessive and expansionary impact of financial development : empirical evidence
Nguena, Christian Lambert; Kodila-Tedika, Oasis - In: European journal of comparative economics 20 (2023) 1, pp. 97-130
We investigate the effects of financial development on recession while controlling for potential recession factors using data of about 129 countries covering the 1990-2010 period. To the best of our knowledge, this is the first study examining this relationship using a plural and innovative...
Persistent link: https://www.econbiz.de/10014318636
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The vanishing effect of finance on growth
Gründler, Klaus - 2015
This paper investigates the causes of the "vanishing effect of finance" detected in recent studies. The results highlight that the negative effect of the financial system on growth is mainly driven by advanced economies, whereas finance is still beneficial for income increases in developing...
Persistent link: https://www.econbiz.de/10011391918
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Volatility connectedness of bank stocks across the Atlantic
Yılmaz, Kamil - 2014
This paper presents an analysis of the dynamic measures of volatility connectedness of major bank stocks in the US and … direction of the volatility connectedness was from the US banks towards the EU banks. However, once the financial crisis became … global in the last quarter of 2008, volatility connectedness became bi-directional. The surge in volatility connectedness …
Persistent link: https://www.econbiz.de/10010239322
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Finance and economic growth : financing structure and non-linear impact
Benczúr, Péter; Karagiannis, Stylianos; Kvedaras, … - 2017
There is growing evidence that the impact of financial development on economic growth might be non-linear and hump-shaped, exhibiting a turning point. However, such findings are typically established using total finances (mostly: credit), and the apparent non-linear impact of totals can stem...
Persistent link: https://www.econbiz.de/10012054612
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Financial development and growth : evidence from Bayesian Modelling
Ahiakpor, Ferdinand; Nordjo, Ralph Essem; Alnaa, Samuel … - In: Cogent economics & finance 11 (2023) 2, pp. 1-21
This paper examines the nexus between financial development and economic growth in Ghana between 1970 and 2020. The study adopted the Bayesian Model Averaging (BMA) techniques to address issues of model uncertainty due to many potential explanatory variables that could influence growth. The...
Persistent link: https://www.econbiz.de/10014501173
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State dependence in the finance-growth nexus : a functional coefficient approach
Herwartz, Helmut; Yabibal Mulualem Walle - 2013
Noting that "one size does not fit all" in the case of the finance-growth (FG) nexus, a growing body of literature has recently focused on uncovering economic conditions under which financial development could be beneficial (detrimental) to economic development. We look into these conditions by...
Persistent link: https://www.econbiz.de/10009752169
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Is the relationship between financial development and economic growth monotonic? : evidence from a sample of middle income countries
Samargandi, Nahla; Fidrmuc, Jan; Ghosh, Sugata - 2014
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...
Persistent link: https://www.econbiz.de/10010340261