Financial Liberalization, the Finance–Growth Nexus, Financial Crises and Policy Implications

2016 ◽  
pp. 1-42 ◽  
Author(s):  
Philip Arestis
Keyword(s):  
Financial Crises ◽  
Financial Liberalization ◽  
Policy Implications ◽  
Finance Growth Nexus

Economic Development and Its Impact on Turkish Banking Sector

2015 ◽  
pp. 246-259
Author(s):  
Hatice İpek ◽  
Özlem Olgu
Keyword(s):  
Economic Development ◽  
Financial Crises ◽  
Banking Sector ◽  
Financial Liberalization ◽  
Currency Crisis ◽  
Regulatory Changes ◽  
The Impact ◽  
The Imf

This chapter aims to understand the impact of major macroeconomic and regulatory changes on the Turkish banking sector. The authors specifically focus on the financial liberalization program of 1980s, inherent banking problems of 1990s, the 1994 currency crisis, the IMF stabilization program, the 2000-2001 financial crises, and the banking sector restructuring program of May 2001.

scholarly journals Financial Liberalization or Financial Development? Tests Using Delphi-Based Index Ofliberalization

2009 ◽  
Author(s):  
Nicolaas Gronewold ◽  
Jiangang Peng ◽  
Guanzheng Li ◽  
Xiangmei Fan
Keyword(s):  
Financial Development ◽  
Delphi Method ◽  
Financial Liberalization ◽  
Financial Reform ◽  
Financial Assets ◽  
Policy Perspective ◽  
Financial Liberalisation ◽  
Components Analysis ◽  
Empirical Growth ◽  
Finance Growth Nexus

Most empirical analysis of the finance-growth nexus has used measures of financial development such as the ratio or monetary of financial assets to GDP to measure financial development. We argue that from a policy perspective measures of financial liberalisation or reform are of greater interest and, besides, are less likely to be beset by endogeneity problems which have dogged the empirical growth literature. We develop such a measure by combining the ‘Delphi’ method and principal components analysis to construct an index of financial liberalisation for China. Much of China’s financial development has been policy-driven and we could expect to find a distinct difference, at least in timing, between measures of financial reform and financial development. We compare our financial liberalisation index to a number of standard measures of financial development and find that there is pervasive evidence that financial liberalisation Granger-causes financial development but not vice versa.  

scholarly journals Structural Breaks and Volatility Spillover in South Asian Economies

2020 ◽  
Vol 3 (1) ◽  
pp. 64-77
Author(s):  
Hafiz Rauf Iqbal ◽  
Syed Kashif Saeed ◽  
Syed Zulfiqar Ali Shah
Keyword(s):  
Financial Crisis ◽  
South Asian ◽  
Capital Markets ◽  
Financial Crises ◽  
Structural Breaks ◽  
Global Financial Crisis ◽  
Policy Implications ◽  
Specific Reference ◽  
Volatility Spillover ◽  
The Impact

Purpose - This study examines the volatility spillovers in the presence of structural breaks with specific reference to South Asian Capital markets. The global financial crisis of 2007-2009 has compelled policymakers to realize that financial instability has the potential to threaten economic stability and growth; therefore, managing the financial crisis is inevitable. To manage the impact of financial crises, understanding the dynamics of volatility spillover across various markets is imperative. This study has investigated the possible emergence of structural breaks in risk patterns after global financial crises in south Asian markets. Methodology - Using the data from July 2002 to June 2016, employing the Exponential GARCH methodology. Findings - This study finds a significant volatility spillover after the financial crisis of 2007-09. Therefore, the existence of a structural break in the risk pattern of south Asian capital markets cannot be fully rejected. Policy Implications - This conclusion is of prime importance to policymakers in devising policy guidelines concerning financial crises.

scholarly journals Impact of External Capital on Economic Growth in EMCCA Countries

2019 ◽  
Vol 12 (6) ◽  
pp. 90
Author(s):  
Thierry Mamadou Asngar ◽  
Médard Mengue Bidzo
Keyword(s):  
Economic Growth ◽  
Monetary Union ◽  
Financial Crises ◽  
Direct Investment ◽  
Financial Liberalization ◽  
Central Africa ◽  
External Financing ◽  
External Capital ◽  
The Impact ◽  
Growth Economic

Taking into account the effects of financial liberalization on activity, associated with the spread of financial crises in an environment of uncertainty and dependence of the economies on external financing, updates the question of the impact of external capital on growth economic. The purpose of this paper is to examine the impact of external capital on economic growth in developing country members of a monetary union. Following a dynamic least squares estimation on the data of the countries of the Economic and Monetary Community of Central Africa (EMCCA), we obtain that an increase in direct investment abroad positively influences the economic growth in these countries.

scholarly journals CAPITAL FLOW BONANZAS AS A FUNDAMENTAL INGREDIENT IN SPAIN'S FINANCIAL CRISES, 1850-2015

2020 ◽  
pp. 1-35
Author(s):  
Concha Betrán ◽  
Maria A. Pons
Keyword(s):  
Monetary Policy ◽  
Capital Flows ◽  
Financial Crises ◽  
Financial Regulation ◽  
Capital Flow ◽  
Regulatory Framework ◽  
Policy Implications ◽  
Financial Instability ◽  
Policy Regimes ◽  
Regulation And Supervision

ABSTRACT This paper analyses the mechanisms through which capital flows produced financial instability in Spain over a 165-year period. We study why and how capital bonanzas make crises more likely and severe, and whether their incidence varies depending on types of crises (currency, banking and debt crises). We conclude that most of them occurred in different monetary policy regimes, but they were associated with capital bonanzas in a liberal regulatory framework, both of which contributed to a higher likelihood and greater severity of crises. The analysis of the different monetary policy regimes, financial structures and the types of crises allows us to draw some policy implications that emphasise the need for sound financial regulation and supervision.

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