التطور المالي في بلدان المغرب العربي في ظل الانفتاح و التحرير المالي خلال الفترة 1990 - 2013 = Financial Development in Maghreb Countries in the Light of Openness and Financial Liberalization during the Period 1990 - 2013

2015 ◽  
pp. 125-140
Author(s):  
أمحمد عبد الكريم بو غزالة
Keyword(s):  
Financial Development ◽  
Financial Liberalization

Globalization, Financial Development and Income Inequality

2015 ◽  
pp. 349-374
Author(s):  
Görkem Bahtiyar
Keyword(s):  
Financial Development ◽  
Capital Mobility ◽  
Direct Investment ◽  
Financial Liberalization ◽  
Division Of Labour ◽  
The Great Recession ◽  
Institutional Structures ◽  
The World ◽  
Changing Patterns ◽  
Portfolio Investments

Globalization, as a concept has three main aspects: economic, political and social. Economic globalization in general, refers to the liberalization of trade between countries and increasing mobility of factors. In the case of factor mobility, capital flows come to the fore. Increasing capital mobility in the form of foreign direct investment and more importantly, portfolio investments, apart from causing a new international division of labour among regions of the world, also have important effects on the financialization phenomenon, changes in income distribution and changing institutional structures. Developments in information-telecommunication technologies, changing patterns in intellectual sphere, as well as in political and economic institutions especially after the mid-1970s play a role in the rise of financial globalization. Financial liberalization has been celebrated since McKinnon (1973)-Shaw (1973), but the Great Recession sparked doubts on the ability of unchecked financial development on providing a solid and fair foundation of economic development.

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.  

Financial Development and Output: A Synthesis of Time Series Cointegration and Causality Tests for Bangladesh

2016 ◽  
Vol 5 (2) ◽  
pp. 113-132 ◽  
Author(s):  
Anupam Das ◽  
Syeed Khan
Keyword(s):  
Developing Countries ◽  
Financial Development ◽  
Financial Liberalization ◽  
Jel Classification ◽  
Output Growth ◽  
Empirical Literature ◽  
Financial Policies ◽  
Data Set ◽  
Vector Error Correction ◽  
Causality Tests

Since the 1980s, financial liberalization in developing countries has been an important policy prescription of many international organizations including the World Bank (WB) and International Monetary Fund (IMF). It is argued that the liberalization of the financial sector would allocate productive resources in the most efficient way and increase economic growth. However, the relationship between financial liberalization and output is not clear in the existing empirical literature. Applying the cointegration and Granger causality tests within the vector error correction model (VECM) to a data set from 1974 to 2013, our results suggest that output per capita Granger causes financial development, and vice versa. Hence, we find the evidence of bidirectional causality between financial development and GDP in Bangladesh. These results will help policymakers design financial policies in Bangladesh and other developing countries, which face the dilemma of financial liberalization while maintaining a high and stable output growth. JEL Classification: E44, O40, C22

scholarly journals Does Financial Liberalization and Investment Rate Affect Financial Development in Cameroon?

2016 ◽  
Vol 8 (2) ◽  
pp. 136
Author(s):  
Victalice Achamoh Ngimanang ◽  
Ibrahim Ngouhouo
Keyword(s):  
Private Sector ◽  
Financial Development ◽  
Financial Liberalization ◽  
Time Series Data ◽  
Relevant Literature ◽  
Financial Sector ◽  
Series Data ◽  
Investment Rate ◽  
Long Run ◽  
Short Run

This study investigates the key determining factors of financial development using Cameroons time series data from 1977 to 2010. After over-viewing the financial market and financial development in Cameroon and exploring some relevant literature, the study specifies and estimates long- and short-run functions for financial development using co-integration and error correction techniques. Financial liberalization, Gross investment rate, GDP growth rate, inflation rate and government spending appear to significantly influence the level of credit to the private sector in Cameroon. Gross investment rate significantly promotes financial development in the long- and short run whereas financial liberalization significantly contributes to private credit only in the short run. These results suggest that the efficiency of the financial sector in allocating credit to the private sector could be enhanced by encouraging gross investment in the short and long run and equally by liberalising the financial sector in the short run.

scholarly journals Financial Development, Financial Repression, And Growth In Developing Economies

2011 ◽  
Vol 11 (1) ◽  
pp. 115
Author(s):  
Lillian Kamal
Keyword(s):  
Economic Growth ◽  
Interest Rates ◽  
Financial Development ◽  
Financial Liberalization ◽  
Developing Economies ◽  
Banking System ◽  
Financial Repression ◽  
Overwhelming Evidence ◽  
Geographical Regions ◽  
The Relationship

Many studies have examined the relationship between economic growth and finance. A continuing question is the choice of a clear proxy for financial development. This paper attempts to elucidate this issue from a developing country perspective, while controlling for financial repression. The proxy of choice is the ratio of currency outside the banking system to real output (CB). This proxy is unique in that it is related to the degree of financial repression, and thus relates differently to economic growth depending on the level of financial development. The statistics support the hypothesis of a U-shaped behavior of CB with financial liberalization. The empirical results show that CB relates negatively to growth in countries that are less financially liberalized and positively with growth in countries that are more financially liberalized. The literature has used real interest rates as a measure of financial repression. An innovative measure of financial repression is then proposed that combines the use of currency inside banks and currency outside banks, and is tested concurrently with a broad money depth measure. The study is carried out using a panel approach, and the sample is also divided into different geographical regions, in order to see whether the relationship differs between geographical regions. The study concludes that there is overwhelming evidence that financial repression, which is indicative of financial under-development, is negatively related to growth.

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