Corruption Control, Financial Development, and Growth Volatility: Cross-Country Evidence

IF 16.4 1区 化学 Q1 CHEMISTRY, MULTIDISCIPLINARY
PHILIPP STRUTHMANN, YABIBAL M. WALLE, HELMUT HERWARTZ
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引用次数: 0

Abstract

We examine the effect of corruption control on the volatility of economic growth using cross-country data that cover 131 economies worldwide for the period 1985–2018. To estimate the growth volatility model, we employ the system generalized method-of-moments estimator for dynamic panel data, which addresses potential endogeneity concerns using internal instruments. Our results show that corruption control significantly reduces growth volatility. This effect is robust to controlling for other measures of institutional quality. Moreover, we find some evidence for an indirect impact of corruption control on growth volatility through its role in reinforcing the volatility-dampening effect of financial development.

Abstract Image

腐败控制、金融发展和增长波动:跨国证据
我们利用 1985-2018 年间全球 131 个经济体的跨国数据,研究了腐败控制对经济增长波动性的影响。为了估算经济增长波动性模型,我们采用了动态面板数据的系统广义向量法估算器,利用内部工具解决了潜在的内生性问题。我们的结果表明,腐败控制能显著降低经济增长的波动性。这种效应在控制其他制度质量指标时是稳健的。此外,我们还发现一些证据表明,腐败控制通过加强金融发展的波动抑制效应,对经济增长的波动性产生了间接影响。
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来源期刊
Accounts of Chemical Research
Accounts of Chemical Research 化学-化学综合
CiteScore
31.40
自引率
1.10%
发文量
312
审稿时长
2 months
期刊介绍: Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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