Revisiting the link between financial development and industrialization: evidence from low and middle income countries

IF 0.8 Q4 BUSINESS, FINANCE

Annals of Finance Pub Date : 2020-11-09 DOI:10.1007/s10436-020-00376-y

Gouthami Kothakapa, Samyukta Bhupatiraju, Rahul A. Sirohi

引用次数: 5

Abstract

The paper uses a dynamic panel model to analyze the relationship between financial development and industrialization in the context of low and middle income countries between 1970 and 2014. The results indicate that the relationship between the two is non-linear. More precisely, the results indicate that financial development has a negative effect on industrial development up to a point, after which the effect turns positive. This evidence of a “U-shaped” relationship emphasizes the centrality of financial development in the industrialization process in developing economies, but it also points to the complex nature of the relationship.

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重新审视金融发展与工业化之间的联系:来自中低收入国家的证据

本文采用动态面板模型分析了1970年至2014年间中低收入国家金融发展与工业化的关系。结果表明，二者之间的关系是非线性的。更确切地说，研究结果表明，金融发展在一定程度上对产业发展产生了负面影响，之后这种影响会转为积极影响。这种“U型”关系的证据强调了金融发展在发展中经济体工业化进程中的中心地位，但也指出了这种关系的复杂性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Annals of Finance BUSINESS, FINANCE-

CiteScore

2.00

自引率

10.00%

发文量

期刊介绍： Annals of Finance provides an outlet for original research in all areas of finance and its applications to other disciplines having a clear and substantive link to the general theme of finance. In particular, innovative research papers of moderate length of the highest quality in all scientific areas that are motivated by the analysis of financial problems will be considered. Annals of Finance''s scope encompasses - but is not limited to - the following areas: accounting and finance, asset pricing, banking and finance, capital markets and finance, computational finance, corporate finance, derivatives, dynamical and chaotic systems in finance, economics and finance, empirical finance, experimental finance, finance and the theory of the firm, financial econometrics, financial institutions, mathematical finance, money and finance, portfolio analysis, regulation, stochastic analysis and finance, stock market analysis, systemic risk and financial stability. Annals of Finance also publishes special issues on any topic in finance and its applications of current interest. A small section, entitled finance notes, will be devoted solely to publishing short articles – up to ten pages in length, of substantial interest in finance. Officially cited as: Ann Finance