金融与增长:非线性与结构性转变

Q3 Economics, Econometrics and Finance

Applied Econometrics Pub Date : 2023-01-01 DOI:10.22394/1993-7601-2023-72-5-22

Konstantin Krinichansky, Maksim Yurevich

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引用次数: 0

摘要

本研究的重点是金融发展与经济增长之间关系的本质和局限性。这种关系所揭示的非线性与经济融资机制的潜在重组有关，这种重组发生在2007-2009年金融和经济危机期间及其之后的几年。金融危机对银行业的打击最为严重，但同时也增强了股市的作用。利用两步系统GMM方法和结构断裂算法，我们发现2010年后的经济增长率与股票市场指标显著相关，而不是金融增长模型中常用的信贷深度指标

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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Finance and growth: Nonlinearity and structural shifts

This study focuses on the nature and limits of the relationship between financial development and economic growth. The revealed non-linearity of this relationship is associated with a latent restructuring of mechanisms of economic financing, which took place during the financial and economic crisis of 2007–2009 and the years following it. The crisis, which hit the banking sector the hardest, simultaneously increased the role of the stock market. Using the two-step system GMM approach and the structural breaks algorithm, it is shown that the economic growth rates after 2010 are significantly related to stock market indicators, rather than the credit depth ones commonly used in finance-growth models

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来源期刊

Applied Econometrics Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)

CiteScore

0.70

自引率

0.00%

发文量

期刊介绍： The Journal of Applied Econometrics is an international journal published bi-monthly, plus 1 additional issue (total 7 issues). It aims to publish articles of high quality dealing with the application of existing as well as new econometric techniques to a wide variety of problems in economics and related subjects, covering topics in measurement, estimation, testing, forecasting, and policy analysis. The emphasis is on the careful and rigorous application of econometric techniques and the appropriate interpretation of the results. The economic content of the articles is stressed. A special feature of the Journal is its emphasis on the replicability of results by other researchers. To achieve this aim, authors are expected to make available a complete set of the data used as well as any specialised computer programs employed through a readily accessible medium, preferably in a machine-readable form. The use of microcomputers in applied research and transferability of data is emphasised. The Journal also features occasional sections of short papers re-evaluating previously published papers. The intention of the Journal of Applied Econometrics is to provide an outlet for innovative, quantitative research in economics which cuts across areas of specialisation, involves transferable techniques, and is easily replicable by other researchers. Contributions that introduce statistical methods that are applicable to a variety of economic problems are actively encouraged. The Journal also aims to publish review and survey articles that make recent developments in the field of theoretical and applied econometrics more readily accessible to applied economists in general.