重新审视金融发展与经济增长的关系:来自南盟国家的经验证据

IF 1.3 Q3 ECONOMICS
Muzffar Hussain Dar, Md Zulquar Nain
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引用次数: 1

摘要

本研究旨在探讨1990-2020年期间南亚区域国家联盟(SAARC)六国的经济增长和通货膨胀对金融发展(FD)的调节作用。此外,还估计了通货膨胀阈值水平和FD指数。设计/方法/方法本研究采用多项横断面相关性检验、混合平均组和面板完全修正最小二乘法。本研究还将主成分分析法应用于指标构建。研究结果表明,经济增长对区域FD有正向影响。当通货膨胀率上升时,中介项对FD产生负向影响。这一发现表明,在3.5%的阈值限制之后,通货膨胀改变了其对FD的积极影响。所构建的指数是FD的一种优越的测量方法,因为它控制了测量灵敏度并提供了显著的结果。据作者所知,这是第一次在南盟背景下分析通货膨胀对增长-金融关系的相互作用的实证研究。通过对通货膨胀阈值和建设指数的估计,进一步保证了本研究的新颖性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Revisiting the financial development and economic growth nexus: empirical evidence from SAARC countries
Purpose This study aims to examine the effect of economic growth and the moderating impact of inflation on financial development (FD) for six South Asian Association of Regional Countries (SAARC)es during the period of 1990–2020. Besides, the inflation threshold level and FD index are also estimated. Design/methodology/approach This study uses several cross-sectional dependency tests, pooled mean group and panel fully modified least squares method. This study also makes use of principle component analysis in index construction. Findings The results indicate that economic growth positively impacts regions’ FD. The mediating term has a negative impact on FD when the inflation rate rises. The finding indicates after the 3.5% threshold limit, inflation changes its positive effect on FD. The constructed index is a superior measurement of FD because it controls measurement sensitivity and offers significant results. Originality/value To the best of the authors’ knowledge, this is the first empirical study in the context of SAARC to analyse the interaction effect of inflation on the growth–finance relationship. This study’s novelty is further ensured by estimating the threshold level of inflation and construction index.
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来源期刊
CiteScore
2.80
自引率
8.30%
发文量
13
期刊介绍: The Journal of Financial Economic Policy publishes high quality peer reviewed research on financial economic policy issues. The journal is devoted to the advancement of the understanding of the entire spectrum of financial policy and control issues and their interactions to economic phenomena. Economic and financial phenomena involve complex trade-offs and linkages between various types of risk factors and variables of interest to policy makers and market participants alike. Market participants such as economic policy makers, regulators, banking and competition supervisors, corporations and financial institutions, require timely and robust answers to the contemporary and emerging policy questions. In turn, such answers require thorough input by the academics, policy makers and practitioners alike. The Journal of Financial Economic Policy provides the forum to satisfy this need. The journal publishes and invites concise papers to enable a prompt response to current and emerging policy affairs.
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