解开金融与增长的关系：金融发展在冲击传递中的双重作用

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2024-09-07 DOI:10.1016/j.ememar.2024.101192

Ricardo Montañez-Enríquez , Matias Ossandon Busch , Manuel Ramos-Francia

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引用次数: 0

摘要

金融发展是否能保护国家免受金融冲击对实际结果的传递？我们通过分析 24 个新兴国家的国外和国内金融压力指标的 GDP 增长概率密度，对这一问题进行了评估。我们的稳健结果揭示了以前未曾探索过的金融发展程度越高对金融压力传导的双重影响：全球因素的影响减弱，而国内因素的影响加剧。这一结果凸显了金融发展可以改变金融（不）稳定与国内生产总值增长之间联系的一个前所未探的渠道。

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Untangling the finance-growth nexus: The dual role of financial development in the transmission of shocks

Does financial development shield countries from the pass-through of financial shocks to real outcomes? We evaluate this question by characterizing the probability density of GDP growth conditional on foreign and domestic financial stress indicators in a panel of 24 emerging countries. Our robust results unveil a previously unexplored dual impact of higher degrees of financial development on the transmission of financial stress: while the effect of global factors is attenuated, the impact of domestic factors is exacerbated. This result highlights a previously unexplored channel through which financial development can alter the link between financial (in)stability and GDP growth.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.