金融发展和贸易开放对印度私人投资的同步影响

IF 0.3 Q4 ECONOMICS

South Asian Journal of Macroeconomics and Public Finance Pub Date : 2020-03-19 DOI:10.1177/2277978720906049

M. Boachie, Martin Ruzima, M. Immurana

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引用次数: 7

摘要

本文考察了金融发展和贸易开放在促进印度私人投资方面的作用。我们使用的数据(1960 - 2013)来自世界发展指标数据库。在检验了数据的时间序列属性后，我们采用自回归分布滞后(ARDL)估计技术来考察金融发展和贸易开放同时存在对民间投资的影响，以及金融发展的影响是否依赖于开放水平。结果表明，无论从长期还是短期来看，金融发展和贸易开放对印度私营部门投资都有显著的正向影响。然而，金融发展与贸易开放之间的交互作用对民间投资的影响显著为负，表明金融发展对民间投资的影响取决于开放程度。因此，我们得出的结论是，如果印度的目标是促进私营部门资本形成以创造就业机会，那么在设计允许金融发展和贸易开放共存的政策时应该谨慎。JEL分类:E22, E44, F10, F60

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The Concurrent Effect of Financial Development and Trade Openness on Private Investment in India

This article examines the role of financial development and trade openness in promoting private investment in India. We use data (1960– 2013) from the World Development Indicators database. After checking the time series properties of the data, we employ auto-regressive distributed lag (ARDL) estimation technique to investigate the impact of the concurrent existence of financial development and trade openness on private investment and whether the effect of financial development is dependent on the level of openness. The results show that, independently, financial development and trade openness have significant positive effects on India’s private sector investment, in both the long run and the short run. However, the effect of the interaction between financial development and trade openness on private investment is significantly negative, suggesting that the effect of financial development on private investment depends on the level of openness. Therefore, we conclude that care should be taken in the design of policies that allow for the coexistence of financial development and trade openness if India aims at promoting private sector capital formation for job creation. JEL Classification: E22, E44, F10, F60

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来源期刊

South Asian Journal of Macroeconomics and Public Finance ECONOMICS-

CiteScore

2.10

自引率

11.10%

发文量

期刊介绍： The purpose of the Journal is to publish (in English language) peer-reviewed articles, reviews and scholarly comments on issues relating to contemporary global macroeconomics and public finance by which is understood: The Journal is for all professionals concerned with contemporary Macroeconomics and Public Finance and is a forum for all views on related subjects. The Editorial Board welcomes articles of current interest on research and application on the areas mentioned above. The Journal will be international in the sense that it seeks research papers from authors with an international reputation and articles that are of interest to an international audience. In pursuit of the above, the journal shall: a. draw on and include high quality work from the international community of scholars including those in the major countries of Asia, Europe, Asia Pacific, the United States, other parts of the Americas and elsewhere with due representation for considerations of the readership. The Journal shall include work representing the major areas of interest in contemporary research on Macroeconomics and Public Finance and on a wide range of issues covering macro- economics, tax and fiscal issues, banking and finance, international trade, labour economics, computational and mathematical methods, etc. The Journal would particularly engage papers on pure and applied economic theory and econometric methods. b. avoid bias in favour of the interests of particular schools or directions of research or particular political or narrow disciplinary objectives to the exclusion of others. c. ensure that articles are written in a terminology and style which makes them intelligible, not merely within the context of a particular discipline or abstract mode, but across the domain of relevant disciplines.