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Financial Development and Economic Growth: Views and Agenda
Ross Levine,Ross Levine +1 more
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TLDR
The authors argue that the preponderance of theoretical reasoning and empirical evidence suggests a positive, first-order relationship between financial development and economic growth, and that the development of financial markets and institutions is a critical and inextricable part of the growth process and away from the view that the financial system is an inconsequential sidehow, responding passively to economic growth.Abstract:
This critique argues that the preponderance of theoretical reasoning and empirical evidence suggests a positive, first-order relationship between financial development and economic growth. The body of work would push even most skeptics toward the belief that the development of financial markets and institutions is a critical and inextricable part of the growth process and away from the view that the financial system is an inconsequential sideshow, responding passively to economic growth. Many gaps remain, however, and the paper highlights areas in acute need of additional research.read more
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Determinants of stock market development: a review of the literature
Sin-Yu Ho,Bernard Njindan Iyke +1 more
TL;DR: In this paper, a comprehensive review of the literature on the determinants of stock market development is provided, which can be broadly classified into two groups: macroeconomic factors and institutional factors.
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Innovation, Information, and Financial Architecture
TL;DR: In this paper, a panel of in-dustrial sectors across a large cross-section of countries was used to find that while market-based systems have a general positive effect on innovations in all economic sectors, bank-based system foster more rapid technological progress in more information-intensive industrial sectors, suggesting a heterogeneous impact of financial architecture.
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Financial Development and Economic Growth in Pakistan: Evidence Based on Autoregressive Distributed Lag (ARDL) Approach
TL;DR: In this article, the relationship between financial development and economic growth is examined in an Autoregressive Distributed Lag (ARDL) framework, for Pakistan, utilizing annual data over the period 1961-2005.
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Electronic trading and its implications for financial systems
Abstract: The adoption of electronic trading systems has transformed the economic landscape of trading venues and is proving a force for change in market architecture and consequential trading possibilities. The term “electronic trading” is used in many ways. In this paper, it refers mainly to trading in wholesale financial markets (as opposed to e-commerce more generally see, for example, Long (2000) for a survey of the latter) and focuses on the central feature of electronic trading systems, automation of trade execution. Such systems usually also feature electronic order routing and dissemination of trade information and may link through to clearing and settlement. Electronic trading both removes geographical restraints and allows continuous multilateral interaction (whereas telephone trading allows only the former and floor trading only the latter). It allows much higher volumes of trades to be handled, and in customised ways that until recently would have been technically impossible or prohibitively expensive. This paper considers areas where these enabling effects have been particularly important in wholesale financial markets and how they raise wider, policy implications.
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The Flow of Islamic Finance and Economic Growth: an Empirical Evidence of Middle East
Mosab I. Tabash,Raj S. Dhankar +1 more
TL;DR: In this article, the authors explored empirically the relationship between the development of Islamic finance and economic growth in the Middle East and selected three of the most important countries for Islamic finance growth from Middle East, namely Qatar, Bahrain, and United Arab Emirates (UAE), for the study.