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Financial sector development

About: Financial sector development is a research topic. Over the lifetime, 1674 publications have been published within this topic receiving 90787 citations.


Papers
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Journal ArticleDOI
TL;DR: In this paper, the authors examined the impact of financial development on economic growth in the context of the MENA countries, and pointed out directions to improve financial development in the MENAs by applying more financial reforms to promote competition in the financial sector and financial structure expansion that reflects in the improvement of the quality and quantity of financial services.

20 citations

Posted Content
29 Feb 1996
TL;DR: In this article, the authors examine the dynamic interaction that can develop between pension funds and capital markets and argue that large quantities of state assets should not be transferred to newly formed private pension funds without first taking steps to develop robust and well-regulated capital markets.
Abstract: This Note briefly examines the dynamic interaction that can develop between pension funds and capital markets. Pension funds are not only a source of long-term savings to support the development of bond and equity markets. They can also be a positive force for innovation, for corporate governance, and for privatization. In turn, capital markets offer pension funds the opportunity for better portfolio returns and risk management. This interaction is a long, self-reinforcing process that builds on sound macroeconomic policies, effective regulatory reforms, as well as robust accounting, legal, and information infrastructure. The key message for policymakers is that pension reform should be part of a broad reform program. It need not be delayed until capital markets are well established. But, equally important, large quantities of state assets should not be transferred to newly formed private pension funds without first taking steps to develop robust and well-regulated capital markets. Chile's gradual approach to investment deregulation is a good model for developing countries introducing mandatory but decentralized pension systems.

20 citations

Journal ArticleDOI
TL;DR: A novel Robust Bayesian Stochastic Frontier Analysis (RBSFA) model is developed to relate the technical efficiency of the energy industry in China with major business environment performance variables (financial sector variables, energy industry variables and macroeconomic variables).

20 citations

Posted Content
TL;DR: Botswana represents one of the few development success stories in Sub-Saharan Africa as mentioned in this paper, where real Gross Domestic Product (GDP) growth averaged almost 9 percent between 1960 and 2005, far above the Sub-Sahara Africa average.
Abstract: Botswana represents one of the few development success stories in Sub?Saharan Africa. Real Gross Domestic Product (GDP) growth averaged almost 9 percent between 1960 and 2005, far above the Sub?Saharan Africa average. Real GDP per capita grew even faster, averaging more than 10 percent a year-the most?rapid economic growth of any country in the world. The crucial question is: why has Botswana grown the way it has done, and what lessons does it offer? This evidence?based story is an account of policy and institutional dynamics of sustained growth and development in Botswana-illuminating the role of leadership. It shows how a secure political elite has pursued growth?promoting policies and developed, modified, and maintained viable inherited traditional and modern institutions of political, economic, and legal restraint. These institutions have remained robust in the face of initial large aid inflows and spectacular mineral rents, producing a growth pattern that has been both rapid and cautious. The nature of the Botswana developmental state is illustrated by the way in which the state mobilized development resources-especially savings, investment, and human resources, widely known as the primary drivers of economic growth, and prudently managed the economy without becoming excessively involved in the nuts. It demonstrates that through intentional policy choices and countercyclical instruments, countries can shift from aid?dependent to trade?led natural resource development (though probably with narrow?based growth), to a broader development strategy as long as the state is capable and operates within effective institutional design. Botswana's story is sterling example of how the critical issue in development is not so much access to resources but how resources are managed.

20 citations

Journal ArticleDOI
TL;DR: The authors empirically examined the role of financial sector development in influencing the impact of exchange rate volatility on the exports of five emerging East Asian countries ( China, Indonesia, Malaysia, the Philippines and Thailand) using a GMM-IV estimation method.
Abstract: This paper empirically examines the role of financial sector development in influencing the impact of exchange rate volatility on the exports of five emerging East Asian countries – China, Indonesia, Malaysia, the Philippines and Thailand – using a GMM‐IV estimation method. The results indicate that the effect of exchange rate volatility on exports is conditional on the level of financial sector development. The less financially developed an economy, the more its exports are adversely affected by exchange rate volatility. In addition, a stable exchange rate seems to be a necessary condition to achieve export promotion via a currency depreciation in these economies.

20 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
202357
202279
202155
202093
201991
201888