Topic
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.
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TL;DR: In this paper, the authors assess the impact that financial sector development has on international remittance flows for a sample of 64 countries and find that greater financial sector growth, as measured by bank branches per 1000 km2, results in greater remittance flow to a country.
Abstract: Using a unique data set on the financial sector, this article assesses the impact that financial sector development has on international remittance flows for a sample of 64 countries. The results show that greater financial sector development – as measured by bank branches per 1000 km2 – results in greater remittance flows to a country. However, this study also documents that transaction costs have no impact on remittance flows. This latter finding has important policy implications as reductions in transaction costs are often cited as an important approach to increase remittance flows.
17 citations
TL;DR: In this paper, the authors investigated the oil resource abundance and environmental quality nexus in Algeria, with emphasis on the role of oil export receipts and domestic oil consumption, and whether financial development is a policy option for reducing carbon dioxide (CO2) emissions in the economy.
Abstract: This paper investigates the oil resource abundance and environmental quality nexus in Algeria, with emphasis on the role of oil export receipts and domestic oil consumption, and whether financial development is a policy option for reducing carbon dioxide (CO2) emissions in the economy. Using time series data from 1971 to 2016, the Bayer–Hanck test for cointegration confirms the presence of a long‐run equilibrium relationship among the variables. Further analyses based on the auto‐regressive distributed lag (ARDL) model, fully modified least square (FMOLS), dynamic ordinary least square (DOLS), canonical cointegration regression (CCR) and Granger causality based on the vector error correction model (VECM) confirm the oil resource abundance curse in Algeria via the impact of domestic oil consumption on environmental quality. The estimates also show that financial development reduces CO2 emissions and has both short‐run and long‐run causal impact on economic growth. Thus, deepening financial sector development can be instrumental for achieving a low‐carbon and sustainable economy in Algeria.
17 citations
TL;DR: In this paper, the authors explored the role of financial sector development on the control of corruption in a global sample of 140 countries using annual data from 1996 to 2015, and made use of system generalized method of moments technique to identify the determinants of corruption across the full sample, low and lower middle-income countries and, upper middle and high-end countries.
Abstract: The current research explores the role of financial sector development on the control of corruption in a global sample of 140 countries. Using annual data from 1996 to 2015, this study makes use of system generalized method of moments technique to identify the determinants of corruption across the full sample, low and lower middle‐income countries and, upper middle and high‐income countries. Our empirical findings show that financial development plays an important role in controlling the growth of corruption across the full sample, low and lower middle‐income countries and upper middle and high‐income countries. Similarly, per capita income has a significant positive impact on control of corruption in upper middle and high‐income countries, while education plays a similar role in low and lower middle‐income countries. On the contrary, the per capita income, trade openness, government expenditure, political rights and civil liberty are the major factors, which promote the growth of corruption in low and lower middle‐income countries, whereas trade and civil liberty play the same role in high‐income countries. Given these findings, our study makes number policy recommendations and adds new knowledge to the empirical literature.
17 citations
TL;DR: The authors examines and rates financial sector strategies around the world based on how well they formulate development targets, arrangements for systemic risk management, and implementation plans The strategies are also rated on whether they consider policy trade-offs between financial development and risk management.
Abstract: Policy makers use financial sector strategies to formulate a holistic policy for their national financial sectors This paper examines and rates financial sector strategies around the world based on how well they formulate development targets, arrangements for systemic risk management, and implementation plans The strategies are also rated on whether they consider policy trade-offs between financial development and systemic risk management The rated strategies are then benchmarked against a wide range of country characteristics The analysis finds that the scope and quality of national strategies for the financial sector are influenced by the country's type of legal system, its level of income and macroeconomic stability, the existing financial depth and inclusion, the share of foreign ownership in the national financial sector, and the experience of past financial crises Giving due consideration to policy trade-offs, particularly between financial development and systemic risk management, remains the weakest part of these strategies Countries with civil- and religious-based law and those with a higher share of foreign ownership in their financial system address the policy trade-offs more often
17 citations
TL;DR: In this paper, a composite risk-sharing finance friendliness index is developed to compare and rank the countries with regard to their level of their support and adoption of risk sharing finance.
17 citations