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.
Papers published on a yearly basis
Papers
More filters
•
TL;DR: In this article, the impact of developments in China on global financial markets, with a particular emphasis on differentiation across asset classes and markets, was examined, and it was shown that these effects reflect primarily the central role the country plays in goods trade and commodity markets, rather than China's financial integration in global markets and the direct financial linkages it has with other countries.
Abstract: Although China’s much-needed transition to a new growth path is proceeding broadly as expected, the transition is still fraught with uncertainty, including regarding the Chinese authorities’ ability to achieve a smooth rebalancing of growth and the extent of the attendant slowdown in activity. Thus, in the short run, the transition process is likely to entail significant spillovers through trade and commodities, and possibly financial channels. This note sheds some light on the size and nature of financial spillovers from China by looking at the impact of developments in China on global financial markets, with a particular emphasis on differentiation across asset classes and markets. The note shows that economic and financial developments in China have a significant impact on global financial markets, but these effects reflect primarily the central role the country plays in goods trade and commodity markets, rather than China’s financial integration in global markets and the direct financial linkages it has with other countries.
3 citations
•
20 Nov 2007
TL;DR: The Financial Sector Assessment Program (FSAP) is a major initiative, undertaken jointly by the World Bank and the IMF, in response to the financial crises of the late 1990s as discussed by the authors.
Abstract: The Financial Sector Assessment Program (FSAP) is a major initiative, undertaken jointly by the World Bank and the IMF, in response to the financial crises of the late 1990s. The ultimate objectives of the program are (i) the identification and resolution of financial sector vulnerabilities and their macroeconomic stability implications; and (ii) fostering financial sector development and its contribution to economic growth. In addition, the FSAP was expected to help the Bank, Fund, and other institutions design appropriate assistance to address issues identified by the FSAP.
3 citations
••
TL;DR: In this article , the authors examined the effect of ICT progress on economic growth by constructing an ICT diffusion index and investigated the role of financial development and the combined impact of modern ICT and financial development on growth in 10 Asian developing economies.
Abstract: This study examines the effect of ICT progress on economic growth by constructing an ICT diffusion index. Along with ICT, this study further investigates the role of financial development and the combined impact of ICT and financial development on growth in 10 Asian developing economies covering the period 2001–2017. To analyze the panel data, this study employed the ARDL model and estimated the Pooled Mean Group estimator. The estimated results reveal a significant positive long-run relationship between financial expansion and economic progress. While ICT hurts economic growth on its own, it has a significant positive impact when combined with financial development. The robustness of the results has been verified by Fully-Modified OLS (FMOLS) and Dynamic OLS (DOLS) estimations. To promote enduring economic growth in Asian developing countries, the paper recommends ensuring inclusive financial development combined with modern ICT.
3 citations
••
TL;DR: In this paper, the potential role of rural non-farm activity (RNA) in wiping out rural unemployment and underemployment, as it did in the case of some East Asian countries, was examined.
Abstract: The slow growth of employment in the modern manufacturing sector has raised scepticism on how far and how quickly Bangladesh economy could productively absorb its large pool of surplus labour and attain full employment Following (Ranis and Stewart, J Dev Econ 40:75–101, Ranis and Stewart, Journal of Development Economics 40:75–101, 1993), the present chapter reengages in and examines the potential role of rural non-farm activity (RNA) in wiping out rural unemployment and underemployment, as it did in the case of some East Asian countries The chapter explores the extent and pattern of RNA growth in Bangladesh, its impact on jobs and incomes, as well as on labour market formations It further contends that changes in rural labour market are often not reflected as structural change due to the presence of informality within the three traditional sectors, viz agriculture, industry and services It explores pathways in enhancing rural non-farm (RNF) employment and assesses the prospects of reaching rural full employment Finally, the study stresses the need for a comprehensive policy framework and coordinated strategy for a vigorous growth of RNF enterprises, in order to increase the potential for higher productivity jobs and household incomes, and to enhance aggregate demand
3 citations
•
01 Oct 2016TL;DR: In this article, the causal relationship between financial development and economic growth in the USA during the period 1961-2012 was examined using principal component analysis (PCA), indicators of financial sector development (FD) and financialization (FIN) were created.
Abstract: Does financial sector develop in line with its nature? Does part of financial development, which is in line with its nature, approve mainstream opinion in regard to finance-growth relationship? By considering financialization phenomenon within an ARDL-Bounds testing approach, this study re-examined the causal relationship between financial development and economic growth in the USA during the period 1961–2012. Using Principal Component Analysis (PCA), indicators of financial sector development (FD) and financialization (FIN) were created. After that, Granger causality test was applied using the ARDL-ECM methodology. According to the results: 1) a bilateral relationship between financial development and economic growth was observed; while financial development had negative and significant impact on economic growth, the influence of economic growth on financial development was not significant although it was positive; 2) financialization significantly affected financial development through efficiency channel. Obtained results can be used by policy makers in different countries, although the study is applied for the USA.
JEL Classification: O11; O16; O51; G20.
3 citations