مطالب مرتبط با کلیدواژه

Financial Liberalization


۱.

Effects of Trade and Financial Liberalization on Financial Development (Case Study: MENA Countries)(مقاله علمی وزارت علوم)

نویسنده:
منبع: International Economics Studies, ۴۰, Issue ۱, Spring and Summer ۲۰۱۲ 57 - 66

کلیدواژه‌ها: Financial development Trade Liberalization Financial Liberalization generalized method of moments (GMM)

حوزه‌های تخصصی:
تعداد بازدید : ۳۴۵ تعداد دانلود : ۳۰۳
Financial sector is one of the most influential sectors in economic activities. Empirical and theoretical studies conducted in recent years have also confirmed the significant role of financial institutions in economic growth. Additionally, trade and financial liberalization policies have been particular concerned with strategic policies in developed and developing countries. According to dynamic panel data (DPD) and by means of generalized method of moments (GMM) during 1990 to 2008, this study has investigated effects of trade and financial liberalization on financial development of MENA member countries. Empirical results imply that trade liberalization and financial liberalization have influenced separately financial development, while due to inefficiency of financial institutions in providing appropriately financial resources, conducting both liberalization simultaneously has had an unexpected negative effect on the financial development in the region. JEL classification: F19, G29
۲.

Investigation of the Factors Affecting Financial Instability in Developing Countries: SGMM Approach(مقاله علمی وزارت علوم)

نویسنده:
منبع: Journal of Money and Economy, Vol. ۱۷, No. ۳, Summer ۲۰۲۲ 297-320

کلیدواژه‌ها: Financial instability Financial development Financial Liberalization Government size PCA SGMM

حوزه‌های تخصصی:
تعداد بازدید : ۱۰۲ تعداد دانلود : ۱۰۷
Maintaining financial stability has always been one of the most important economic aims. The literature related to financial stability shows the effect of variables like financial development and financial liberalization on financial instability. However, some conflicting results have been reported about the direction of this impact. Accordingly, the purpose of this study is to investigate the effect of various factors on financial instability with an emphasis on the variables of financial development and financial liberalization in developing countries. The financial instability index calculated by the PCA approach and annual observations from 2005 to 2019 is employed. The research model is estimated using the System-GMM. The results indicate that financial development in developing countries has a positive effect on financial instability and exacerbates it due to the lack of correspondence between the goals of policymakers and the realities of financial markets in such countries. Moreover, the positive impact of financial liberalization on financial instability is obtained representing that following fiscal policies implemented in countries with developed financial markets is not working in developing countries. Thus, financial decision-makers in these countries must adopt stabilization policies in accordance with the characteristics of their financial markets. In addition, the results confirm the negative impact of the government size on financial stability in developing countries, emphasizing the reduction of government presence and the development of the private sector in these markets.