Finance and macroeconomic performance - Some evidence for emerging markets

被引:36
作者
Darrat, Au F. [1 ]
Elkhal, Khaled
McCallum, Brent
机构
[1] Louisiana Tech Univ, Ruston, LA 71272 USA
[2] Univ So Indiana, Evansville, IN 47712 USA
[3] Amer Univ Sharjah, Sharjah, U Arab Emirates
关键词
cointegration; emerging markets; error correction models; financial deepening; real economic growth;
D O I
10.2753/REE1540-496X420301
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper examines whether financial-sector development in several emerging markets affects their real economic activity. Results from cointegration and error correction models suggest that financial deepening (alternatively measured) exerts a robust long-term stimulating effect on real economic activity (both overall and sectoral) in all countries examined. However short-term effects of financial deepening prove generally nonexistent, or tenuous at best. The results suggest that improving the structure and operation of the financial sector in emerging markets does stimulate real growth, but only if such improvement persists over a prolonged period of time.
引用
收藏
页码:5 / 28
页数:24
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