Economic Interdependence and Macro-economic Shocks Synchronization in West African Monetary Zone Member Countries
Publish place: International Economics Studies، Vol: 46، Issue: 2
Publish Year: 1395
نوع سند: مقاله ژورنالی
زبان: English
View: 178
This Paper With 16 Page And PDF Format Ready To Download
- Certificate
- من نویسنده این مقاله هستم
استخراج به نرم افزارهای پژوهشی:
شناسه ملی سند علمی:
JR_IESUI-46-2_006
تاریخ نمایه سازی: 31 فروردین 1400
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.
Keywords:
Authors
Lukman Oyeyinka Oyelami
Economics Unit, Distance Learning Institute, University of Lagos, Akoka Lagos, Nigeria
Philips Olomola
Nigeria Economics Department, Obafemi Awolowo University, Ile-ife, Nigeria
Rusus Ajisafe
Economics Department, Obafemi Awolowo University, Ile-ife, Nigeria
مراجع و منابع این Paper:
لیست زیر مراجع و منابع استفاده شده در این Paper را نمایش می دهد. این مراجع به صورت کاملا ماشینی و بر اساس هوش مصنوعی استخراج شده اند و لذا ممکن است دارای اشکالاتی باشند که به مرور زمان دقت استخراج این محتوا افزایش می یابد. مراجعی که مقالات مربوط به آنها در سیویلیکا نمایه شده و پیدا شده اند، به خود Paper لینک شده اند :