Prueba de la hipótesis de convergencia financiera y estimación de la tasa de convergencia en países seleccionados
DOI:
https://doi.org/10.5377/reice.v10i20.16024Palabras clave:
convergencia, Profundización Financiera, Cuenta de Capital, Panel DinámicoResumen
La hipótesis de la convergencia financiera como uno de los resultados de los modelos neoclásicos de crecimiento económico, enfatiza el proceso de reducción de la brecha financiera entre países. El objetivo principal de este estudio es probar la hipótesis de la convergencia financiera y estimar la tasa de convergencia en países desarrollados y en desarrollo seleccionados mediante el uso de GMM durante el período 2018-1990. Resultados Según los dos modelos, el crédito interno al sector privado (porcentaje del PIB) y la moneda corriente al PIB aprobaron la convergencia financiera en estos países. Además, la tasa de convergencia en términos de crédito interno al sector privado en los países en desarrollo es más alta que en los países desarrollados. Sin embargo, la tasa de convergencia en términos de moneda corriente con respecto al PIB entre los dos grupos de países desarrollados y en desarrollo es muy pequeña y se aproxima al 1%.
Descargas
Citas
Arellano, M, Bond S, 1991. Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. Review of Economic Studies, 58, 277-297.
Baltagi, B., Demetriades, P., Law, S. H, (2008), '' Financial Development and Openness: Evidence from panel data'', Journal of Development Economics.
Boromand et al. (2012). Study of the Impact of Financial Liberalization on the Stock Market in Iranian economy. Journal of strategy, Vol64, 7-26. (In Persian).
Chinn, M. D. , & Ito, H. (2008). A new measure of financial openness. Journal of comparative policy analysis, 10(3), 309-322.
Eichengreen, B., Gullapalli, R., & Panizza, U. (2011). Capital account liberalization, financial development and industry growth: A synthetic view. Journal of International Money and Finance, 30(6), 1090-1106.
Fischer, S, (1998), “Capital Account Liberalization and the Role of IMF”, should the IMF Pursue Capital-Account Convertibility?'' Princeton University, Essays in International Finance No. 207, 1-10.
Hazeri, H, N. (2016), the Effect of Financial Liberalization on Stock Market Development: Co-integration Application in Dynamic Panel Data, Beheshti University, Journal of Economics and Modeling, No 25. (In Persian).
Henry, P. B. (2000), “Stock market liberalization, economic reform, and emerging market equity prices,” Journal of Finance, Vol. 55, No. 2, 529-564.
Ishii. S, et al (2002), “Capital Account liberalization and Financial Sector Stability,” IMF, Occasional Paper, Washington DC.
Ito, H. (2006). Financial development and financial liberalization in Asia: Thresholds, institutions and the sequence of liberalization. The North American Journal of Economics and Finance, 17(3), 303-327.
Klein, M., & Olivei, J. (2008). Capital Account Liberalization, Financial Depth and Economic Growth. Journal of International Money and Finance, 27, 861-875.
Law, S. H. (2007). Openness and financial development: Panel data evidence from various stages of economic development. Journal of Emerging Market Finance, 6(2), 145-165.
McKinnon, R. I. (1973) Money and Capital in Economic Development Washington DC: Brookings Institution
Nazifi, F (2004), Financial Development and Economic Growth in Iran, Economic Research, No 14. (In Persian).
Pedroni, P. (1999). Critical values for co-integration tests in heterogeneous panels with multiple repressors. Oxford Bulletin of Economics and statistics, 61(S1), 653-670.
Prasad, E., Rogoff, K., Wei, S., & Kose, M. (2007). Financial Globalization, Growth and Volatility in Developing Countries. In Globalization and Poverty (pp. 457– 516). National Bureau of Economic Research.
Prasad, E., Rogoff, K., Wei, S. J. , & Kose, M. A. (2005). Effects of financial globalization on developing countries: some empirical evidence. In India’s and China’s recent experience with reform and growth (pp. 201-228). Palgrave Macmillan, London.
Rodrik, D. (1998). Who needs capital-account convertibility?. Essays in international finance, 55-65.
Shaw, E. S. (1973). Financial Deepening In Economic Development. ‖ Oxford University press. New York.
Stiglitz, J. E. (2000). Capital market liberalization, economic growth, and instability. World development, 28(6), 1075-1086.
Stultz, R (1999), “Globalization, corporate finance and the cost of capital,” Journal of Applied Corporate Finance, v12 (3), 8-25.
Trabelsi, M. , and Cherif, M. ,Capital Account Liberalization and Financial Deepening: Does the private sector Matter?, Quarterly Review of Economics and Finance(2016)
World Bank, (2014), World Development Indicators.
Descargas
Publicado
Cómo citar
Número
Sección
Licencia
Derechos de autor 2023 REICE: Revista Electrónica de Investigación en Ciencias Económicas
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.
