ورود
مقالات فارسیISIکنفرانسهاژورنالها

Investigating Finance-Growth Relationship by Considering Financialization Phenomenon: the Case of USA

محل انتشار: مطالعات بین المللی اقتصاد، دوره: 46، شماره: 2
سال انتشار: 1395
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 211

فایل این مقاله در 18 صفحه با فرمت PDF قابل دریافت می باشد

استخراج به نرم افزارهای پژوهشی:

لینک ثابت به این مقاله:
https://civilica.com/doc/1182325

شناسه ملی سند علمی:

JR_IESUI-46-2_005

تاریخ نمایه سازی: 31 فروردین 1400

چکیده مقاله:

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.

کلیدواژه ها:

Financial Sector Development ، Economic Growth ، Financialization ، ARDL-Bounds Cointegration ، Granger causality

نویسندگان

Seyed Rohollah Ahmadi Hajiabadi

Assistant Professor of Economics, Faculty of Humanities, Damghan University, Damghan, Iran

مراجع و منابع این مقاله:

لیست زیر مراجع و منابع استفاده شده در این مقاله 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 مقاله لینک شده اند :
  • Akkemik, K. A., & Ozen, S. (2014). Macroeconomic and Institutional ...
  • Allen, F., & Santomero, A. M. (1997). The Theory of ...
  • Ang, J. B. (2010). Financial Development and Economic Growth in ...
  • Ang, J. B. (2008). A Survey of Recent Developments in ...
  • Beck, T., Büyükkarabacak, B., Rioja, F. K., & Valev, N. ...
  • Beck, T., Degryse, H., & Kneer, C. (2014). Is More ...
  • 7.        Beck, T., Levine, R., & Loayza, N. (1999). Finance ...
  • Berthélemy, J. C., & Varoudakis, A. (1996). Financial development, policy ...
  • Bezemer, D. (2014). Schumpeter Might be Right Again: The Functional ...
  • Binswanger, M. (1999). Stock Markets, Speculative Bubbles and Economic Growth: ...
  • Cecchetti, S. G., & Kharroubi, E. (2012). Reassessing the Impact ...
  • Crotty, J. (2005). The Neoliberal Paradox: The Impact of Destructive ...
  • De Gregorio,J.,& Guidotti, P. E. (1995). Financial Development and Economic ...
  • Demetriades, P. O., & Hussein, K. A. (1996). Does Financial ...
  • Ductor, L., & Grechyna, D,. (2015). Financial development, real sector, ...
  • Eckhard, H. (2012). Finance-Dominated Capitalism, Capital Accumulation and Macroeconomic Regimes ...
  • Fama, E. F. (1980). Banking in the Theory of Finance. ...
  • Gonzalez, I., & Sala, H. (2014). Investment Crowding-Out and Labor ...
  • Greenwood, J., & Jovanovic, B. (1990). Financial Development, Growth, and ...
  • Hsueh, S.J., Hu, Y.H., & Tu, C.H. (2013). Economic Growth ...
  • Hung, F.S. (2009). Explaining the Nonlinear Effects of Financial Development ...
  • King, R. G., & Levine, R. (1993). Finance and Growth: ...
  • Krippner, G. R. (2005). The Financialization of the American Economy. ...
  • Kuznets, S. (1955). Economic Growth and Income Inequality. The American ...
  • Law, S. H., & Singh, N. (2014). Does Too Much ...
  • Lazonick, W., & O'Sullivan, M. (2000). Maximizing Shareholder Value: A ...
  • Levine, R. (1992). Financial Intermediary Services and Growth. Journal of ...
  • Levine, R. (1997). Financial Development and Economic Growth: Views and ...
  • Levine, R., & Zervos, S. (1998). Stock Markets, Banks, and ...
  • Lewis, J. R. E. (1955). The Theory of Economic Growth, ...
  • Liang, Q., & Teng, J.-Z. (2006). Financial Development and Economic ...
  • Lucas, R. E., Jr (1988). On the Mechanics of Economic ...
  • Mavrotas, G., & Son, S. I. (2006). Financial Sector Development ...
  • McKinnon, R. I. (1973). Money and Capital in Economic Development, ...
  • Mhadhbi, K. (2014). Financial Development and Economic Growth: A Dynamic ...
  • Modigliani, F., & Miller, M. H. (1959). The Cost of ...
  • Narayan, P. K., & Smyth, R. (2005). Trade Liberalization and ...
  • Odedokun, M. O. (1996). Alternative Econometric Approaches for Analysing the ...
  • Onaran, O., Stockhammer, E., & Grafl, L. (2011). Financialisation, Income ...
  • Orhangazi, O. (2008). Financialisation and Capital Accumulation in the Non-financial ...
  • Palley, T. I. (2007). Financialization What It Is and Why ...
  • Patrick, H. T. (1966). Financial Development and Economic Growth in ...
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). ...
  • Ram, R. (1999). Financial Development and Economic Growth: Additional Evidence. ...
  • Robinson, J. (1952). The Rate of Interest and Other Essays, ...
  • Rousseau, P. L., & Sylla, R. (2005). Emerging Financial Markets ...
  • Schumpeter, J. A. (1911). The Theory of Economic Development. Oxford: ...
  • Shaw, E. S. (1973). Financial Deepening in Economic Development. New ...
  • Shen, C.-H., & Lee, C. C. (2006). Same Financial Development ...
  • Shen, C.H., Lee, C. C., Chen, S. W., & Xie, ...
  • Stockhammer, E. (2004). Financialisation and the Slowdown of Accumulation. Cambridge ...
  • Tobin, J. (1965). Money and Economic Growth. Econometrica 33: 671-684. ...
  • Uddin, G. S., Sjo, B., & Shahbaz, M. (2013). The ...
  • Van der Zwan, N. (2014). Making Sense of Financialization. Socio-Economic ...
  • Van Treeck, T. (2008). Reconsidering the Investment-Profit Nexus in Finance-Led ...
    • نمایش کامل مراجع