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What Interactions between Financial Globalization and Instability?—Growth in Developing Countries
Journal of international development, 2019-01, Vol.31 (1), p.39-79
Gaies, Brahim
Goutte, Stephane
Guesmi, Khaled
2019
Details
Autor(en) / Beteiligte
Gaies, Brahim
Goutte, Stephane
Guesmi, Khaled
Titel
What Interactions between Financial Globalization and Instability?—Growth in Developing Countries
Ist Teil von
Journal of international development, 2019-01, Vol.31 (1), p.39-79
Ort / Verlag
Chichester: Wiley Periodicals Inc
Erscheinungsjahr
2019
Link zum Volltext
Quelle
PAIS Index
Beschreibungen/Notizen
This paper tests the effects of the impact of financial globalization on economic growth, examining its interaction with financial instability for a sample of 72 developing countries over the period 1972–2011, using dynamic panel estimator ‘two‐step Generalized Method of Moments’ (two‐step system GMM). The main results of the paper are the following: (i) financial instability and indebtedness‐globalization decrease growth; (ii) financial globalization and investment‐globalization increase growth; (iii) indebtedness‐globalization increases the effect of financial instability on growth; (iv) investment‐globalization decreases the effect of financial instability on growth; and (vi) financial globalization decreases the effect of financial instability on growth. These results are robust in a set of tests consisting of the insertion of alternative variables of financial instability, the inclusion of new control variables, inter alia an indicator of banking crises, using different time periods, and changing of the composition of the sample. © 2018 John Wiley & Sons, Ltd.
Sprache
Englisch
Identifikatoren
ISSN: 0954-1748
eISSN: 1099-1328
DOI: 10.1002/jid.3391
Titel-ID: cdi_hal_primary_oai_HAL_halshs_02148925v1
Format
–
Schlagworte
Applications
,
Banking
,
Computational Finance
,
Debt
,
Developing countries
,
Economic growth
,
Economic models
,
Economics and Finance
,
financial globalization
,
financial instability
,
Generalized method of moments
,
Globalization
,
GMM system
,
growth
,
Humanities and Social Sciences
,
interaction variables
,
Investments
,
LDCs
,
Mathematics
,
Pricing of Securities
,
Probability
,
Quantitative Finance
,
spillover effects
,
Stability
,
Statistical Finance
,
Statistics
,
Time periods
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