A semi-parametric panel data analysis on financial development-economic volatility nexus in developing countries

Zouaoui, Haykel; Mazioud, Manel; Ellouz, Nidhal Ziedi

doi:10.1016/j.econlet.2018.08.010

Cited by 9 publications

(3 citation statements)

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“…This allows an unrestricted functional form to be used to model the impact of the IFI. Here, Y is a dependent variable, that is, fertility rate; X is a vector of control variables and the IFI enters non-parametrically to see the non-linear relationship (Baltagi & Li, 2002; Verardi, 2013; Zouaoui et al, 2018).…”

Section: Data and Empirical Methodologymentioning

confidence: 99%

Financial Inclusion and Its Impact on Fertility: An Empirical Investigation

Suresh

2023

Indian Journal of Human Development

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This paper explores the empirical relationship between financial inclusion and fertility, primary developmental outcomes. Some studies show the impact of financial inclusion on different developmental outcomes, such as poverty, inequality, education, health, empowerment and economic growth and development. However, only a few studies have analysed the impact of financial inclusion on specific health indicators. Financial inclusion has a significant impact on fertility decline. This study uses data from 2004 to 2018 from a panel of 152 countries from the World Development Indicators and the IMF’s Financial Access Survey to test the link between financial inclusion and fertility. I used techniques, that is, the panel fixed-effect model, SLM test, semi-parametric approach and quantile regression analysis, to understand the relationship between financial inclusion and fertility. The results suggest a non-linear relationship. As financial inclusion increases, fertility initially declines, but after reaching a critical point, the relationship turns positive, showing a U-shaped relationship. Other important variables that statistically influence fertility levels are levels of education, female labour-force participation rates, levels of urbanisation and age dependency. Inflation rate and trade openness also significantly influence fertility. This paper provides some policy implications concerning fertility and financial inclusion.

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Section: Data and Empirical Methodologymentioning

confidence: 99%

Financial Inclusion and Its Impact on Fertility: An Empirical Investigation

Suresh

2023

Indian Journal of Human Development

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“…In the second strand, the economic crises resulting from large variation on the financial markets are blamed (Orgiazzi, 2008); however, debates and empirical evidences are still mixed ( e.g. see Wang, Wen, & Xu, 2018; Epstein & Finkelstein Shapiro, 2019; Zouaoui, Mazioud & Ellouz, 2018; Ibrahim & Alagidede, 2017). The third strand investigates the issues related to institutional frameworks and economic volatility (Malik & Temple, 2009) such as the intermediating role of governments (Jetter, 2014), or proportional electoral rules (Mathonnat & Minea, 2018).…”

Section: The Literature Reviewmentioning

confidence: 99%

Asymmetric effects of global uncertainty: the socioeconomic and environmental vulnerability of developing countries

Nguyen

Schınckus

2022

FREP

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PurposeThis study aims to investigate the influences of global uncertainty indicators volatility on the domestic socioeconomic and environmental vulnerability in a sample of 54 developing countries.Design/methodology/approachThe two-step system generalized method of moments estimator is recruited to deal with autoregression and endogeneity matter in our dynamic panel data. Seven different global uncertainty indicators (US trade uncertainty; world trade uncertainty; economic policy uncertainty; world commodities and oil prices; the geopolitical risk index and the world uncertainty index) have been mobilized and compared for their empirical impact on the economic (growth and GDP), social (the misery index and income inequality) and environmental (CO2 emissions) vulnerabilities of nations.FindingsOur empirical estimations suggest that the socioeconomic and environmental vulnerability cannot be solved through the same pattern: all decrease of a particular aspect will necessarily have a cost and an opposite influence on at least one of the other aspects of the nations' vulnerability.Originality/valueThe originality of this article is to combine these three dimensions of vulnerability in the same investigation. To our knowledge, our research is one of the few providing a joint analysis of the influence of global uncertainty on the economic and socioenvironmental countries' vulnerabilities – given the fact social, economic and environmental aspects are at the heart of the UN sustainable goals, our study can be seen as an investigation of the nations' capabilities to work proactively on meaningful sustainable goals in an increasingly uncertain world.

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“…More recently, Zouaoui, Mazioud, and Ellouz (2018) examine the relationship between financial development and economic growth volatility for a sample of 50 developing countries during the period 1960-2016 by using a semiparametric, panel-fixed effects regression model and find that the financial development-volatility relationship is not linear and has multiple turning points.…”

Section: Introductionmentioning

confidence: 99%

How Does Financial Development Affect Economic Growth Volatility? Evidence from a Penalized Panel Quantile Regression

Mazioud

2022

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This paper aims to examine the effect of financial development on economic growth volatility for a sample of 63 countries during the period 1996-2016. Previous studies have reported mixed and inconclusive results regarding such an effect. I ascribe these controversial findings to the limitations of the ordinary least squares (OLS) regression and adopt the method of quantile regression with panel data as developed in Canay (2011). This methodological contribution allows us to test whether the effect of financial development varies across the full distribution, especially at the extreme quantiles of economic growth volatility. Unlike OLS regression, quantile regression captures the whole picture of the relationship between financial development and economic growth volatility by estimating the effect at each quantile of the distribution. Overall, our empirical results show that the effect of financial development on economic growth volatility is negative. However, this effect appears to not be uniform across the quantiles of the economic volatility distribution. This paper sheds more light on the association between financial development and economic growth volatility.

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A semi-parametric panel data analysis on financial development-economic volatility nexus in developing countries

Cited by 9 publications

References 35 publications

Financial Inclusion and Its Impact on Fertility: An Empirical Investigation

Financial Inclusion and Its Impact on Fertility: An Empirical Investigation

Asymmetric effects of global uncertainty: the socioeconomic and environmental vulnerability of developing countries

How Does Financial Development Affect Economic Growth Volatility? Evidence from a Penalized Panel Quantile Regression

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