Repensar la profundización financiera: estabilidad y crecimiento en los mercados emergentes

Abstract

<p>En este escrito se usa una nueva medida del desarrollo financiero para mostrar que la mayoría de los mercados emergentes aún puede obtener beneficios de crecimiento y estabilidad con un mayor desarrollo financiero. Primero define el desarrollo financiero como una combinación de profundidad, acceso y eficiencia. Luego muestra que el crecimiento económico se debilita a mayores niveles de desarrollo financiero y que el ritmo del desarrollo financiero es importante; además propone una nueva manera de ver los “tradeoffs” de la regulación financiera. Concluye que no hay una secuencia única en el desarrollo de las instituciones y los mercados financieros, aunque se observa cuando las economías se desarrollan los beneficios relativos de las instituciones disminuyen y los de los mercados aumentan.</p>

The role of structural factors in real interest rate behaviour: A cross-country study

“…This mechanism works to prevent investors to get excessive return. Sahay et al (2015) also confirmed the above conjecture in their extensive macro cross country study Considering this later view, we find the estimates support our alternative hypotheses. Estimates of INSTITUTION conform a parabolic function: the linear part is positive, while the quadratic part is negative.…”

ICT adoption, innovation and financial development in a digital world: empirical analysis from Africa

“…Another macro-categorisation of financial development literature focussed on the determinants of financial development such as the role of institutions such as creditor rights protection (Adeleye et al, 2017;Farla, 2014;Singh, & Huang, 2015), information sharing and financial deepening (Sahay et al, 2015); the role of ICT adoption on financial deepening in Africa (Asongu & Nwachukwu, 2017;Chithralega & Varalakshmi, 2016); outside Africa (Darrat & Al-Sowaldi, 2010;Iscan, 2012;Gadamsetty, 2013;Abosedra & Fakih, 2014;Bansal, 2014;Ho et al, 2017); which all missed out the existence of ICT-innovation interaction and its relationship as a significant macro and micro determinant of financial development. Asongu and Nwachukwu (2017) investigated the role of internet and mobile phone penetration (ICT adoption measures) in complementing financial formalisation and 'in-formalisation' (financial sector development) in improving financial access in Africa using evidence based on generalised method of moments with 53 African countries for the period 2004 À 2011 to establish some findings.…”

The Impact of Financial Inclusion on Economic Development

“…In a later study by (Sahay et al, 2015), it was also found that financial inclusion increases economic development up to a point. Greater access of firms and households to various banking services led to higher growth and that sectors that depend on external finance grow more rapidly in countries with greater financial inclusion.…”

“…Financial inclusion, often referred to as the expansion of financial systems, financial services or financial products, so that adults have greater access to society. Statistics have illustrated that many nations have recorded to set financial inclusion implementation as a formal goal to support their economic growth and development (Sahay et al, 2015). It helps in widening the financial network in order to create an effective financial flow within a country's border.…”

“…FI has been identified as a critical tool of economic development (Claessens and Perotti, 2007). The greater the access of firms and households to various banking services the stronger the positive impact on economic development (Sahay et al, 2015). Raza et al (2019) found that there is a positive association between financial inclusion and economic development.…”