Financial development and macroeconomic performance : a panel data approach

Detalhes bibliográficos
Autor(a) principal: Ferreira, Cândida
Data de Publicação: 2021
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/21221
Resumo: Using panel fixed and random effects estimations as well as panel dynamic GMM estimations this paper analyses the contribution of the financial development, measured through the nine IMF financial development indices, to five macro performance indicators. The paper considers a panel with 46 developed countries, and a panel including only the sub-sample of the 28 EU countries, both over the interval 1990-2017. There are no remarkable differences between the results obtained for the two panels, and despite the lack of full convergence regarding the sign and strength of all estimation results, it is still possible to conclude that the IMF financial development indices have a dynamic and robust influence on all the five macro performance indicators. Overall, these indices contribute positively to the real GDP and negatively to the deflator, to the unemployment rate, to the current account, as well as to the net international investment position. There is also evidence that the results regarding the indices related to the different aspects of the financial institutions (access, depth, and efficiency) are statistically more robust than the results regarding the indices addressing the same aspects of the financial institutions.
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spelling Financial development and macroeconomic performance : a panel data approachFinancial developmentIMF financial development indicesmacroeconomic performancepanel estimationsfixed and random effects estimationspanel dynamic GMM estimationsUsing panel fixed and random effects estimations as well as panel dynamic GMM estimations this paper analyses the contribution of the financial development, measured through the nine IMF financial development indices, to five macro performance indicators. The paper considers a panel with 46 developed countries, and a panel including only the sub-sample of the 28 EU countries, both over the interval 1990-2017. There are no remarkable differences between the results obtained for the two panels, and despite the lack of full convergence regarding the sign and strength of all estimation results, it is still possible to conclude that the IMF financial development indices have a dynamic and robust influence on all the five macro performance indicators. Overall, these indices contribute positively to the real GDP and negatively to the deflator, to the unemployment rate, to the current account, as well as to the net international investment position. There is also evidence that the results regarding the indices related to the different aspects of the financial institutions (access, depth, and efficiency) are statistically more robust than the results regarding the indices addressing the same aspects of the financial institutions.ISEG - REM - Research in Economics and MathematicsRepositório da Universidade de LisboaFerreira, Cândida2021-04-20T13:15:46Z2021-042021-04-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/21221engFerreira, Cândida (2021). "Financial development and macroeconomic performance : a panel data approach". Instituto Superior de Economia e Gestão – REM Working paper nº 0173 – 20212184-108Xinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:50:39Zoai:www.repository.utl.pt:10400.5/21221Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:05:50.852242Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Financial development and macroeconomic performance : a panel data approach
title Financial development and macroeconomic performance : a panel data approach
spellingShingle Financial development and macroeconomic performance : a panel data approach
Ferreira, Cândida
Financial development
IMF financial development indices
macroeconomic performance
panel estimations
fixed and random effects estimations
panel dynamic GMM estimations
title_short Financial development and macroeconomic performance : a panel data approach
title_full Financial development and macroeconomic performance : a panel data approach
title_fullStr Financial development and macroeconomic performance : a panel data approach
title_full_unstemmed Financial development and macroeconomic performance : a panel data approach
title_sort Financial development and macroeconomic performance : a panel data approach
author Ferreira, Cândida
author_facet Ferreira, Cândida
author_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Ferreira, Cândida
dc.subject.por.fl_str_mv Financial development
IMF financial development indices
macroeconomic performance
panel estimations
fixed and random effects estimations
panel dynamic GMM estimations
topic Financial development
IMF financial development indices
macroeconomic performance
panel estimations
fixed and random effects estimations
panel dynamic GMM estimations
description Using panel fixed and random effects estimations as well as panel dynamic GMM estimations this paper analyses the contribution of the financial development, measured through the nine IMF financial development indices, to five macro performance indicators. The paper considers a panel with 46 developed countries, and a panel including only the sub-sample of the 28 EU countries, both over the interval 1990-2017. There are no remarkable differences between the results obtained for the two panels, and despite the lack of full convergence regarding the sign and strength of all estimation results, it is still possible to conclude that the IMF financial development indices have a dynamic and robust influence on all the five macro performance indicators. Overall, these indices contribute positively to the real GDP and negatively to the deflator, to the unemployment rate, to the current account, as well as to the net international investment position. There is also evidence that the results regarding the indices related to the different aspects of the financial institutions (access, depth, and efficiency) are statistically more robust than the results regarding the indices addressing the same aspects of the financial institutions.
publishDate 2021
dc.date.none.fl_str_mv 2021-04-20T13:15:46Z
2021-04
2021-04-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/21221
url http://hdl.handle.net/10400.5/21221
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Ferreira, Cândida (2021). "Financial development and macroeconomic performance : a panel data approach". Instituto Superior de Economia e Gestão – REM Working paper nº 0173 – 2021
2184-108X
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ISEG - REM - Research in Economics and Mathematics
publisher.none.fl_str_mv ISEG - REM - Research in Economics and Mathematics
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
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instacron_str RCAAP
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reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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