Tác động phi tuyến của phát triển tài chính lên tăng trưởng kinh tế
DOI:
https://doi.org/10.24311/jabes/2020.31.10.1237Keywords:
Financial development index, U-test, Economics growth, Financial developmentAbstract
This paper analyzes the impact of financial development on economic growth by using the mean group (MG-ARDL) and the pooled mean group (PMG-ARDL) estimator with quadratic polynomials in 33 countries over the 2004–2017 period. The research results explained previous contradictions which analyzing the impact of financial development on economic growth. The authors find out the reasons why financial development has a positive effect (the overall impact as well as the impact of the financial depth, efficiency, and stability of the financial market), negative effects (due to the U-shaped effects of financial depth and efficiency of financial institutions) and there is no relationship between financial development on economic growth (due to access to finance in the long term). Policymakers may be based on experimental results can rely on the empirical evidence to have implications for the improvement of their country's financial system.
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