ترجمه مقاله نقش ضروری ارتباطات 6G با چشم انداز صنعت 4.0
- مبلغ: ۸۶,۰۰۰ تومان
ترجمه مقاله پایداری توسعه شهری، تعدیل ساختار صنعتی و کارایی کاربری زمین
- مبلغ: ۹۱,۰۰۰ تومان
ABSTRACT
In the aftermath of the 2008 global financial crisis, the implications of financial liberalisation for stability and economic growth have come under increased scrutiny. One strand of literature posits a positive relationship between financial liberalisation and economic growth and development. However, others emphasise the link between financial liberalisation is intrinsically associated with financial instability which may be harmful to economic growth and development. This study assesses linkages between financial instability, financial liberalisation, financial development and economic growth in 41 African countries for the period 1985–2010. The results suggest that financial development and financial liberalisation have positive effects on financial instability. The findings also reveal that economic growth reduces financial instability and the magnitude of reduction is higher in the pre-liberalisation period compared to post-liberalisation period.
7. Conclusion and future research directions
This paper has investigated linkages between financial instability, financial liberalisation, financial development and economic growth in African countries during the period 1985–2010, using a dynamic panel method. Two main findings are established. First, financial development and financial liberalisation have positive effects on financial instability. Second, economic growth reduces financial instability and the magnitude of reduction is higher in the pre-liberalisation period compared to post- liberalisation period. Future studies can improve extant literature by engaging cross-specific studies for more targeted policy implications. Moreover, assessing if the established linkages within empirical scrutiny in other regions is also worwhile.