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Institutional governance and financial sector development: Panel evidence from Asian economies
Cogent Economics & Finance Pub Date : 2021-03-07 , DOI: 10.1080/23322039.2021.1890367
Nazima Ellahi 1 , Adiqa Kiani 2 , Qaisar Malik 3 , Asif Raza 4 , Raazia Gul 5
Affiliation  

Abstract

Current study aims to investigate the impact of institutional governance (GOV), trade openness (TOPEN), real output (RGDP), economic freedom (EFR), inflation rate (INFR) and real output growth on financial sector development (FSD) of selected Asian economies. A consolidated financial sector development index, representing banking sector and stock market is generated using Principal Component Analysis (PCA). The study conducted data analysis by applying panel estimation method of Generalized Method of Moments (GMM), and showed that trade openness, and real output moderate the financial development (FSD) through its positive interaction with institutional governance (GOV). The findings highlight that governance is an important and crucial driver of financial sector development and stock market development in four selected Asian economies.



中文翻译:

机构治理与金融部门发展:来自亚洲经济体的专家组证据

摘要

当前的研究旨在调查机构治理(GOV),贸易开放(TOPEN),实际产出(RGDP),经济自由(EFR),通货膨胀率(INFR)和实际产出增长对选定金融部门发展(FSD)的影响亚洲经济体。使用主成分分析(PCA)生成代表银行部门和股票市场的综合金融部门发展指数。该研究采用广义矩量法(GMM)的面板估计方法进行了数据分析,结果表明贸易开放度和实际产出通过与机构治理(GOV)的积极互动而缓和了金融发展(FSD)。调查结果突出表明,治理是四个选定的亚洲经济体金融部门发展和股票市场发展的重要和至关重要的驱动力。

更新日期:2021-03-08
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