اثر آزادسازی حساب سرمایه بر تعمیق مالی: شواهدی از کشورهای توسعه یافته و در حال توسعه

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استادیار گروه اقتصاد دانشکده ادبیات و علوم انسانی دانشگاه محقق اردبیلی، اردبیل، ایران

2 کارشناس ارشد اقتصاد، دانشکده ادبیات و علوم انسانی دانشگاه محقق اردبیلی، اردبیل، ایران

چکیده

کاهش محدودیت‎های مالی در معاملات مرزی بین کشورها منجر به گسترش بحث آزادسازی و ادغام مالی شده است. در این مطالعه اثر آزادسازی حساب سرمایه به عنوان آخرین گام از فرایند آزادسازی مالی بر تعمیق مالی در گروه منتخب کشورهای توسعه یافته و در حال توسعه طی دوره زمانی 2017- 1990 مورد تحلیل قرار گرفته است. این مطالعه با تأکید بر معیار آزادی حساب سرمایه بجای تعریف کنترل حساب سرمایه و مبتنی بر مؤلفه‌های اصلی متغیرهای باینری محدودیت‎های مالی مرزی انجام شده است. نتایج نشان می‌دهد که در کشورهای در حال توسعه به علت ضعف کیفیت نهادی و عدم تعادل‌های اساسی در اقتصاد کلان و نقش اندک بخش خصوصی در فعالیت‌‌های اقتصادی در مقایسه با کشورهای توسعه یافته، تاثیر مثبت آزادسازی حساب سرمایه بر تعمیق مالی (نسبت اعتبارات اعطایی به بخش خصوصی) در مقایسه با کشورهای توسعه یافته کمتر است. همچنین نتایج حاکی از تأثیر معنا‌دار زیرساخت‌های مالی به ویژه در بخش تحرکات بین‌المللی به عنوان سطح حساب سرمایه اولیه بر تعمیق مالی است. سایر نتایج نشان دهنده اثر معنا‌دار بحران بانکی، نرخ ارز و آزادی تجاری بر تعمیق مالی است.

کلیدواژه‌ها


عنوان مقاله [English]

The Effect of Capital Account Liberalization on Financial Deepening: Evidence from Developed and Developing Countries

نویسندگان [English]

  • Hatef Hazeri Niri 1
  • Abdolrahim Hashemi 1
  • Behnaz Ayoubi Gargari 2
1 Assistant Professor of Economics, Faculty of Literature and Humanities, University of Mohaghegh Ardebili, Ardebil, Iran
2 MA in Economics, Faculty of Literature and Humanities, University of Mohaghegh Ardebili, Ardebil, Iran
چکیده [English]

Reducing financial constraints on border transactions between countries has led to an expansion of the liberalization and financial integration debate. In this study, the effect of the capital account liberalization on financial deepening as the last step of the financial liberalization has been analyzed in the selected group of developed and developing countries over the period 1990 -2017, with emphasis on the criterion of capital account freedom that are based on the main component of the binary variables of borderline financial constraints rather than the definition of capital account control. The experimental results show that in developing countries the positive impact of capital account liberalization on financial deepening (ratio of credits Granted to the private sector) is lower compared to developed countries due to the weak institutional quality and the lack of equilibrium in macroeconomics and the small role of the private sector in economic activities. Also, the results strongly emphasize the significant impact of financial infrastructure on financial deepening, especially in the international movement sector, as the level of initial capital account. Other results indicate a significant effect of the banking crisis, exchange rate and commercial freedom on financial deepening.  

کلیدواژه‌ها [English]

  • Capital Account Liberalization
  • Trade freedom
  • Banking Crisis
  • Financial Deepening
  • Financial Infrastructure
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