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

10.29252/ecoj.10.2.59

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

مراجع

- Abiad, A., Oomes, N., & Ueda, K. (2008). The Quality Effect: Does Financial Liberalization Improve the Allocation of Capital? Journal of Development Economics, 87(2), 270-282.
- Abidemi C. & Nosakhare. I, (2013). Financial Openness and Capital Market Development: Empirical Review of Selected West African Countries. Journal of Economics and Sustainable Development, 4(16), 65-72.
- Arellano, M. & Bond S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. Review of Economic Studies, 58, 277-297.
- Baltagi, B., Demetriades, P. & Law, S. H. (2008). Financial Development and Openness: Evidence from panel data. Journal of Development Economics, 89(2),285-296..
- Baltagi, B. H. (2005). Econometric Analysis of Panel data. John Wiley and sons Inc,(Eds), New York, USA
- Bekaert G. & Harvey, C. (2000). Foreign Speculators and Emerging Equity Markets. The Journal of Finance, LV(2), 565-613..
- Bekaert G., Harvey, C. & Lundblad C. (2001). Does Financial Liberalization Spur Growth? NBER Working Paper.
- Bhagwati, J. (1998). Poverty and Reforms: Friends or Foes? Journal of International Affairs, 52(1), 33-45.
- Boromand S, Mousavi M, & Shahbazi A. (2012). Study of the Impact of Financial Liberalization on the Stock Market in Iranian Economy.  Journal of strategy, l64, 7-26 (In Persian).
- Chinn, M. D., & Ito, H. (2008). A New Measure of Financial Openness. Journal of comparative policy analysis, 10(3), 309-322.
- Chinn, M. D. & Ito, H. (2005). What Matters for Financial Development? Capital Controls, Institutions, and Interactions. NBER working paper No. 11370.
- Claessen, S., Demirguc, K. & Huizinga, H. (2001). How Does Foreign Affect Domestic Banking Markets? Journal of Banking and Finance, 25, 891-911.
- Eichengreen, B., Gullapalli, R., & Panizza, U. (2011). Capital Account Liberalization, Financial Development and Industry Growth: A Synthetic View. Journal of International Money and Finance, 30(6), 1090-1106.
- Enowbi, B, M., & Kupukile, M. (2010). How Can Economic and Political Liberalization Improve Financial Development in African Countries? Journal of Financial Economic Policy, 2(1), 35-59.
- Fischer, S. (1998). Capital Account Liberalization and the Role of IMF: Should the IMF Pursue Capital-Account Convertibility? Princeton University. Essays in International Finance,207, 1-10.
- Goldsmith R. W. (1969). Financial Structure and Economic Growth in Advanced Countries. in National Bureau Committee for Economic Research, Capital Formation and Economic Growth, Princeton University Press.
- Hazeri, H, N. (2016). The Effect of Financial Liberalization on Stock Market Development: Co-integration Application in Dynamic Panel Data, Beheshti University. Journal of Economics and Modeling, 7(25),103-128 (In Persian).
- Henry, P. B. (2000). Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices. Journal of Finance, 55(2), 529-564.
- International Monetary Fund. (2016). Annual Report on Exchange Arrangements and Exchange Restrictions 2016. 
- Ishii, S., & Habermeier, K. (2002). Capital Account Liberalization and Financial Sector Stability. IMF Occasional Paper, Washington DC.
- Ito, H. (2006). Financial Development and Financial Liberalization in Asia: Thresholds, Institutions and the Sequence of Liberalization. The North American Journal of Economics and Finance, 17(3), 303-327.
- Klein, M., & Olivei, J. (2008). Capital Account Liberalization, Financial Depth and Economic Growth. Journal of International Money and Finance, 27, 861-875.
- Law, S. H. (2007). Openness and Financial Development: Panel data Evidence from Various Stages of Economic Development. Journal of Emerging Market Finance, 6(2), 145-165.
- McKinnon, R. I. (1973). Money and Capital in Economic Development. Washington DC: Brookings Institution
- Nazifi, F. (2004). Financial Development and Economic Growth in Iran. Economic Research, No 14. (In Persian).
- Noferesti, M. & Abasgholinezhad, A. R. (2018). Financial Frictions and the Effectiveness of Monetary Policy Instruments on the Credibility of the Banking System. Journal of Economics and Modeling, 28(7), 183-213 (In Persian).
- Pedroni, P. (1997). Panel Co-integration, Asymptotic and Finite Sample Properties of Pooled time Series Tests, with an Application to the PPP Hypothesis: New Results. Indiana University, Working Paper in Economics.
- Pedroni, P. (1999). Critical Values for Co-integration Tests in Heterogeneous Panels with Multiple Repressors. Oxford Bulletin of Economics and statistics, 61(S1), 653-670.
- Prasad, E., Rogoff, K., Wei, S., & Kose, M. (2007). Financial Globalization, Growth and Volatility in Developing Countries. In Globalization and Poverty, National Bureau of Economic Research.
- Prasad, E., Rogoff, K., Wei, S. J., & Kose, M. A. (2005). Effects of Financial Globalization on Developing Countries: Some Empirical Evidence. In India’s and China’s Recent Experience with Reform and Growth. Palgrave Macmillan, London.
- Rodrik, D. (1998). Who Needs Capital-Account Convertibility? Essays in international finance, 17(4), 55-65.
- Samadi, A. (2010). Financial Development and Test Simultaneous Openness Hypothesis. Iranian Economic Policy Magazine, 2(1), 159-184 (In Persian).
- Shaw, E. S. (1973). Financial Deepening In Economic Development. Oxford University press. New York.
- Stiglitz, J. (2002). E., 2002. Globalization and Its Discontents. Economic Notes, 32(1), 123-142.
- Stiglitz, J. E. (2000). Capital Market Liberalization, Economic Growth, and Instability. World Development, 28(6), 1075-1086.
- Stultz, R. (1999). Globalization, Corporate Finance and the Cost of Capital. Journal of Applied Corporate Finance, 12 (3), 8-25.
- Stulz, M. (1999). International Portfolio Flows and Security Markets. In M. Feldstein, International Capital Flows. National Bureau of Economic Research.
- Summers, L. (2000). International Financial Crises: Causes, Prevention and Cures. American Economic Review, 90(2), 1-16.
- Trabelsi, M., & Cherif, M. (2016), Capital Account Liberalization and Financial Deepening: Does the Private Sector Matter? Quarterly Review of Economics and Finance. 64(C), 141-151.
- World Bank. (2014). World Development Indicators.

فایل ها

هم رسانی

ارجاع به این مقاله

آمار