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Wait Charles (Nelson Mandela Metropolitan University, Republic of South Africa), Ruzive Tafadzwa (Nelson Mandela Metropolitan University, Republic of South Africa), le Roux Pierre (Nelson Mandela Metropolitan University, Republic of South Africa)
The Influence of Financial Market Development on Economic Growth in BRICS Countries
International Journal of Management and Economics, 2017, vol. 53, nr 1, s. 7-24, wykr., tab., bibliogr. 30 poz.
Zeszyty Naukowe / Szkoła Główna Handlowa. Kolegium Gospodarki Światowej
Słowa kluczowe
Rynki finansowe, Rozwój, Wzrost gospodarczy, Kraje rozwijające się, Wzrost endogeniczny
Financial markets, Development, Economic growth, Developing countries, Endogenous growth
Klasyfikacja JEL: O43
The debate about the influence of financial market development on economic growth has been ongoing for more than a century. Since Schumpeter [1912] wrote about the happenings on Lombard Street there has been growing interest in the way financial market development affects economic activity and growth. As development issues have deepened, inquiry into the finance-growth nexus has also grown, with recent research focusing on various aspects of financial crisis and developments in the BRICS economies. This study investigates the influence of financial market development on the higher growth of BRICS as compared to non-BRICS counterparts. The research utilizes the Generalised Method of Moments and an extended endogenous growth model to estimate the influence of a set of financial market indicators. We find that higher private sector levels of credit and financial depth in the BRICS economies contributed to the economic growth of those economies. (original abstract)
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Biblioteka Szkoły Głównej Handlowej
Pełny tekst
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