BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Autor
Tsaurai Kunofiwa (University of South Africa, Pretoria, South Africa)
Tytuł
Complementarity Between Foreign Aid and Financial Development as a Driver of Economic Growth in Selected Emerging Markets
Komplementarność pomocy zagranicznej i rozwoju finansowego jako siła napędowa wzrostu gospodarczego na wybranych rynkach wschodzących
Źródło
Comparative Economic Research, 2018, vol. 21, nr 4, s. 45-61, tab., bibliogr. 43 poz.
Słowa kluczowe
Pomoc zagraniczna, Wzrost gospodarczy, Rynki wschodzące
Foreign aid, Economic growth, Emerging markets
Uwagi
Klasyfikacja JEL: F35, F43, G15
summ., streszcz.
Abstrakt
W artykule podjęto próbę odpowiedzi na pytanie czy komplementarność rozwoju finansowego i pomocy zagranicznej przyczynia się do wzrostu gospodarczego na wybranych rynkach wschodzących. Analizy dokonano przy użyciu w pełni zmodyfikowanej metody najmniejszych kwadratów (FMOLS - Fully Modified Ordinary Least Squares), wykorzystując dane z okresu 1994-2014. Co prawda badania dotyczące (1) wzrostu pomocy i (2) rozwoju finansowego były prowadzone, to rola połączonego wpływu rozwoju finansowego i wzrostu pomocy na wzrost gospodarczy praktycznie nie była zbadana. Czy rozwój finansowy stanowi kanał, poprzez który pomoc zagraniczna pozytywnie wpływa na wzrost gospodarczy? Niniejsze badanie stara się podjąć te zagadnienia wykorzystując jako studium przypadku wybrane rynki wschodzące. Komplementarność pomocy zagranicznej i rozwoju finansowego (kredyt krajowy udzielany przez sektor finansowy, krajowy kredyt prywatny udzielany przez banki, się krajowe prywatne dłużne papiery wartościowe i obrót giełdowy) wywarła znaczny pozytywny wpływ na wzrost gospodarczy. Dlatego badania zachęcają wybrane rynki wschodzące do wdrażania polityk sprzyjających pogłębianiu sektora finansowego w celu umożliwienia wzrostu gospodarczego dzięki pozytywnemu oddziaływaniu pomocy zagranicznej. (abstrakt oryginalny)

This paper studied whether the complementarity between financial development and foreign aid promotes economic growth in selected emerging markets using the panel Fully Modified Ordinary Least Squares (FMOLS) approach, with data ranging from 1994 to 2014. Although (1) aid-growth and (2) finance-growth studies have been conclusively dealt with, the role of financial development in the aid-growth nexus has been hardly researched. Is financial development a channel through which foreign aid positively influences economic growth? The current study seeks to address these issues using selected emerging markets as a case study. The complementarity between foreign aid and financial development (domestic credit provided by the financial sector, domestic private credit provided by banks, outstanding domestic private debt securities and stock market turnover) resulted in a significant positive impact on economic growth. The study, therefore, urges selected emerging markets to implement policies which deepen the financial sector in order to allow foreign aid to positively contribute towards economic growth. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Pełny tekst
Pokaż
Bibliografia
Pokaż
  1. Abel, S. and Le Roux, P. (2016), Determinants of banking sector profitability in Zimbabwe, 'International Journal of Economics and Financial Issues', 6 (3), 845-854.
  2. Adam, P.A. (2013), The impact of foreign aid on economic growth in ECOWAS countries: A simultaneous-equation model. United Nations University, World Institute for Development Economics Research Working Paper Number 2013/143.
  3. Albiman, M.M. (2016), What are the impact of foreign aid to the economic growth? Time series analysis with new evidence from Tanzania, 'Business and Economics Journal', 7 (3), 1-7.
  4. Alemu, A.M. and Lee, J. (2015), Foreign aid on economic growth in Africa: A comparison of low and middle-income countries, 'SAJEMS NS', 18 (4), 449-462.
  5. Al-Foul, B.M.A. (2013), Foreign aid and economic growth in Egypt and Jordan: An empirical analysis, 'The Global Journal of Finance and Economics', 10 (2), 225-231.
  6. Ali, H.A.E.H. (2013), Foreign aid and economic growth in Egypt: A co-integration analysis, 'International Journal of Economics and Financial Issues', 3 (3), 743-751.
  7. Ang, J.B. (2010), Does foreign aid promotes? Exploring the role of financial liberalization, 'Review of Development Economics', 14 (2), 197-212.
  8. Balde, Y. (2011), The impact of remittances and foreign aid on savings or investment in Sub-Saharan Africa, 'African Development Review', 23 (2), 247-262.
  9. Baltagi, B.H., Demitriades, P.O. and Law, S.H. (2009), Financial development, openness and institutions: Evidence from panel data, 'Journal of Development Economics', 89 (2), 285-296.
  10. Ekanayake, E.M. and Chatrna, D. (2010), The effect of foreign aid on economic growth in developing countries, 'Journal of International and Cultural Studies', 32 (3), 1-13.
  11. Goff, M.L. and Singh, R.J. (2014), Does trade reduce poverty? A view from Africa, 'Journal of African Trade', 1 (1), 5-14.
  12. Goldsmith, R.W. (1969). Financial structure and development, Yale University Press, New Haven, CT.
  13. Green, W.H. (2000), Econometric Analysis, 4th edition. New York: Prentice Hall.
  14. Grossman, S.J. (1976), On the efficiency of competitive stock markets where traders have diverse information, 'Journal of finance', 31 (2), 573-585.
  15. Gujarati, D.N. (2007), Basic econometrics, United States: McGraw-Hill.
  16. Hair Jr. Black, W.C., Babin, B.J. and Anderson, R.E. (2014), Multivariate data analysis, Pearson New International Edition. Seventh Edition.
  17. Hossain, B. (2014), The effect of foreign aid on the economic growth of Bangladesh, 'Journal of Economics and Development Studies', 2 (2), 93-105.
  18. Hsiao, C. (2003), Analysis of panel data, Cambridge: Cambridge University Press.
  19. Im, K.S., Pesaran, M.H. and Shin, Y. (2003), Testing unit roots in heterogeneous panels, 'Journal of Econometrics', 115 (1), 53-74.
  20. International Monetary Fund. 2015, World Economic Outlook: Adjusting to Lower Commodity Prices, Washington (October).
  21. Jones, S. and Tarp, F. (2016), Does foreign aid harm political institutions?, 'Journal of Development Economics', 118 (January), 266-281.
  22. Kargbo, P.M. (2012), Impact of foreign aid on economic growth in Sierra Leone, United Nations University, World Institute for Development Economic Research Working Paper Number 2012/07.
  23. King, R.G. and Levine, R. (1993), Financial intermediation and growth: Theory and evidence, [in:] Mayer, C. and Vives, X. (eds.), Capital Markets and Financial Intermediation, Centre for Economic Policy Research, London, pp. 156-189.
  24. Kiprop, M.J., Kalio, A., Kibet, L. and Kiprop, S. (2015), Effect of financial development on economic growth in Kenya: Evidence from time series analysis, 'European Journal of Business and Social Sciences', 3 (11), 62-78.
  25. Knack, S. (2001), Aid dependence and the quality of governance: Cross-country empirical tests, 'Southern Economic Journal', 68 (2), 310-329.
  26. Levin, A., Lin, C.F. and Chu, C.S.J. (2002), Unit root tests in panel data: Asymptotic and finite-sample properties, 'Journal of Econometrics', 108 (1), 1-24.
  27. Lof, M., Mekasha, T.J. and Tarp, F. (2015), Aid and income: Another time-series perspective, 'World Development', 69 (May), 19-30.
  28. Lucas, R., (1988), On the mechanics of economic development, 'Journal of Monetary Economics', 22 (1), 3-42.
  29. Mallik, G. (2008), Foreign aid and economic growth: A co-integration analysis of the six poorest African countries, 'Economic Analysis and Policy', 38 (2), 251-260.
  30. Mallik, G. and Chowdhury, A. (2001), Inflation and economic growth: Evidence from four South Asian countries, 'Asian-Pacific Development Journal', 8 (1), 123-135.
  31. McKinnon, R.I. (1973), Money and Capital in Economic Development, The Brooklings Institution, Washington, DC.
  32. Minoiu, C. and Reddy, S.G. (2009), Development aid and economic growth: A positive long run relation, 'The Quarterly Review of Economics and Finance', 50 (2), 27-39.
  33. Moreira, S.B. (2005), Evaluating the impact of foreign aid on economic growth: A cross-country study, 'Journal of Economic Development', 30 (2), 25-48.
  34. Murshed, M. and Khanaum, M. (2012), Impact of foreign aid in the economic development of recipient country, 'Journal of the Bangladesh Association of Young Researchers', 2 (1), 33-37.
  35. Nkusu, M. and Sayek, S. (2004), Local financial development and the aid-growth relationship, International Monetary Fund Working Paper Number 04/238.
  36. Rahnama, M., Fawaz, F. and Gittings, K. (2017), The effects of foreign aid on economic growth in developing countries, 'The Journal of Developing Areas', 51 (3), 153-171.
  37. Romer, P. (1986), Increasing returns and long run economic growth, 'Journal of Political Economy', 94 (5), 1002-1037.
  38. Solow, R. (1956), A contribution to the theory of economic growth, 'Quarterly Journal of Economics', 70 (1), 65-94.
  39. Sothan, S. (2018), Foreign aid and economic growth: Evidence from Cambodia, 'The Journal of International Trade and Economic Development', 27 (2), 168-183.
  40. Tan, A. and Ismail, N.W. (2015), Foreign direct investment, sovereign debt and growth: Evidence for the Euro Area, 'American Journal of Trade and Policy', 2 (1), 51-58.
  41. Tang, K. and Bundhoo, D. (2017), Foreign aid and economic growth in developing countries: Evidence from Sub-Saharan Africa, 'Theoretical Economics Letters', 7 (5), 1473-1491.
  42. Townsend, M.R. (1983), Financial structure and economic activity, 'American Economic Review', 73 (5), 895-911.
  43. Wooldridge, J.M. (2002), Econometric analysis of cross section and panel data, Cambridge MA: MIT Press.
Cytowane przez
Pokaż
ISSN
1508-2008
Język
eng
URI / DOI
https://doi.org/10.2478/cer-2018-0026
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu