The relationship between changes in inflation and financial development

• Autorzy: Sanusi K. A. , Meyer D. , Ślusarczyk B.

Identyfikatory

DOI

10.17512/pjms.2017.16.2.22

Warianty tytułu

PL

Związek między zmianami w inflacji a rozwojem finansowym

• Języki publikacji: EN

Abstrakty

EN

The relationship between inflation and financial development remains an important issue in the empirical and theoretical literature, but has yet to receive significant research attention. This paper examines this issue for South Africa by applying the bounds testing (ARDL) approach to cointegration using a monthly series for the period from 2007 to 2016. The bounds tests suggest that the variables are bound together in the long run when credit allocated to the private sector is the dependent variable. The associated equilibrium correction is also significant, confirming the existence of a long-run relationship. The results indicate significant Granger and ARDL causality from inflation to the credit allocated to private sector as a measure of financial development. The empirical finding implies moderate rise in price level would motivate financial development in South Africa. Hence, the study concludes that management of financial system must be conducted in a manner that would motivate a moderate increase in price levels.

PL

Związek między inflacją a rozwojem finansowym pozostaje ważnym zagadnieniem w literaturze empirycznej i teoretycznej, ale nie poświęcono tematowi temu znacznej uwagi badawczej. W niniejszym artykule Autorzy analizują wspomnianą problematykę w Republice Południowej Afryki, stosując podejście testowania granic (ARDL) do kointegracji przy użyciu miesięcznych serii w okresie od 2007 do 2016. Testy granic sugerują, że zmienne są powiązane w dłuższej perspektywie, gdy środki przydzielone do sektora prywatnego są zmienną zależną. Związana z tym korekta równowagi jest również znacząca, co potwierdza istnienie związku długotrwałego. Wyniki wskazują na znaczącą zależność przyczynowości Grangera i ARDL między inflacją i kredytami przyznanymi sektorowi prywatnemu jako miarę rozwoju finansowego. Badania empiryczne sugerują, że umiarkowany wzrost poziomu cen będzie motywował do rozwoju finansowego w RPA. Stąd w badaniu stwierdza się, że zarządzanie systemem finansowym musi być prowadzone w sposób, który motywowałby umiarkowany wzrost poziomu cen.

Słowa kluczowe

EN

credit allocation; financial development; inflation; management; ARDL; South Africa

PL

alokacja kredytów; rozwój finansowy; inflacja; zarządzanie; ARDL; RPA

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2017
• Tom: Vol. 16, No. 2
• Strony: 253--265
• Opis fizyczny: Bibliogr. 55 poz., rys., tab.

Twórcy

autor

Sanusi K. A.

• North-West University Vaal Triangle Campus, South Africa & Obafemi Awolowo University, Nigeria

autor

Meyer D.

• North-West University Vaal Triangle Campus, South Africa

autor

Ślusarczyk B.

• North-West University Vaal Triangle Campus, South Africa
• Faculty of Management, Czestochowa University of Technology, Poland

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Uwagi

Opracowanie rekordu w ramach umowy 509/P-DUN/2018 ze środków MNiSW przeznaczonych na działalność upowszechniającą naukę (2018).