The impact of financial development on economic stability: evidence from asian countries

• Autorzy: Lee Anh Hoang , Pham An Ha Thi , Doan Kim Thanh , Nguyen Thanh Phuc

Identyfikatory

DOI

10.17512/pjms.2023.27.1.10

Warianty tytułu

PL

Wpływ rozwoju finansowego na stabilność gospodarczą: dowody z krajów azjatyckich

• Języki publikacji: EN

Abstrakty

EN

In recent years, most empirical studies have explored the critical role of financial sector development in economic growth. However, the study of the relationship between the progress of the financial sector and the volatility of economic development has received very little attention. This study is the first attempt at assessing the impact of financial development on the economic stability of Asian countries. In this study, economic stability is assessed through several proxies, such as growth stability, inflation stability and exchange rate stability. Employing panel data of 22 Asian economies covering the period 2011-2019 and Bayesian analysis, the findings show that financial development significantly impacts the economic stability of Asian countries. Additionally, depending on different indicators of financial development, the impact on economic stability of countries will be different. Given these research results, policy implications for economic stability in Asian countries are proposed. Besides, to stabilize growth, the study also suggests that Asian countries need better control of the ratio of non-performing loans to the total credit of the economy.

PL

W ostatnich latach większość badań empirycznych dotyczyła kluczowej roli rozwoju sektora finansowego we wzroście gospodarczym. Jednak badaniu związku między postępem sektora finansowego a zmiennością rozwoju gospodarczego poświęcono bardzo mało uwagi. Niniejsze opracowanie jest pierwszą próbą oceny wpływu rozwoju finansowego na stabilność gospodarczą krajów azjatyckich. W tym opracowaniu stabilność gospodarcza jest oceniana za pomocą kilku wskaźników, takich jak stabilność wzrostu, stabilność inflacji i stabilność kursu walutowego. Wykorzystując dane panelowe 22 gospodarek azjatyckich obejmujące lata 2011-2019 i analizę bayesowską, wyniki pokazują, że rozwój finansowy znacząco wpływa na stabilność gospodarczą krajów azjatyckich. Ponadto, w zależności od różnych wskaźników rozwoju finansowego, wpływ na stabilność gospodarczą krajów będzie różny. Biorąc pod uwagę te wyniki badań, zaproponowano wnioski dotyczące polityki stabilności gospodarczej w krajach azjatyckich. Poza tym, aby ustabilizować wzrost, zasugerowano również, że kraje azjatyckie potrzebują lepszej kontroli stosunku kredytów zagrożonych do całkowitego kredytu w gospodarce.

Słowa kluczowe

EN

financial development; economic stability; Bayesian analysis

PL

rozwój finansowy; stabilność gospodarcza; analiza Bayesowska

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2023
• Tom: Vol. 27, No. 1
• Strony: 164--180
• Opis fizyczny: Bibliogr. 52 poz., rys., tab.

Twórcy

autor

Lee Anh Hoang

• Institute for Research Science and Banking Technology, Ho Chi Minh University of Banking, Ho Chi Minh city, 700000, Vietnam

• https://orcid.org/0000-0002-9670-2060

autor

Pham An Ha Thi

• Faculty of Finance and Banking, Van Lang University, Ho Chi Minh City 700000, Vietnam

• https://orcid.org/0000-0001-7313-9685

autor

Doan Kim Thanh

• Youth Development Science and Technology Center, Ho Chi Minh City 700000, Vietnam

autor

Nguyen Thanh Phuc

• Youth Development Science and Technology Center, Ho Chi Minh City 700000, Vietnam

• https://orcid.org/0000-0001-7137-8236

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Uwagi

Opracowanie rekordu ze środków MEiN, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2022-2023).