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Financial development, growth strategies and structural transformation
Kromtit, Matthew (2022) Financial development, growth strategies and structural transformation. PhD thesis, University of Glasgow.
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Strategizing economic growth and development in developing countries remains a daunting task for several years. Developing countries for long suffer from the many characteristics of underdevelopment. These range from slow economic growth to high levels of unemployment and poverty, increased population explosion with little or no corresponding increase in productive capabilities. For decades too, the economic literature has shown that several private and public sector-led strategies have failed to guarantee long term economic progress especially in developing countries. Whether mainstream or heterodox, what constitute appropriate growth strategies for developing countries is complex and highly debatable. This thesis therefore generally seeks to ignite better understanding of the strategies for growth and their determinants as well as to renew the debate on the essentials for strategizing growth in developing countries. The thesis attempts to provide some evidence on this general objective by investigating three specific topics in three empirical chapters. This is in addition to introductory and concluding chapters.
Chapter one motivates the thesis and specifies the objectives particular to each empirical chapter. Chapter two focuses on providing evidence on the role of financial development in determining whether developing countries follow or defy their comparative advantage. This area has been largely ignored in the literature on finance and development. Using dynamic panel data spanning across 132 developing countries and two-step system generalized method of moments (GMM), the results of this chapter mainly show that financial development in terms of the depth of banking sector tends to lead to comparative advantage – following (CAF) growth strategy but it tends to lead to comparative advantage – defying (CAD) in terms of financial efficiency. Based on these findings, chapter three introduces the analysis of financial and trade liberalization, interventionists policies and economic diversification in resource-rich developing countries. The empirical evidence reported in this chapter suggest that though liberal and interventionists policies matter in promoting economic diversification – in terms of enhancing manufacturing, the interaction of these policies with regulation could lead to an expanding services sector at the expense of manufacturing in resource-rich countries. Chapter four explores whether global value chains (GVCs) – related trade and conventional trade play a role in the structural transformation of resource-rich and non-resource-rich developing countries. The results show that the share of domestic value added in gross GVC-related exports and conventional trade have the tendency to aggravate employment and value addition respectively in the agricultural sector of Non-Resource-Rich Countries (NRRCs). In Resource Rich Countries (RRCs), the findings show that conventional trade have negative and significant impact on value-added in manufacturing while the share of foreign value added in gross GVC-related trade reports positive and significant impact on share of labour employment in services but not on the value added in the sub-sector.
Thus, the findings of the thesis tend to have implications for what constitute an appropriate development strategy in developing countries. Overall, the findings imply that all hope is not lost in developing countries. Given their factor endowments, developing countries could harness them with the appropriate combination of interventionists and liberal policies as well as the right mix of domestic and foreign value addition in promoting economic diversification and structural transformation. It remains however, a challenge for these countries to draw a line between what constitutes effective strategies or policies thereby leaving room for further research as suggested in chapter five of the thesis.
| Item Type: | Thesis (PhD) |
|---|---|
| Qualification Level: | Doctoral |
| Additional Information: | Supported by funding from the University of Jos and Tertiary Education Trust Fund, Nigeria. |
| Subjects: | > |
| Colleges/Schools: | > > |
| Supervisor's Name: | Paloni, Dr. Alberto and Cerretano, Dr. Valerio |
| Date of Award: | 2022 |
| Depositing User: | |
| Unique ID: | glathesis:2022-83153 |
| Copyright: | Copyright of this thesis is held by the author. |
| Date Deposited: | 04 Oct 2022 13:03 |
| Last Modified: | 14 Oct 2022 12:31 |
| Thesis DOI: | |
| URI: |
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The University of Glasgow is a registered Scottish charity: Registration Number SC004401
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The development of the financial sector in Kenya has shown an upward trend. This has not reflected much on the GDP as shown in the figure 1 below. The lowest being -0.8 in 1992 with the highest being 8.4% in 2010. In the early independent years, Kenya' economy grew rapidly as compared to other sub Saharan Africa.
provide a detail analysis of the main drivers of financial development and, in particular, the linkages between financial sector development and economic growth as well as the exploration of the savings-growth nexus. The study uses time series data for the period of analysis covers 1980 to 2013.
Table 3 presents the moderator variables that 1/. we codified. We divide them into two broad categories: variables related to differences in research design and variables related to real economic differences in the underlying effect of finance on growth. Table 3: Description of Moderator Variables.
FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: NEW EVIDENCE FROM SIX COUNTRIES by SHEILLA NYASHA submitted in accordance with the requirements for the degree of DOCTOR OF COMMERCE ... from this thesis, for their input. These journals include: Applied Economics Letters; Studies in Economics and Finance ; Journal of Financial Economic ...
The thesis is structured as follows; the next chapter describes the theoretical basis for the empirical tests and summarizes the outcome of several previously conducted studies regarding ... financial development and the possible association with economic growth. There is some focus on Latin American countries on the subject. Next, I outline ...
4.1 Descriptive statistics. GDP has a mean of 5720000, a coefficient skewness of -0.10908, and a standard deviation of 1160000, indicating that it is more responsive to influences than trade openness, which has a much lower standard deviation. The mean trade openness is 28.93, with a standard deviation of.
Essays on Financial Development and Financial Inclusion PhD thesis to obtain the degree of PhD at the University of Groningen on the authority of the Rector Magnificus Prof. C. Wijmenga and in accordance with the decision by the College of Deans. This thesis will be defended in public on Monday 8 November 2021 at 14.30 hours by Yiqing Peng
This thesis assesses the significance of real bank credit in stimulating real output paying particular attention to the factors that prompt financial intermediation within the economy. The thesis contributes to the existing literature on finance and growth by ... Financial Development and Economic Growth in Africa: Lessons and Prospects ...
Chapter one motivates the thesis and specifies the objectives particular to each empirical chapter. Chapter two focuses on providing evidence on the role of financial development in determining whether developing countries follow or defy their comparative advantage. This area has been largely ignored in the literature on finance and development.
shaped financial sector policies and the operation of the financial system. Again, however, these crucial themes are beyond the scope of this paper. Instead, this chapter reviews the role of the financial system in economic growth and very briefly lists some ongoing work on the determinants of financial development in the conclusion. II ...
financial development on economic growth in the context of Saudi Arabia, an oil-rich economy. In doing so, the study distinguishes between the effects of financial development on the oil and non-oil sectors of the economy. The Autoregressive Distributed Lag (ARDL) bounds test methodology is applied to yearly data over the
This study investigates the effect of financial inclusion on economic growth, financial development, bank's financial efficiency, financial stability, and bank's profitability in high-, low ...
Financial development is, therefore, a rather general term, and the literature has often used more concrete concepts and measurements to characterize it. One of the most commonly used is the concept of financial depth, which denotes the extent of credit, financial capital, and
inancial development and economic growth. There is even evidence that the level of financial development is a good predictor of future rates of economic growth, capit. l accumulation, and technological change.Moreover, cross-country, case-study, industry-level, and firm-level analyses document extensive periods when financial development (or ...
This thesis is made up of three empirical studies that fall under the general classification of international and financial economics, particularly the study focuses on the financial system of selected African countries. The first empirical study presented in Chapter 2 examines the role of financial development in
i Master's Thesis in economics Title: The determinants of financial development: A focus on African countries Author: Francella Ewurama Ketsina Benyah Tutor: Professor Scott Hacker Ph.D. Candidate Hyunjoo Kim Date: June, 2010 Keywords: Financial development, trade openness, financial openness,
Abstract. This paper presents a simple endogenous growth model to demonstrate the role of financial development in economic growth. It further explores the causal relationship between financial ...
I will argue in this paper that the changes in the financial sector have altered managerial incentives, which in turn have altered the nature of risks undertaken by the system, with some potential for distortions. In the 1950s and 1960s, banks dominated financial systems. Bank managers were paid a largely fixed salary.
The results using the fixed effects estimation show that financial inclusion has an alleviating effect on poverty in low- and lower middle-income countries. The absolute reduction in the poverty headcount ratio of 5,50 USD per day is greater than the one at 1,90 USD per day.
PDF | Financial liberalisation is widely seen as key to promoting financial development and unlocking growth in developing countries. While this thesis... | Find, read and cite all the research ...
1. Introduction. Financial development is widely acknowledged to be central to economic development (Levine Citation 1999), and that inclusive financial systems are important for development (Yao and Yueh Citation 2009; Park and Mercado Citation 2015).However, the debate on whether financial development leads economic growth or it is economic growth that leads to financial development remains ...
development, summarizing related empirical evidence.1 It concludes by outlining some of the challenges to realizing the benefits of financial inclusion and directions for future research. Financial inclusion can help reduce poverty and inequality by helping people invest in the future, smooth their consumption, and manage financial risks.
financial systems under the rubric of financial household savings are distributed between two development, liberalization, or reform. The expe assets, tangible assets used as inflation hedges. rience of these efforts has been disappointing in the yielding 71e and deposits earning a nominal interest. extreme.