Threshold and Asymmetric Effects of Financial Development on Economic Growth in BRICS Countries: Evidence from Panel Threshold-ARDL
سال انتشار: 1402
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 66
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شناسه ملی سند علمی:
JR_IER-27-3_002
تاریخ نمایه سازی: 21 مهر 1402
چکیده مقاله:
In this paper, we study the asymmetric effect and threshold of financial development on economic growth. We present a fresh evidence using the panel threshold-ARDL (Panel-TARDL) model for the ۵ BRICS countries including Brazil, Russia, India, China and South Africa. We apply the Pool Mean Group (PMG) procedure for the estimation. The findings reveal that the long run threshold and asymmetric effects of finance taking place once the credit reached ۳۸% of GDP. The financial development significantly improve the economic growth only below the threshold point thereafter the effect becomes negative. We find no significant threshold and asymmetry in the short run. Using a ۵۸% as a threshold, we find a negative effect of finance for both the segments of the threshold and no asymmetry is detected. These suggest that any level of credit above ۳۸% of GDP will produce an adverse effect of finance on growth. The Policy implications of these results are also discussed.
کلیدواژه ها:
Credit to Private Sector ، Heterogeneous Panel Data ، Panel Co-integration ، Pool Mean Group Estimator ، Tax Bias
نویسندگان
Murtala Abdu
Department of Economics, SRM IST, Chennai, India.
Selvasundaram Kumaravel
Department of Corporate Secretary Ship and Accounting Finance, SRM IST, Chennai, India.
Sagathevan Sooriyan
Department of Economics, Madras Christian College, Chennai, India.