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1.
    
Abstract

Applied literature has largely neglected the asset decision of other financial institutions (OFIs), though it may possess important policy implications. In this paper, portfolio behaviour of OFIs in India is modelled by using the annual flow of funds data for 1951/52 to 1993/94. The long-run model of the Almost Ideal Demand System and the allied concepts of cointegration generated economically and statistically plausible results. We find a strong influence of interest rates on portfolio behavior, thereby the role of interest rates on resource allocation. The paper concludes that the macroeconomic management through monetary policy actions may not be unnecessarily limited through the channel of OFIs in the post-financial reform regime in India.  相似文献   

2.
Abstract

The Asian and especially the global crisis of 2008 have catalyzed decentralization of the developing world’s financial governance architecture. I understand this state of affairs via the concept of “productive incoherence” which is apparent in a denser, multilayered development financial architecture that is emerging as a consequence of heterogeneous practical adjustments to changing circumstances rather than as the embodiment of a coherent doctrine. Drawing on Albert Hirschman, I argue that the absence of an encompassing theoretical blueprint for a new economic system—i.e. a new “ism” to replace neoliberalism—is in fact a vitally important virtue. If we cannot live without a new “ism,” I propose “Hirschmanian Possibilism” as a new doctrine—one that rejects an overarching theoretical framework from which to deduce the singly appropriate institutional structure of the economy. Hirschmanian Possibilism asserts instead the value of productive incoherence as a framework for pursuing democratic, ethically viable development institutions.  相似文献   

3.
现代农业的发展离不开金融的支持,金融业的发展壮大同样不能缺少现代农业这个广阔的市场空间。近年来,尽管中国农村金融服务有大幅改善,但仍属于金融体系中的薄弱环节。通过深入分析现代农业发展中金融支持的重要性,及现阶段中国金融支持现代农业发展的主要不足,提出了一系列金融支持现代农业发展必要采取的方略,旨在为三农发展探索新的发展路径。  相似文献   

4.
本文以中国与印度比较研究的缘起和特点为起点,分析国内外学术界对中印比较研究演变的过程,即从增长方式特征向制度基础转化,从短期宏观因素比较向长期增长持续性基础转化。本文强调了从制度视角进行中印比较研究的合理性,评述了制度在中印发展中的重要性和制度分析的不同路径。  相似文献   

5.
    
Although a large literature exists on finance and economic growth, few studies have empirically examined the relationship between finance and inequality. Using grouped national household sample survey data on monthly household consumption expenditure at the sub-national level for the years 1999–2000 to 2006–2007, we examine the relationship between Financial Development (FD) and rural and urban inequality in India. The results indicate that FD is associated with a reduction in inequality, but only in the urban areas. Further, inequality is found to be higher in the richer states compared to less developed and low income states, and as state income increases, inequality also increases both in the rural and urban areas. Finally, our results show that increase in population per bank branch leads to higher inequality in urban areas but decline in rural areas.  相似文献   

6.
制度扭曲环境中的金融安排:温州案例   总被引:40,自引:0,他引:40  
制度安排之间具有一定的互补性,一旦由政府决定的强制型制度被确定,诱致型制度变迁也随即被选择,完成制度的整体功能。在金融制度扭曲的情形下,强制型制度变迁和诱致型制度变迁在金融发展中各自发挥不同的作用。  相似文献   

7.
李轲 《中国经济评论》2007,7(10):8-10,28
中国和印度自开放以来,经济发展迅速,咸了亚洲乃至世界经济增长的火车头。目前是全球经济增长最快的两个国家,两国国情有许多相似之处,但两国经济发展又有各自不同的轨迹。因此,对两国追行宏观对比,意义重大。本文认为,中印两国只有互相学习,互相借鉴,取长补短,方能实现强国之梦。  相似文献   

8.
Using a sample splitting approach that does not impose an exogenous quadratic term, we examine the effect of financial development on economic growth in sub-Saharan Africa by allowing the link to be mediated by the level of institutions. Our findings reveal a disproportionate growth-enhancing effect of finance, given countries’ distinct level of institutional quality. More specifically, when the International Country Risk Guide-based measure of institutions is used as the threshold variable, below the optimal level of institutional quality, financial development does not significantly promote economic growth. For countries with institutional quality above the threshold, higher finance is associated with growth. However, when institutions are measured by World Governance Indicators proxy, we find a significant effect of financial development, irrespective of whether a country is below or above the threshold. Interestingly, the growth-enhancing effect of finance is greater for low-institution countries relative to high-institution countries. Thus, through its ability to provide some crucial roles, the well-developed financial sector may also perform the function of sound institutions in influencing economic growth.  相似文献   

9.
Using an institutionalist reading of the capability approach, I advocate policies for enhancing financial capabilities via financial inclusion. There are 34 million unbanked and underbanked households in the USA (with 68 million adults), many of whom rely on alternative financial services providers (AFSPs). Rather than castigate AFSPs for the predatory practices of some in the industry, this paper argues that a regulated industry can be integral to meeting needs of lower-to-moderate income communities. A typology of existing financial services in the USA is the basis for presenting these proposals. The policies I evaluate concern the economy's structures and institutions rather than focusing on an individual's or a household's financial literacy.  相似文献   

10.
This study attempts to explore the relationship between globalization and financial development by endogenizing economic growth, population density, inflation and institutional quality for India during the period from 1971–2013. Using the more conclusivecombined cointegration method, the study provides evidence of cointegration among these variables. The long-run and short-run estimates from the ARDL model and causality tests, respectively, suggest that globalization in its all forms (political, social and economic) and its overall measure as well as inflation are detrimental to financial development, while economic growth and population density both promote financial development. Furthermore, the results also point out that institutional quality is not conducive to financial development in India, and there exists a feedback effect between financial development and inflation. Moreover, financial development is influenced by economic growth, institutional quality and population density.  相似文献   

11.
Both being two developing countries with a vast territory, dense population, and centuries-old ancient civilization, China and India have many in common in natural resources, population size, historical condition, current economic issues, etc. except for regime. The competition between China and India is a typical one between economic institutions. This paper, by making a diachronic analysis on their courses of development, tries to justify the importance of adopting an economic institution suitable to the situation of a country.  相似文献   

12.
文章在分析中国和印度经济发展模式特点的基础上,利用生态足迹理论对中国和印度的历史生态足迹进行对比分析,展示出两国经济发展对生态资源系统的消耗程度,得出在生态足迹指标体系下印度的经济发展模式与中国的经济发展模式相比,显示出相对较好的可持续发展性的结论.  相似文献   

13.
    
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14.
The interconnectedness of financial deepening and income inequality has been a highly controversial discussion which has not been concluded despite many empirical and theoretical studies up to date. One of the basic building blocks for many research designs is the reliance upon the Kuznets inverted U-shaped curve which postulates that in the first phase of economic growth income inequality increases, peaks and then decreases to a tolerable level in the later phase after a certain income level had been attained. The role of financial deepening in financing economic growth is an indispensable and necessary condition enabling us to easily draw an analogy between financial deepening and income inequality in a financial version of the Kuznets curve. In spite of 30 years of economic and financial reforms in China, which represents a fairly young history of economic growth and development, there are many indicators that Chinese experience significantly deviates from the presupposed inverted U-shaped curve trajectory and its final equalizing effect. This paper relies on financial deepening data measured by monetary aggregate M2/GDP and domestic banking credit/GDP ratios in its claim that they significantly correlate with rising income inequality. The author’s intention consists not in claiming that financial deepening per se causes income inequality, but provides a political economy analysis of the specific institutional and power configuration which leads to their positive relationship. This configuration is determined by the prevailing banking model, the hukou system, financial repression and the decentralized authoritarian system. On the other hand, the absence of inequality-narrowing institutitons further aggravate the problem. All the aforementioned factors are geared at avoiding mechanical and spurious claims that financial deepening increases or decreases income inequality across countries. A historical institutionalism approach to explain China’s path related to the Kuznets curve prediction shows the central validity of open and inclusive institutions in generating inequality-narrowing benefits of financial deepening.  相似文献   

15.
运用中部地区1995~2008年的省际面板数据,通过双向固定效应模型,实证研究了工业增长对金融发展的影响。实证结果显示,以国有工业经济主导的工业化进程是实现经济赶超战略的有效措施,但是这种工业增长必然伴随于金融抑制政策。在先天发育不足的情况下,中部地区的金融发展不仅得不到实体经济的有力支持,反而因工业经济的发展滞后而阻碍了金融发展。  相似文献   

16.
金融危机视角下中国金融企业跨国并购研究   总被引:1,自引:2,他引:1  
受金融危机影响,美国甚至全球的金融业都进入了一个低谷.欧美许多大型金融机构资产贬值,价值被低估,股价也出现大幅下挫.可以说,流动性充沛的中国金融企业迎来了并购的良机.但受国内金融市场发展程度和金融企业自身能力限制,跨国并购之路并非一帆风顺.本文对比分析了国内金融企业在跨国并购中的机遇与挑战,并进一步通过案例分析,总结了并购中的经验教训,得出中国金融企业在金融危机背景下的海外并购应持谨慎态度,不可盲目抄底.目前,中国金融企业最重要的是把国内的业务做好,等待时机.确保金融业稳定比什么都重要.  相似文献   

17.
金融生态是由金融生态主体、金融生态环境与金融生态调节构成的有机系统。目前,新型农村金融机构发展较为缓慢,制约其可持续发展的障碍因素从金融生态主体方面看主要是经营人才缺乏、资金来源不足、创新能力不足和盈利能力有限,从金融生态环境方面看主要是农村信用体系不完善和群众认知程度低,从金融生态调节上看主要是自身内部调节与社会外部调节机制均不健全。为推进新型农村金融机构进一步发展,需要健全其金融生态主体,优化其金融生态环境和健全其金融生态调节机制。  相似文献   

18.
戴志敏  罗燕 《技术经济》2016,(5):118-123
基于2000—2014年中国中部地区六省以及黑龙江和吉林两省的省级面板数据,运用静态面板固定效应模型,研究了区域金融发展、产业结构优化以及两者的相互作用与城镇化的互动关系。结果显示:金融发展与产业结构优化对中国中部地区的城镇化均有显著的正向影响;金融发展与产业结构的交互项对城镇化具有阻碍作用,两者发展不协调;区域工业化水平和对外开放程度对城镇化具有正向的促进作用。最后,提出推动中国中部地区城镇化发展的政策建议。  相似文献   

19.
中部地区金融发展研究——基于地方政府行为的视角   总被引:1,自引:0,他引:1  
运用双向固定效应模型,实证分析了地方政府行为对中部地区金融发展的影响。研究结果表明,在经济转型期,中部地区的地方政府为赢得GDP增长竞赛,具有推动地方经济发展的强烈诉求,其对金融部门的干预成为了弥补市场发育不足的有效措施,使之成为地区金融发展的有力推动者。  相似文献   

20.
    
The aim of this paper is to contribute to the debate on the redesigning of financial systems in Central and Eastern European and developing countries by focusing attention on specific financial institutions appropriate to easing the transition and fostering the creation of markets. The paper argues that the immediate emulation of the better-known institutions of the most developed, market-based financial systems, i.e. the US and the UK, should not be taken for granted. It underlines, instead, the importance of drawing inspiration from the experiences of a variety of institutions and financial systems. Particularly relevant are those systems that have experienced forms of transition and a mix, over time, of market and state intervention.
The approach of this paper is one of institutional financial economics (Neave, 1991 and Williamson, 1986), in which structural details of financial institutions and contracts, in our case French financial institutions, are analysed. We argue that the principles on which some French financial institutions are based and aspects of their functioning are of value to reformers. We discuss the lessons that can be learnt from the Crédit National, the Commissariat Général du Plan, the CODEVI and the SOFARIS.  相似文献   

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