Financial sector strategies and financial sector outcomes: Do the strategies perform? |
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| Institution: | 1. VSB-Technical University of Ostrava, Czech Republic;2. World Bank, USA;1. Department of Quantitative Methods, University of Economics in Bratislava, Tajovského 13, 041 30 Ko?ice, Slovak Republic;2. Department of Economics, Faculty of Business Economics in Ko?ice, University of Economics in Bratislava, Tajovského 13, 041 30 Ko?ice, Slovak Republic;1. School of Economics, Quaid-i-Azam University, Islamabad, Pakistan;2. King Abdullah Petroleum Studies and Research Center, Riyadh, Saudi Arabia;3. Pakistan Institute of Development Economics Islamabad, Pakistan;1. International Monetary Fund, 700 19th St NW, Washington, DC, 20431, USA;2. Assistant Professor, University Ouaga I Joseph Ki-Zerbo, Burkina Faso, Burkina Faso;3. University Ouaga I Joseph Ki-Zerbo, Burkina Faso;1. The Center for Research on International Economics and Department of Economics, The University of Wisconsin-Milwaukee, USA;2. Department of Economics, College of Social Sciences and Public Policy, Florida State University, Tallahassee, FL 32306, USA;1. Tallinn University of Technology, Akadeemia tee 3, Tallinn 12618, Estonia;2. Senior Economist, Bank of Estonia, Senior Researcher, University of Tartu, Estonia pst 13/ Narva mnt 4, Tallinn 15095, Tartu 51009, Estonia |
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| Abstract: | Financial sector strategies enable financial policymakers and stakeholders to take a holistic view at the financial development needs in their country and to formulate balanced financial policies. They help policymakers consider the systemic risk that different development policies involve and choose an informed way forward. We construct a new dataset of historical financial sector strategies covering 150 countries over the period 1985–2014, and assess the strategies using the rating criteria proposed by Maimbo and Melecky (2014). We then investigate how the quality of the strategies can affect financial sector outcomes such as financial depth, inclusion, efficiency and stability. We find that the use of financial sector strategies helped increase financial sector deepening, inclusion and stability, and that this impact could be greater for higher quality strategies. One way how financial sector strategies can improve financial sector outcomes is by improving the regulatory framework for finance. A significant relationship between the use of strategies and the efficiency of banks is not confirmed. |
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| Keywords: | Financial sector strategies Financial depth Stability Efficiency Inclusion Policy coordination Policy tradeoffs |
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