首页 | 本学科首页   官方微博 | 高级检索  
     检索      


Financial reforms and capital accumulation in developing economies: New data and evidence
Institution:School of Applied Economics, Renmin University of China, 59 Zhongguancun Street, Beijing 100872, China
Abstract:This study uses newly constructed data on structural reforms and private and public capital stock to assess the effects of financial reforms on capital formation in developing economies. We find that while both domestic and external financial reforms are important determinants of capital formation, the former is more influential in middle-income countries (MICs) and the latter in low-income countries (LICs). For LICs, external financial reforms work mostly through attracting FDI. For MICs, within domestic financial reforms, what matters most are measures related to strengthening banking supervision and reducing credit controls. These results are driven by capital formation in the private sector. In addition, these effects are nonlinear, and it is important for a country's policy when it comes to the sequence of implementing domestic and external financial reforms. Given the importance of public investment in decarbonization, this study further discusses the potential impacts of financial reforms on climate change and carbon inequality.
Keywords:
本文献已被 ScienceDirect 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号