Do Remittances Enhance Financial Development in Transitional Markets?

Kunofiwa Tsaurai; Patience Hlupo

doi:10.2478/cer-2019-0033

Autor

Kunofiwa Tsaurai Ph.D., Associate Professor at the University of South Africa, Department of Finance, Risk Management and Banking, Pretoria, South Africa
Patience Hlupo Lecturer at Bindura University of Technology, Bindura, Zimbabwe

DOI:

https://doi.org/10.2478/cer-2019-0033

Słowa kluczowe:

przekazy pieniężne, rozwój finansowy, gospodarki przejściowe

Abstrakt

W artykule przeanalizowano (1) wpływ przekazów pieniężnych na rozwój finansowy oraz (2) zbadano czy interakcja między przekazami pieniężnymi a rozwojem kapitału ludzkiego miała wpływ na rozwój finansowy w gospodarkach przejściowych. Wykorzystano dynamiczne podejście GMM w oparciu o dane z okresu 1996–2014. Przyjęcie jako miar rozwoju finansowego wartości obrotów giełdowych, wolumenu obrotów na rynku akcji, kredytów krajowych dla sektora prywatnego udzielanych przez banki oraz rozwoju sektora obligacji publicznych, pozwoliło na wykazanie, że przekazy pieniężne miały nieistotny pozytywny wpływ na rozwój finansowy w gospodarkach przejściowych. Kiedy jako mierniki rozwoju finansowego przyjęto kapitalizację rynku akcji, kredyty krajowe dla sektora prywatnego udzielane przez sektor finansowy oraz rozwój sektora obligacji prywatnych, przekazy pieniężne nie miały istotnego negatywnego wpływu na rozwój finansowy. Zastosowanie wszystkich innych miar rozwoju finansowego, z wyjątkiem kapitalizacji rynku akcji (która dawała znak ujemny) pozwoliło na wykazanie, że interakcja między przekazami pieniężnymi a rozwojem kapitału ludzkiego miała nieznaczny pozytywny wpływ na rozwój finansowy. Wzywa się zatem gospodarki przejściowe, aby unikały nadmiernego polegania na wpływach z przekazów pieniężnych i na rozwoju kapitału ludzkiego jako źródłach rozwoju finansowego.

Pobrania

Brak dostępnych danych do wyświetlenia.

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