Financial liberalization, capital movements, and economic growth in Asia a panel structural VAR approach

There has been intensive research in the literature of macroeconomics examining the nexus between finance, capital movements, and economic growth to explore the impact of each variable on other variables in the system. One might claim that these researches, needless to say, are seminal and have some...

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Veröffentlicht in:	Economic growth and financial development
1. Verfasser:	Bilgili, Faik (VerfasserIn)
Weitere Verfasser:	Doğan, İbrahim (VerfasserIn), Koçak, Emrah (VerfasserIn), Kuşkaya, Sevda (VerfasserIn)
Format:	UnknownFormat
Sprache:	eng
Veröffentlicht:	2021
Schlagworte:	Financial development > Asian countries > Financial market access > Panel structural VAR > Aufsatz im Buch
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Zusammenfassung:	There has been intensive research in the literature of macroeconomics examining the nexus between finance, capital movements, and economic growth to explore the impact of each variable on other variables in the system. One might claim that these researches, needless to say, are seminal and have some considerable outputs. The relevant literature, however, conducts mostly the estimations from macro-econometric models in which structural impulse responses are not monitored. Therefore, this chapter aims at launching panel structural VAR (panel SVAR) model estimations by loading relevant matrices for the decomposition of the shocks into common and composite shocks through recursive impulse responses by a triangular matrix. The contemporaneous impact of a shock in a panel variable on other panel variables are, hence, straightforward and transparent in panel SVAR. The models of panel SVAR of this chapter employs 24 Asian countries for the period 1994-2017. The 576 observations from three different panel SVAR model predictions reveal in general that panel Asian GDP responds positively to the shocks in panel Asian financial development index, financial markets access index, financial markets efficiency index, and gross fixed capital formation.
ISBN:	9783030790028 9783030790059