The Causal Relationship between Financial Development and Investment : a Review of Related Empirical Literature

• Autorzy: Brian Muyambiri , Nicholas M. Odhiambo

Warianty tytułu

Związek przyczynowy między rozwojem finansowym a inwestycjami : przegląd literatury empirycznej

• Języki publikacji: EN

Abstrakty

EN

This article reviews the theoretical and empirical literature on the causal relationship between financial development and investment. Based on the literature considered, it can be concluded that there is little consensus to date on the direction of causality between financial development and investment. The study concludes that most of the research done on the causal relationship between financial development and investment is highly skewed towards assessing the causal relationship between the bank-based side of financial development, as compared to the market-based side of financial development. Given the number of studies assessed, the causal relationship between financial development and investment appears to be inconclusive, at best. Moreover, the study shows that the relationship between these two macroeconomic variables seems to differ from country to country; it is dependent on the proxies used to measure the level of financial development, as well as the methodology employed. (original abstract)

Artykuł zawiera przegląd literatury teoretycznej i empirycznej, dotyczącej związku przyczynowego między rozwojem finansowym a inwestycjami. W oparciu o rozważaną literaturę można stwierdzić, że jak dotychczas nie osiągnięto konsensusu w kwestii kierunku związku przyczynowego między rozwojem finansowym a inwestycjami. W artykule stwierdza się, że większość badań dotyczących związku przyczynowego między rozwojem finansowym a inwestycjami jest w większym stopniu ukierunkowana na związek przyczynowy między rozwojem finansowym opartym o banki niż o rynek, a inwestycjami. Z analizy opracowań można wyciągnąć wniosek, że związek przyczynowy między rozwojem finansowym a inwestycjami jest w najlepszym wypadku niejednoznaczny. Ponadto w artykule wskazano, że związek między tymi dwiema zmiennymi makroekonomicznymi wydaje się różnić w zależności od kraju; jest zależny od aproksymant używanych do pomiaru poziomu rozwoju finansowego, a także od zastosowanej metodologii. (abstrakt oryginalny)

Słowa kluczowe

EN

Investment; Finance; Literature review

PL

Inwestycje; Finanse; Przegląd literatury

• Czasopismo: Comparative Economic Research
• Rocznik: 2018
• Tom: 21
• Numer: nr 2
• Strony: 119--136

Twórcy

autor

Brian Muyambiri

• Botswana Open University

autor

Nicholas M. Odhiambo

• University of South Africa, Pretoria, South Africa

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Identyfikatory

DOI

https://doi.org/10.2478/cer-2018-0015