Money And Capital In Economic Development Mckinnon 1973 Pdf

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money and capital in economic development mckinnon 1973 pdf

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The past few decades have seen a considerable body of literature dealing with causality relationships between economic growth and financial development for a variety of countries, both developed and developing. In addition to the early classic work of Gurley and Shaw , Goldsmith , and McKinnon , the econometric work of Kormendi and Meguire and Barro brought to light the important roles of financial development in raising growth rates of the economies. King and Levine a, b face more directly the role of financial development in growth processes.

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On financial development and economic growth in Egypt

Monetary Economics in Developing Countries pp Cite as. In Chapter 2 we saw that in the classical theory money does not play an important role in economic growth. The main function of the money supply is to determine the price level at which exchange will take place. The role of money is regarded as passive; it is simply to finance a certain level of transactions of goods and services. The improvement in the financial system is, however, regarded as a necessary condition for achieving a higher rate of growth, since a well-developed financial system plays a major role in mobilising saving and investment as well as allocating resources more efficiently. Unable to display preview. Download preview PDF.

Money and Capital in Economic Development

Purpose : The purpose of this paper is to examine the relationship between financial development and economic growth for five major emerging economies: Brazil, Russia, India, China and South BRICS during to using banking sector and stock market development indicators. Next, using generalized method of moment system estimation SYS-GMM , the relationship between financial development and growth is investigated. The banking sector development indicators used in the study include size of the financial intermediaries, credit to deposit ratio CDR and domestic credit to private sector CPS , whereas the stock market development indicators are value of shares traded and turnover ratio. Also, some macroeconomic control variables such as inflation, exports and the enrolment in secondary education were used. Findings: The examination of the principal indicators of financial development and macroeconomic variables have shown considerable differences between the selected economies.

Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment. Blog Posts.

Ronald McKinnon (economist)

Witcomb, Ronald I. Oxford University Press is a department of the University of Oxford. It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide. Sign In or Create an Account. Sign In.

Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation.

Он торопливо повернул выключатель. Стекла очков блеснули, и его пальцы снова задвигались в воздухе. Он, как обычно, записал имена жертв. Контакты на кончиках пальцев замкнулись, и на линзах очков, подобно бестелесным духам, замелькали буквы. ОБЪЕКТ: РОСИО ЕВА ГРАНАДА - ЛИКВИДИРОВАНА ОБЪЕКТ: ГАНС ХУБЕР - ЛИКВИДИРОВАН Тремя этажами ниже Дэвид Беккер заплатил по счету и со стаканом в руке направился через холл на открытую террасу гостиницы.

On financial development and economic growth in Egypt

4 Comments

  1. Rentlinktidan 27.05.2021 at 05:56

    This paper aims to discuss the evolution of the Egyptian banking sector and the main trends in financial development in Egypt.

  2. Huapi S. 30.05.2021 at 12:48

    In an important book, McKinnon () offered the hypothesis that in developing countries the demand for money broadly defined is complementary to the.

  3. TristГЎn T. 02.06.2021 at 12:58

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  4. Jan F. 05.06.2021 at 14:55

    His primary interests were international economics and economic development, with strong secondary interests in transitional economies and fiscal federalism.