Financial innovation, economic growth, and the consequences of macroprudential policies

被引：36
|
作者：
Bernier, Maxence [1 ]
Plouffe, Michael [1 ]
机构：
[1] UCL, London, England
来源：
RESEARCH IN ECONOMICS | 2019年 / 73卷 / 02期
关键词：
Financial innovation; Macroprudential policy; Economic growth; Capital formation; Financial intermediation;
D O I：
10.1016/j.rie.2019.04.003
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We leverage a 'catch-all' measure of financial innovation-research and development spending in the financial sector-to assess the net relationship between financial innovation and economic growth and evaluate the influence of macroprudential policy on this relationship. Using a panel of 23 countries over the period of 1996-2014, our results demonstrate a net-positive relationship between financial innovation and gross capital formation. We find no evidence of a net-negative impact of financial innovation on economic growth, challenging the popular and political stigma surrounding financial innovation. We also find little robust evidence of macroprudential policy influencing the relationship between financial innovation and economic growth. Our results support a functional approach to the regulation of financial innovation, which improves the intermediation process, leading to increased capital formation. (C) 2019 University of Venice. Published by Elsevier Ltd. All rights reserved.
引用
收藏
页码：162 / 173
页数：12
相关论文
共 50 条
  • [1] Macroprudential policies, economic growth and banking crises
    Belkhir, Mohamed
    Ben Naceur, Sami
    Candelon, Bertrand
    Wijnandts, Jean-Charles
    [J]. EMERGING MARKETS REVIEW, 2022, 53
  • [2] Financial Spillovers and Macroprudential Policies
    Aizenman, Joshua
    Chinn, Menzie D.
    Ito, Hiro
    [J]. OPEN ECONOMIES REVIEW, 2020, 31 (03) : 529 - 563
  • [3] Macroprudential Policies and Financial Stability*
    Hallett, Andrew Hughes
    Libich, Jan
    Stehlik, Petr
    [J]. ECONOMIC RECORD, 2011, 87 (277) : 318 - 334
  • [4] Financial Stability and Macroprudential Policies
    Liang, Nellie
    [J]. EVOLUTION OR REVOLUTION?: RETHINKING MACROECONOMIC POLICY AFTER THE GREAT RECESSION, 2019, : 213 - 220
  • [5] Financial Spillovers and Macroprudential Policies
    Joshua Aizenman
    Menzie D. Chinn
    Hiro Ito
    [J]. Open Economies Review, 2020, 31 : 529 - 563
  • [6] Capital Flows, Financial Intermediation and Macroprudential Policies
    Ghilardi, Matteo F.
    Peiris, Shanaka J.
    [J]. OPEN ECONOMIES REVIEW, 2016, 27 (04) : 721 - 746
  • [7] Financial frictions and real implications of macroprudential policies
    Derviz, Alexis
    [J]. FINANCIAL MARKETS AND PORTFOLIO MANAGEMENT, 2012, 26 (03) : 333 - 368
  • [8] Financial frictions and real implications of macroprudential policies
    Alexis Derviz
    [J]. Financial Markets and Portfolio Management, 2012, 26 (3): : 333 - 368
  • [9] FINANCIAL CRISIS, MACROPRUDENTIAL POLICIES AND DEPOSITOR DISCIPLINE
    Aysan, Ahmet Faruk
    Disli, Mustafa
    Ozturk, Huseyin
    [J]. SINGAPORE ECONOMIC REVIEW, 2017, 62 (01): : 5 - 25
  • [10] Balancing financial stability and economic growth: a comprehensive analysis of macroprudential regulation
    Gallas, Salma
    Bouzgarrou, Houssam
    Zayati, Montassar
    [J]. EURASIAN ECONOMIC REVIEW, 2024,
12345