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:: Financial repression, financial depth and economic growth ::
Financial repression, financial depth and economic growth

Collected and translated by: Dr. Mahdi Taqavi

Published by: Islamic Azad University-science and research branch

7 articles have been collected and translated in this book, including: financial development, economic growth, financing, financial depth, the effects of inflation on economic growth, financial structure of some countries.

“Financial repression, financial development and economic growth” is an article written by Joseph H. Haslag and Jahyeong Koo. Beliefs and researches of economic scientists have been discussed about financial intermediation and its relationship with economic growth in the introduction. On the other hand, the effects of economic growth on the development of financial activities in countries have been mentioned.

“Finance and growth: theory, evidences and mechanisms” is an article written by Ross Levine. This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth.

“The impact of financial depth on long-term economic growth in countries” is an article written by J. Colarante. Direct and indirect effects of financial sector is examined while in another one, more completed model is considered regarding the possibility of feedback effects among financial and real economic sectors. “FILM VECM” method is used in this research. Finally, the author concluded that financial depth has a positive effect on GDP according to the first model and financial intermediaries have a direct impact on real sector of economy according to the second model.

“Nonlinear Effects of Inflation on Economic Growth” is an article written by Michael Sarel. This paper examines the possibility of nonlinear effects of inflation on economic growth. It finds evidence of a significant structural break in the function that relates economic growth to inflation. The break is estimated to occur when the inflation rate is 8 percent. Below that rate, inflation does not have any effect on growth, or it may even have a slightly positive effect. When the inflation rate is above 8 percent, however, the estimated effect of inflation on growth rates is significant, robust and extremely powerful. The paper also demonstrates that when the existence of the structural break is ignored, the estimated effect of inflation on growth is biased by a factor of three.

“Financial Structure in Chile: Macroeconomic Developments and Microeconomic Effects” is an article written by Francisco Gallego and Norman Loayza. The objectives of this paper are, first, to describe the developments in Chilean financial markets at the macroeconomic level and, then, to examine their effects at the level of firms. After reviewing the main government policies towards financial markets in the last three decades, the paper describes the remarkable changes in the size, activity, and efficiency of the banking sector and other capital markets (bond, stock, pension and insurance markets) during 1980s and 1990s. Then, the paper analyzes econometrically the access to financial markets, the financing (balance-sheet) structure, and the revenue growth performance in a sample of 79 Chilean firms during the period 1985-1995.

“Financial Deepening, Economic Growth and Development: Evidence from Selected Sub-Saharan African Countries” is an article written by John E. Udo Ndebbio . At first, the relationship between financial depth, growth and economic development has been examined. In the following, the effectiveness of economic growth in Sub-Saharan African Countries has been investigated regarding factors such as financial depth and other long-term explanatory variables such as the ratio of foreign trade to GDP, inflation tax and etc. finally, the author concludes that if the supply of these assets is low, financial depth will be low in countries and in order to achieve sustainable and considerable growth in product, these countries need suitable financial policies to increase financial depth.

“The role of financial depth in economic development: theories and lessons from Tunisia” is another article written by Benzina Triguyi. Post-Keynesian concept of financial system role has been discussed and it has been caparisoned with Pre-Keynesian concept.

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