資本移動の自由化、永続的な高金利と1997年タイの通貨危機との関連性の研究

博士(商学)大阪市立大

The impact of the banking sector on economic structure and growth

In this paper, we study the impact of banking sector development on changes in economic structure and growth. We argue that banking sector development has differential effects on industrial sector development and agricultural sector development. We test whether economic structure and growth foster banking sector development. To test our hypotheses, we construct a panel sample of all countries in the world during 1960−2016. We find that banking sector development has a negative effect on agricultural sector development but exerts no effect on industrial sector development. The negative effect of banking sector development on agricultural sector development is only observed for countries with high degrees of banking sector development. Our results further show that agricultural sector development exerts a negative effect on banking sector development while industrial sector development has a positive effect on banking sector development

Financial Development : Disaggregate Analysis of Financial Depth, Financial Access and Financial Efficiency

In this study, we empirically test whether the level of financial development varies across countries with different income levels and examine whether the development of each aspect (i.e. depth, access, and efficiency) of financial institutions and financial markets is conditional upon the level of country’s economic development. By analyzing the Global Financial Development data of the World Bank for 206 countries in 7 regions during 1960 2015, our results indicate that the level of financial development varies significantly across countries in different income groups. By decomposing financial development into six dimensions, the results show that financial institution depth, financial institution access, financial market depth, and financial market efficiency increase as the level of country’s development increases. However, we find that financial institution efficiency, as measured by operating performance of the banking sector, deteriorates in high-income countries. The ability of firms to access to bond markets improves but firms’ accessibility to stock markets deteriorates in countries with higher levels of income