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Does central banking promote financial development?

Author

Listed:
  • Oueslati Tayssir
  • Ouerghi Feryel

Abstract

This paper examines the influence of central bank characteristics and their monetary policies on the level of financial development. Initially, on the basis of a review of the literature, we selected the central characteristics of the central banks as well as their monetary policies likely to influence the level of financial development. Next, we estimated an econometric model linking the level of financial development with measures of central bank characteristics and their monetary policies using panel data econometrics. The sample is made up of a panel of 89 countries, including 22 developed countries, 34 emerging countries and 33 developing countries over the period 1980–2010. The results show that there is a very significant influence of central bank characteristics as well as their monetary policies on the fluctuation of the level of financial development for the three categories of countries.

Suggested Citation

  • Oueslati Tayssir & Ouerghi Feryel, 2018. "Does central banking promote financial development?," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 18(1), pages 52-75, March.
    • Handle: RePEc:bor:bistre:v:18:y:2018:i:1:p:52-75
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    File URL: https://www.sciencedirect.com/science/article/pii/S2214845016301739
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    Citations

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    Cited by:

    1. Alshammari, Ahmad Alrazni & Alhabshi, Syed Musa & Saiti, Buerhan, 2019. "The impact of oil prices and the financial market on cost efficiency in the insurance and Takaful sectors: Evidence from a stochastic frontier analysis," Economic Systems, Elsevier, vol. 43(3).
    2. Saganga Mussa Kapaya, 2024. "Financial development in Africa: Do expenditure and population matter? Evidence through pooled mean group and generalized method of moments estimators," Journal of International Development, John Wiley & Sons, Ltd., vol. 36(1), pages 728-750, January.

    More about this item

    Keywords

    Characteristics of central banks; Monetary policies; Level of financial development;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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