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Financial market inclusion, shadow economy and economic growth: New evidence from emerging economies

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  • Hajilee, Massomeh
  • Stringer, Donna Y.
  • Metghalchi, Massoud

Abstract

This study is the first to examine the impact of the shadow economy on financial market inclusion simultaneously examining the short run and the long run. Using annual data from 1980 to 2013 for 18 selected merging economies we find that the shadow economy has significant short-run asymmetric effects on the financial market inclusion of a majority of emerging economies in our sample. We use the recent nonlinear cointegration approach (i.e., NARDL), which introduces nonlinearity into the model specification, to search for asymmetric effects of the shadow economy on financial market inclusion.

Suggested Citation

  • Hajilee, Massomeh & Stringer, Donna Y. & Metghalchi, Massoud, 2017. "Financial market inclusion, shadow economy and economic growth: New evidence from emerging economies," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 149-158.
    • Handle: RePEc:eee:quaeco:v:66:y:2017:i:c:p:149-158
    DOI: 10.1016/j.qref.2017.07.015
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    More about this item

    Keywords

    Nonlinear approach to ARDL; Asymmetric effect; Financial market inclusion; Emerging economies;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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