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Do Transparency and Anti-Monopoly Policies Matter for Financial Development? Evidence from a Panel ARDL-PMG Approach

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  • Zhang Shaohua
  • Farzan Yahya
  • Huy Pham
  • Muhammad Waqas

Abstract

We examine the effect of macroeconomic stability, transparent government policies, and anti-monopoly policies on financial market development using extensive panel data of 113 countries over the period 2007 to 2017. By applying ARDL-PMG and controlling for GDP, trade openness, and market size, our findings reveal that macroeconomic stability fosters financial market development in both developing and developed countries. Effective transparency policies facilitate the link between macroeconomic stability and financial market development in the long-run. Furthermore, we find that anti-monopoly policies curb corruption and bureaucratic power to improve financial markets in the short-run. Still, a higher level of competition is more vulnerable to information asymmetry and adverse selection in the long-run.

Suggested Citation

  • Zhang Shaohua & Farzan Yahya & Huy Pham & Muhammad Waqas, 2021. "Do Transparency and Anti-Monopoly Policies Matter for Financial Development? Evidence from a Panel ARDL-PMG Approach," Journal of Applied Economics, Taylor & Francis Journals, vol. 24(1), pages 1-16, January.
    • Handle: RePEc:taf:recsxx:v:24:y:2021:i:1:p:1-16
    DOI: 10.1080/15140326.2020.1838113
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    Cited by:

    1. Djedaiet, Aissa & Ayad, Hicham & Ben-Salha, Ousama, 2024. "Oil prices and the load capacity factor in African oil-producing OPEC members: Modeling the symmetric and asymmetric effects," Resources Policy, Elsevier, vol. 89(C).
    2. Kashif Islam & Ahmad Raza Bilal & Zeeshan Saeed & Samina Sardar & Muhammad Husnain Kamboh, 2023. "Impact of government integrity and corruption on sustainable stock market development: linear and nonlinear evidence from Pakistan," Economic Change and Restructuring, Springer, vol. 56(4), pages 2529-2556, August.
    3. Husnain, Muhammad Iftikhar ul & Nasrullah, Nasrullah & Khan, Muhammad Aamir & Banerjee, Suvajit, 2021. "Scrutiny of income related drivers of energy poverty: A global perspective," Energy Policy, Elsevier, vol. 157(C).
    4. Syed Abdul Rehman Khan & Ridwan Lanre Ibrahim & Abul Quasem Al-Amin & Zhang Yu, 2022. "An Ideology of Sustainability under Technological Revolution: Striving towards Sustainable Development," Sustainability, MDPI, vol. 14(8), pages 1-21, April.

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