Template-type: ReDIF-Article 1.0
Author-Name: Mikhail Mamonov
Author-Email: mmamonov@forecast.ru
Author-Workplace-Name: Center for Macroeconomic Analysis and Short-Term Forecasting
Author-Name: Renat Akhmetov
Author-Email: rakhmetov@forecast.ru
Author-Workplace-Name: Center for Macroeconomic Analysis and Short-Term Forecasting
Author-Name: Vera Pankova
Author-Email: vpankova@forecast.ru
Author-Workplace-Name: Center for Macroeconomic Analysis and Short-Term Forecasting
Author-Name: Oleg Solntsev
Author-Email: osolntsev@forecast.ru
Author-Workplace-Name: Center for Macroeconomic Analysis and Short-Term Forecasting
Author-Name: Anna Pestova
Author-Email: apestova@forecast.ru
Author-Workplace-Name: Center for Macroeconomic Analysis and Short-Term Forecasting
Author-Name: Artem Deshko
Author-Email: adeshko@forecast.ru
Author-Workplace-Name: Center for Macroeconomic Analysis and Short-Term Forecasting
Title: Identification of Financial Sector Optimal Depth and Structure from the Perspective of Economic Growth, Macroeconomic and Financial Stability
Abstract: This paper attempts to estimate financial sector development targets which, other things being equal, provide for the best possible GDP performance while ensuring its growth sustainability along with price and financial stability. To address this task, the hypothesis of nonlinear relationship between GDP dynamics, its volatility, inflation, the frequency of financial crises, on the one hand and the development of key financial sector segments was tested. The study used a standard technique of panel data regression analysis, on the other hand employed in studies examining similar issues and a sample of 63 emerging and advanced economies covering 1980-2014.
Classification-JEL: C53, C82, E17
Keywords: optimal level, financial sector development, economic growth, economic growth rate volatility, price stability, financial stability, objective function
Journal: Russian Journal of Money and Finance
Pages: 89-123
Volume: 77
Issue: 3
Year: 2018
Month: September
DOI: 10.31477/rjmf.201803.89
File-URL: https://rjmf.econs.online/upload/iblock/788/RJMF_77-03_ENG_Mamonov.pdf
Handle: RePEc:bkr:journl:v:77:y:2018:i:3:p:89-123