英文文献：The Knowledge Economy-finance nexus in SSA and MENA countries-SSA和中东和北非国家的知识、经济和金融关系
英文文献作者：Asongu Simplice
英文文献摘要：
Purpose – This paper assesses dynamics of the knowledge economy (KE)-finance nexus using the four variables identified under the World Bank’s knowledge economy index (KEI) and seven financial intermediary dynamics of depth, efficiency, activity and size. Design/methodology/approach – Principal Component Analysis is used to reduce the dimensions of KE components before dynamic panel GMM estimation techniques are employed to examine the nexuses. Findings – Four main findings are established. (1) Education improves financial depth and financial efficiency but mitigates financial size. (2) But for a thin exception (trade’s incidence on money supply), economic incentives (credit facilities and trade) are not consistently favorable to financial development. (3) ICT improves only financial size and has a negative effect on other financial dynamics. (4) Proxies for innovation (journals and FDI) have a positive effect on financial activity; journals (FDI) have (has) a negative (positive) effect on liquid liabilities and; journals and FDI both have negative incidences on money supply and banking system efficiency respectively. Practical Implications – As a policy implication, the KE-finance nexus is a complex and multidimensional relationship. Hence, blind and blanket policy formulation to achieve positive linkages may not be successful unless policy-making strategy is contingent on the prevailing ‘KE specific component’ trends and dynamics of financial development. Policy makers should improve the economic incentive dimension of KE that overwhelmingly and consistently deters financial development, owing to surplus liquidity issues. Originality/value – As far as we have reviewed, this is the first paper to examine the KE-finance nexus with the plethora of KE dimensions defined by the World Bank’s KEI and all the dynamics identified by the Financial Development and Structure Database (FDSD).

目的——本文使用世界银行知识经济指数(KEI)下确定的四个变量和深度、效率、活动和规模等7个金融中介动态来评估知识经济(KE)与金融关系的动态。设计/方法/方法——在使用动态面板GMM估计技术检查nexuses之前，主成分分析被用来减少KE成分的尺寸。发现-四个主要发现被确定。(1)教育提高了金融深度和金融效率，但降低了金融规模。(2)但只有少数例外(贸易对货币供应的影响)，经济激励(信贷安排和贸易)并不总是有利于金融发展。(3)信息通信技术仅提高了金融规模，对其他金融动态有负面影响。(4)创新指标(期刊和FDI)对金融活动有正向影响;日记账(FDI)对流动负债有负(正)影响;期刊和外国直接投资对货币供应量和银行体系效率均有负相关影响。实际影响——作为一种政策影响，KE-finance关系是一种复杂的多维关系。因此，盲目和全面地制定政策以实现积极的联系可能不会成功，除非政策制定策略取决于当前的“KE特定组成部分”的金融发展趋势和动态。由于流动性过剩问题，流动性过剩一直在极大地阻碍着金融发展，政策制定者应该改善流动性过剩的经济激励维度。独创性/价值——就我们所回顾的而言，这是第一篇用世界银行KEI定义的大量KE维度和金融发展与结构数据库(FDSD)确定的所有动力学来检验KE-finance关系的论文。