金融全球化，制度和经济增长如何影响欧洲国家的金融部门发展？

How Do Financial Globalization,Institutions and Economic GrowthImpact Financial Sector Development inEuropean Countries?

作者：

萨米亚纳斯林（Nasreen，Samia）

玛哈利克（Manhal Kumar）

穆罕默德·沙巴兹（Shahbaz,Muhammad）

凯萨尔阿巴斯（Abbas, Qaisar）

This paper examines the role of financial globalization, institutions and economic growth on the development of financial sector in European countries. We use panel data covering the period of 1989-2016. Using the composite index of financial development covers various dimensions of financial market, that is, depth, access and efficiency and four-way classification of institutions as suggested by Rodrick (2005) and Law et al. (2018), the empirical results indicate that economic growth and institutional quality are positively associated with financial development. Contrarily, financial globalization hinders the process of financial sector development. The results are robust to using alternative proxies of economic growth, institutional indicators and capturing the period of financial crisis. These empirical findings suggest policy guidelines to develop financial sector by using globalization, institutional quality and economic growth as economic tools.
本文探讨了金融全球化，机构和经济增长对欧洲国家金融部门发展的作用。我们使用涵盖1989-2016年期间的面板数据。金融发展综合指数的使用涵盖了金融市场的各个维度，即罗德里克（Rodrick，2005）和劳（Law）等人所建议的制度的深度，获取和效率以及机构的四向分类。（2018），实证结果表明经济增长和制度质量与金融发展呈正相关。相反，金融全球化阻碍了金融部门的发展。结果对于使用替代性的经济增长指标，机构指标以及捕获金融危机时期是有力的。