Financial development and economic growth nexus in Russia
Financial development and economic growth nexus in Russia
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俄罗斯金融发展与经济增长的关系
DOI：
10.1016/j.ruje.2017.09.006
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发表时间：
2017
影响因子：
--
通讯作者：
Shigeki Ono
中科院分区：
文献类型：
--
作者：
Thu Ha Vu;Duc Anh Tran;Daisaku Goto;Keisuke Kawata;Thiptaiya Sydavong and Daisaku Goto;Duc Anh Tran and Daisaku Goto;大野成樹;Shigeki Ono;Shigeki Ono
本文利用向量自回归模型考察了俄罗斯金融与经济增长的关系，并将油价和汇率纳入考虑。分析期为1999 - 2008年（子期1）和2009 - 2014年（子期2）。子周期1的结果表明，经济增长与货币供应量和银行贷款之间存在因果关系，这意味着需求跟随反应。第二阶段的结果表明，经济增长格兰杰效应导致了银行贷款的增加，而货币供应量与经济增长之间不存在因果关系，这可能与外汇市场干预量的大幅减少有关。
This paper examines the finance-growth nexus in Russia with the vector autoregression model, taking oil prices and foreign exchange rates into account. The analyzed period is from 1999 through 2008 (Subperiod 1) and from 2009 through 2014 (Subperiod 2). The results for Subperiod 1 suggest that there is causality from economic growth to money supply and bank lending, which implies demand-following responses. The results for Subperiod 2 show that economic growth Granger causes bank lending while there is no causality from money supply to economic growth, which could be related to the dramatic decrease in the amount of intervention in foreign exchange markets.