Identification of Financial Sector Optimal Depth and Structure from the Perspective of Economic Growth, Macroeconomic and Financial Stability

Mikhail Mamonov (), Renat Akhmetov (), Vera Pankova (), Oleg Solntsev, Anna Pestova () and Artem Deshko ()
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Mikhail Mamonov: Center for Macroeconomic Analysis and Short-Term Forecasting
Renat Akhmetov: Center for Macroeconomic Analysis and Short-Term Forecasting
Vera Pankova: Center for Macroeconomic Analysis and Short-Term Forecasting
Anna Pestova: Center for Macroeconomic Analysis and Short-Term Forecasting
Artem Deshko: Center for Macroeconomic Analysis and Short-Term Forecasting

Russian Journal of Money and Finance, 2018, vol. 77, issue 3, 89-123

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.

Keywords: optimal level; financial sector development; economic growth; economic growth rate volatility; price stability; financial stability; objective function (search for similar items in EconPapers)
JEL-codes: C53 C82 E17 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:bkr:journl:v:77:y:2018:i:3:p:89-123

DOI: 10.31477/rjmf.201803.89

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