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Post-Keynesian Empirical Research and the Debate on Financial Market Development

Book Description

Current research often highlights the importance of financial markets as well as financial system development. However, the current literature in this field still fails to adequately explain the relationship between financial market and macroeconomic development. Post-Keynesian Empirical Research and the Debate on Financial Market Development integrates the concept of financial intermediaries with Post-Keynesian macroeconomic modeling to discuss the relationship between financial markets and systems and macroeconomic development. Discussing key macroeconomic variables such as investment, savings, and productivity growth, this timely resource is essential for students, academicians, as well as finance and economics professionals interested in uncovering the latest research in this field.

Table of Contents

  1. Cover
  2. Title Page
  3. Copyright Page
  4. Dedication
  5. Foreword
    1. REFERENCES
  6. Preface
    1. WHO SHOULD READ THIS BOOK?
    2. FINAL WORD
    3. THIS BOOK AT A GLANCE
  7. Chapter 1: Post-Keynesian Empirical Research and the Debate on Financial Market Development
    1. ABSTRACT
    2. 1.1 WHY THIS TOPIC?
    3. 1.2 FINANCIAL SECTOR AND ITS DEVELOPMENT
    4. 1.3 RATIONALE OF THE STUDY
    5. 1.4 SCOPE OF THE BOOK
    6. 1.5 METHODOLOGICAL APPROACH AND MODELLING FRAMEWORK
    7. 1.6 ORGANISATION OF THE BOOK
    8. 1.7 SUMMARY OF THE CHAPTER
    9. REFERENCES
    10. KEY TERMS AND DEFINITIONS
  8. Chapter 2: Survey of Recent Development in the Literature of Financial Market Development and Economic Growth
    1. ABSTRACT
    2. 2.1 INTRODUCTION
    3. 2.2 HISTORY OF FINANCE IN THE LITERATURE
    4. 2.3 FINANCE, CREDIT AND THE RATE OF INTEREST: THEORETICAL CONSIDERATIONS
    5. 2.4 THE 1960s: FORERUNNERS OF FINANCE-GROWTH NEXUS
    6. 2.5 CAMBRIDGE CAPITAL CONTROVERSIES IN THE 1960s
    7. 2.6 EMERGENCE OF MCKINNON-SHAW SCHOOL OF THOUGHT IN 1970s
    8. 2.7 EVALUATION PROCESS OF FINANCIAL LIBERALISATION POLICIES EMERGES IN 1980s
    9. 2.8 SUMMARY OF CHAPTER
    10. REFERENCES
    11. KEY TERMS AND DEFINITIONS
  9. Chapter 3: Endogenous Growth Theory and Financial Sector
    1. ABSTRACT
    2. 3.1 WHERE IT ALL BEGAN
    3. 3.2 ENDOGENOUS GROWTH MODELS AND ENDOGENOUS MONEY MODELS
    4. 3.3 FINANCIAL INTERMEDIATION AND ITS EVOLUTION
    5. 3.4 THEORY OF FINANCIAL DEVELOPMENT
    6. 3.5 FINANCIAL MARKETS DEVELOPMENT AND ECONOMIC GROWTH
    7. 3.6 STRUCTURE OF FINANCIAL SYSTEM
    8. 3.7 EMPIRICAL EVIDENCES OF FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH
    9. 3.8 INDICATORS OF FINANCIAL DEVELOPMENT
    10. 3.9 SUMMARY OF THE CHAPTER
    11. REFERENCES
    12. KEY TERMS AND DEFINITIONS
  10. Chapter 4: Post-Keynesian Macroeconomic Models
    1. ABSTRACT
    2. 4.1 INTRODUCTION
    3. 4.2 NATURE OF MACROECONOMIC INVESTMENT ANALYSIS
    4. 4.3 INVESTMENT FUNCTIONS AND MEASUREMENTS
    5. 4.4 DEVELOPMENT FINANCE AND FINANCIAL FRAGILITY
    6. 4.5 POST KEYNESIAN GROWTH THEORY
    7. 4.6 INCORPORATION OF FINANCIAL VARIABLES
    8. 4.7 THE ROLE OF INTEREST RATES IN POST KEYNESIAN GROWTH MODELS
    9. 4.8 PROFIT RATES AND DISTRIBUTION
    10. 4.9 KALECKIAN MACROECONOMIC MODELS
    11. 4.10 RATE OF INTEREST AND PROFIT IN KALECKIAN MODEL
    12. 4.11 EQUILIBRIUM: LONG AND SHORT RUN
    13. 4.12 CONVERGENCE FROM SHORT-RUN TO LONG-RUN
    14. 4.13 THE KALECKIAN GROWTH MODEL: THE STAGNATIONIST VERSION
    15. 4.14 THEORETICAL MODEL
    16. 4.15 COMMUNALITY BETWEEN POST-KEYNESIAN GROWTH AND NEW GROWTH THEORY
    17. 4.16 CONCLUSION
    18. 4.17 SUMMARY OF THE CHAPTER
    19. REFERENCES
    20. KEY TERMS AND DEFINITIONS
  11. Chapter 5: Cases, Studies, and Stylised Facts
    1. ABSTRACT
    2. 5.1 INTRODUCTION
    3. 5.2 CASE 1: SOUTH KOREA
    4. 5.3 CASE 2: HONG KONG
    5. 5.4 CASE 3: UNITED KINGDOM
    6. 5.5 CONCLUSION
    7. 5.6 SUMMARY OF THE CHAPTER
    8. REFERENCES
    9. Key Terms and Definitions
    10. ENDNOTES
  12. Chapter 6: Model and Model-Driven Methodology
    1. ABSTRACT
    2. 6.1 INTRODUCTION
    3. 6.2 THE THEORETICAL MODEL
    4. 6.3 THE NATURE OF FISCAL POLICIES IN ADVANCED AND DEVELOPING ECONOMIES
    5. 6.4 EMPIRICAL MODEL
    6. 6.5 THE FINALISED ECONOMETRIC MODEL
    7. 6.6 ESTIMATION TECHNIQUES
    8. 6.7 PRE-ANALYSIS
    9. 6.8 GRANGER CAUSALITY
    10. 6.9 VAR MODELS
    11. 6.10 WHAT IS A SVAR MODEL?
    12. 6.11 ORTHOGONALISING VARS /IMPULSE RESPONSE FUNCTION
    13. 6.12 VARIANCE DECOMPOSITION
    14. REFERENCES
    15. KEY TERMS AND DEFINITIONS
    16. ENDNOTES
  13. Chapter 7: Data, Preliminary Results, and Discussion 1
    1. ABSTRACT
    2. 7.1 INTRODUCTION
    3. 7.2 DATA SOURCES AND VARIABLE DEFINITION
    4. 7.3 DATA SET CHARACTERISTICS
    5. 7.4 TESTING FOR STATIONARITY OF THE SERIES
    6. 7.5 COINTEGRATION ANALYSIS
    7. 7.6 GRANGER CAUSALITY RESULTS
    8. 7.7 SUMMARY OF THE CHAPTER
    9. REFERENCES
    10. KEY TERMS AND DEFINITIONS
  14. Chapter 8: Results and Discussion 2
    1. ABSTRACT
    2. 8.1 INTRODUCTION
    3. 8.2 SETTING UP A TRADITIONAL VAR
    4. 8.3 STRUCTURE AND IDENTIFICATION ISSUES
    5. 8.4 EXOGENEITY ISSUE AND PAIR WISE GRANGER CAUSALITY
    6. 8.5 SVAR IDENTIFICATION AND ESTIMATED MATRICES
    7. 8.6 IMPULSE RESPONSE FUNCTION
    8. 8.7 LONG RUN RESTRICTIONS
    9. 8.8 DECOMPOSING VARIANCE
    10. 8.9 SUMMARY OF THE CHAPTER
    11. REFERENCES
    12. KEY TERMS AND DEFINITIONS
  15. Chapter 9: Conclusion and Recommendations
    1. ABSTRACT
    2. 9.1 THE OUTLOOK
    3. 9.2 SUMMARY OF THE RESEARCH
    4. 9.3 POLICY IMPLICATIONS AND RECOMMENDATIONS
    5. 9.4 CONTRIBUTION OF THIS RESEARCH
    6. 9.5 LIMITATIONS OF THE STUDY AND FUTURE RESEARCH
    7. KEY TERMS AND DEFINITIONS
  16. Appendix
    1. APPENDIX 1: DATA CHARACTERISTICS AND DESCRIPTIVE STATISTICS
    2. APPENDIX 2: JOHANSEN COINTEGRATION
    3. APPENDIX 3: BIVARIATE GRANGER CAUSALITY
    4. APPENDIX 4: ESTIMATED SVAR MODELS
    5. APPENDIX 5: RESULTS OF VARIANCE DECOMPOSITION
  17. RELATED REFERENCES
  18. Compilation of References
  19. About the Contributors