Financial development shocks and contemporaneous feedback effect on key macroeconomic indicators: a post Keynesian time series analysis

Chaiechi, Taha (2012) Financial development shocks and contemporaneous feedback effect on key macroeconomic indicators: a post Keynesian time series analysis. Economic Modelling, 29 (2). pp. 487-501.

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Abstract

In this paper we take into account the role of the banking system, credit and stock market in stimulating aggregate demand in post Keynesian tradition. According to the results of impulse response analysis; it appears all three financial development indicators contributed as expected in improving macroeconomic performance of South Korean economy. Stock market capitalisation and domestic credit availability are strongly responsible for stimulation of investment, saving and productivity Growth in Hong Kong. The UK financial system seems vulnerable to future shocks, whether by shocks in the credit markets or stock markets.

Item ID: 23092
Item Type: Article (Refereed Research - C1)
Keywords: Kaleckian- post Keynesian, financial development, modern growth, structural autoregressive models, impulse response analysis
ISSN: 1873-6122
Date Deposited: 30 Aug 2012 06:50
FoR Codes: 14 ECONOMICS > 1401 Economic Theory > 140102 Macroeconomic Theory @ 50%
14 ECONOMICS > 1402 Applied Economics > 140212 Macroeconomics (incl Monetary and Fiscal Theory) @ 50%
SEO Codes: 91 ECONOMIC FRAMEWORK > 9101 Macroeconomics > 910103 Economic Growth @ 70%
91 ECONOMIC FRAMEWORK > 9101 Macroeconomics > 910106 Income Distribution @ 15%
91 ECONOMIC FRAMEWORK > 9101 Macroeconomics > 910109 Savings and Investments @ 15%
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