Tesi sul tema "Financial development"
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1
Adams, Glenn W. "Financing infrastructure a financial nightmare for smaller municipalities /". Instructions for remote access. Click here to access this electronic resource. Access available to Kutztown University faculty, staff, and students only, 1995. http://www.kutztown.edu/library/services/remote_access.asp.
Testo completoAbstract (sommario):
Thesis (M.P.A.)--Kutztown University of Pennsylvania, 1995.Source: Masters Abstracts International, Volume: 45-06, page: 2928. Abstract precedes thesis as [2] preliminary leaves. Typescript. Includes bibliographical references (leaves 106-108).
2
Lukanda, Kapwadi Francky. "Legal accountability of international financial institutions in financing development". Thesis, University of Pretoria, 2009. http://hdl.handle.net/2263/67776.
Testo completoAbstract (sommario):
This study interrogated the softness and hardness of the law of IFIs to determine the extent to
which underlying accountability mechanisms have achieved or failed to achieve the level of
accountability and justice expected by affected non-state third parties. It also aimed at
investigating the process of financing for development in order to further the understanding of
the challenges of holding IFIs to account for the unintended consequences of the projects they
have funded. The study critically examined the legal accountability mechanisms of selected
IFIs at the institutional, international, and domestic levels to highlight their strengths and
weaknesses. The study showed that the robustness, practicability, and comprehensiveness of
the standards against which the performance of IFIs is assessed are the determining factors of
a better accountability process outcome. An outcome which truly advances the interests of an
account holder without diluting his/her/it legally protected rights. However, the legal
framework of IFI-operations does not provide the same standard of protections to IFIs, their
clients, and affected non-state third parties. While the first two categories of stakeholders seem
to enjoy a robust protection, laws and policies have been used sparingly regarding the
protection of the last category of stakeholders. The weakness of the standards that apply to
affected non-state third parties during the design, appraisal, and implementation of IFI-funded
projects does not enhance a prospect of an accountability process outcome which truly
advances the interest of this category of stakeholders. The study made some recommendations,
including a shift in the focus of existing laws and policies towards a greater protection of the
interests of affected non-state third parties. It also recommended the inclusion of community
development agreements in the overall project structure to ensuring that affected non-state third
parties and other local stakeholders benefit from an IFI-funded project.Thesis (LLD)--University of Pretoria, 2018.
Centre for Human Rights
LLD
Unrestricted
3
Hoffman, Dieter. "Measures of financial development". Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/28973.
Testo completoAbstract (sommario):
The subject of financial development has received a great deal of attention, both theoretically and through empirical research. Earlier work focussed on the relationship between financial development and economic growth, with both policy makers and academics seeing financial liberalisation and the development of financial systems as a way to quickly improve the welfare of a country's citizens. Practically the steps taken to liberalise and develop financial systems have had mixed results, indicating the pitfalls of any 'one size fits all' approach to development. Still, there is almost unanimous acceptance of a strong linkage between the financial system and the wider economy. Financial development in Africa is also of particular interest given the economic challenges that many African countries face (and related issues such as poverty). Financial development can act as a lever to spur economic growth and ultimately the welfare of much of the continent. However, it is widely recognised that African financial systems are under-developed. Allen et al. (2013) show that even compared to other developing economies, African financial systems score significantly lower across most measures of development. More recent studies have therefore shifted focus towards answering questions related to the determinants and drivers of financial development itself. Given the accepted benefits of an effective financial system, what policies and interventions can be put in place to assist with financial development? Ultimately, any inquiry into the realm of financial development is constrained by the study's ability to select the appropriate indicators for, and accurately measure the financial system. Even under ideal circumstances this can be challenging, as there is certainly no consistent view as to how best measure financial development. Approaches have changed over time, from traditionally focussing on simply the size and depth of a financial market to more modern indicators related to stability and financial inclusion – more aligned to the long term welfare outcomes in the economy rather than merely measuring the properties of a system. In reality, studies have to account for inconsistent and often missing data sets, especially for developing economies (which tend to be the focus of research into development). The assertion of La Porta et al. (1998) that measuring the size of financial markets "is a bit tricky" somewhat understates the challenges related to the measurement of financial systems. This study aims to explore the theory and empirical studies related to financial development, its impact on economic growth in Africa and the various ways to measure financial markets and institutions. The rest of this report is structured as follows; Section 2 contains the context and case for the study and lays out the objectives for the research. It also provides a summary overview of the key functions of financial systems as a reference for the rest of the paper. Section 3 provides a comprehensive review on the literature around three core areas (1) The relationship between financial development and economic growth, (2) the determinants of financial development and (3) the approaches to measuring financial development. Section 4 contains the discussion on this study's methodology and hypotheses. Section 5 discusses the key results and findings from the analysis. Section 6 provides a conclusion and recommendations for future research, followed by the Appendices.
4
Sharma, Parmendra. "Financial Development in Fiji". Thesis, Griffith University, 2009. http://hdl.handle.net/10072/367099.
Testo completoAbstract (sommario):
Fiji, a developing island economy in the East Asia and Pacific region, has been
experiencing modest growth for some time despite its ability to do better. Various
strategies to boost the growth levels, including major cross–sectoral reforms, have
yielded little success. Motivated by a recent and expanding finance–growth literature,
this study investigates the possibility of enhancing the country’s financial development.
Further financial development appears to depend importantly on designing appropriate
strategies to deal with obstacles and challenges relating to enhancing both the supply of
funds to the private sector and the demand for these funds. This study provides
strategies for dealing with two such likely important challenges in the case of Fiji—
legal institutions and alternative finance.
Prior to investigating and developing strategies in relation to these issues, the study
attempts to understand the financial sector’s past development trends and its current
strengths and weaknesses. This extensive analysis uses a recently available
comprehensive financial structure database to assess Fiji’s situation against 20
developing and developed countries across the Asia–Pacific region over a 33–year
period. Overall, it assesses Fiji’s relative banking and stock market development using
relevant composite indices constructed for the purpose. Specifically, it assesses the
size, activity and depth of Fiji’s sectors relative to the comparator countries. Findings
suggest positive past development of the banking sector but weak development of the
stock market. Further, the banking sector has become larger, deeper and more active
while the stock market remains small and largely inactive.
Legal institutions—encompassing the mandating of legal rights of the suppliers of funds
and the appropriate enforcement of their rights—have become widely accepted in the
literature as a major, possibly even the dominant, supply–leading determinant of
financial development. The legal theory asserts that the supply of funds is likely to be
better in countries with better legal institutions. The suppliers of funds include mainly
banks (providers of private sector credit) and shareholders (providers of stock market
equity).Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
Full Text
5
Akgun, Unaldi Burcin. "Financial Development, Financial Openness And Growth: An Empirical Investigation". Phd thesis, METU, 2011. http://etd.lib.metu.edu.tr/upload/12613932/index.pdf.
Testo completoAbstract (sommario):
The economic literature posits that a well-functioning economy requires a well-regulated financial system, and a sound financial system is essential to the fundamentals of an economy, however, even the most influential economists disagree sharply about the role of the finance-growth relationship in economic
development. One of the most important questions concerning financial openness is whether it spurs long-run economic growth, and if yes, do these benefits outweigh the risks for developing countries. In addition, the conventional economic theory often postulates that a more developed financial sector provides a productive ground for higher economic growth. Is financial development a major prerequisite for economic growth? Additionally, institutional quality has also received a considerable attention since it is thought of a significant channel in the financegrowth relationship. This thesis aims to investigate the links between financial integration, financial development, and growth, taking institutional quality and the level of the development of the economy into consideration. To this end, a large panel data set is used and panel data estimation techniques are employed. The results show that
emerging economies benefit the most from financial openness regardless of any preconditions. On the other hand, developing economies should be cautious since financial openness may hinder growth unless institutional development is healed before financial openness policies take speed. Moreover, the results indicate that, financial development fosters growth and the level of institutional development is an important determinant of the finance-growth relationship in the overall.
6
Taghipour, Anoshirvan. "Essays on financial policies, financial development and economic growth". Thesis, University of Essex, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.495772.
Testo completo
7
Kremen, V. "Macroprudential policy in the dilemma “Financial stability – financial development”". Thesis, Sumy State University, 2019. https://essuir.sumdu.edu.ua/handle/123456789/77590.
Testo completoAbstract (sommario):
Financial systems of all over the world had really faced with great shocks and
disbalances in the past decade. Since the financial crisis of 2008, the health of the
financial sector has become one of the hot topics in public debate and economic
research regardless of the development level of the country. Financial intermediaries
have suffered through a variety of things such as volatility in financial markets, utter
failures, asset bubbles, etc. So regulatory and supervisory authorities revise a set of
requirements to their providing capital adequacy, liquidity, effective risk
management, activities of systemic financial intermediaries, financial groups and
conglomerates. The main aim of this is to frame the policy response to these and
other threats, prevent the new wave of a financial crisis, enhancing competitiveness
and efficiency of the financial sector, providing well-designed financial supervision
and regulation.
8
Moyo, Onesimo Mazai. "The nexus between financial inclusion and financial development in Zimbabwe (2009-2015)". Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/29075.
Testo completoAbstract (sommario):
The study aims to establish the nexus between financial inclusion and financial development in Zimbabwe covering the period from 2009 to 2015. Using descriptive statistics including correlation analysis, t-tests, and graphical analysis, the study revealed that there is a positive relationship between financial inclusion and financial development. The study however established that the relationship is relatively weak. The positive relationship is being driven by expansion of the banking sector into previously marginalised and unbanked markets, riding on the increase in financial and mobile technology based banking products. The weak relationship is explained by the current high levels of financial exclusion and the increasing levels of financial dis-intermediation occurring in Zimbabwe. This is further explained by high levels of informalisation of the economy and the deterioration in the microeconomic environment which then resulted in cash shortages and creation of quasi-currencies with the potential to further dent market confidence. People then preferred to transact outside the formal financial system. The study further established that financial inclusion, through mobile and financial technology has great potential to support financial development in Zimbabwe. This is premised on the established high mobile penetration rate and the impact that mobile and financial technology has had on financial inclusion in the short period since 2012. It is also established that the negative governance factors, (as ranked by the World Bank World Development Indicators (WDI)), such as political stability, rule of law, regulatory quality and government effectiveness had largely a strong and significant relationship with financial inclusion and financial development. These negative governance factors need to be addressed by policy makers because they have the potential to inhibit local and international trust and market confidence in Zimbabwe's financial system. The loss of trust and market confidence impacts negatively on effective execution of both financial inclusion and financial development goals. It is imperative that interventions to leverage financial development through financial inclusion must embrace developments in the financial technology and mobile technology sectors due to the high mobile penetration rate and potential to lower transaction costs and foster financial inclusion. Policy makers must devise regulatory policies that foster infrastructure sharing, interoperability and interconnectivity of MNOs mobile and financial technology platforms to increase levels of financial inclusion and financial development. The established nexus makes it imperative that a national financial inclusion strategy must be complemented by a supportive financial development strategy for optimum results.
9
Maskay, Biniv K. "THREE ESSAYS ON FINANCIAL DEVELOPMENT". UKnowledge, 2012. http://uknowledge.uky.edu/economics_etds/5.
Testo completoAbstract (sommario):
My dissertation investigates three separate issues pertaining to a country's financial development. The first essay provides an introduction to the three essays. The second essay examines the combined effect of financial development and human capital on economic growth. While both financial development and human capital are individually positively correlated with growth, the literature has not emphasized their combined effect on growth. In this essay, I analyze the extent to which the effect of financial development on growth depends on a country's level of human capital. Using dynamic panel difference and system GMM, as well as the pooled OLS, I find that an increase in human capital decreases the impact of financial development on growth and that countries that lack financial development can achieve greater economic growth through an improvement in human capital.
The third essay analyzes how currency unions affect the financial development of a country. This essay tests two forms of asymmetries on the effect of currency unions on financial development; I analyze if currency unions have an equal effect on various forms of financial development, and whether high-income and low-income countries are impacted differently. I find some evidence in favor of both forms of asymmetries with pooled OLS and fixed effect estimation using data on 152 countries and territories over the 1970-2006 time period.
The fourth essay tests how financial development affects firms' export market participations and the volume of exports utilizing a firm-level data set which incorporates about 43,500 firms from 80 countries for the time period 2002-2009. Using an instrumental variable approach, I find that a country's financial development negatively affects the extensive margin of trade and positively affects the intensive margin of trade. Furthermore, this study finds that financial development has a disproportionate positive affect on firms with a higher level of external dependence for both margins of trade. Finally, I find that financial development exerts an asymmetric effect on young and mature firms in their export participations but not on the volume of exports.
10
Rewilak, Johan. "Financial development and poverty alleviation". Thesis, University of Leicester, 2014. http://hdl.handle.net/2381/28576.
Testo completoAbstract (sommario):
In this thesis I empirically examine the role of formal financial sector development in poverty alleviation. Three important contributions to the literature are made. In Chapter 2 I find that financial development aids the incomes of the poor in certain regions, whilst it may be detrimental to the poor's income in others. This contrasts with the evidence that economic growth is universally important for poverty reduction. Chapter 3 investigates the relationship between finance and health. My results show that a 10% increase in financial depth reduces infant and child mortality by approximately 1%. Additionally, I find that those who have bank accounts are less likely to cancel doctors' appointments, cease the use of regular medication, and cut back on staple food consumption. This is through accessing deposits or borrowing to pay for medical treatment. These findings are consistent with the theory that a well developed financial system may permit individuals to maintain their health levels when faced with an unexpected illness. These findings build on the literature by examining non-monetary aspects of poverty. Chapter 4 examines the relationship between financial access and poverty reduction. I find that a 10% increase in financial breadth may reduce absolute poverty by 0.2%. The results suggest that increasing ATM provision (and the most basic services of financial intermediation) is important for poverty reduction relative to offering more complicated financial instruments to the poor. These findings make a signifcant contribution to our understanding of how the financial system may be used as a tool to alleviate poverty.
11
Wang, Xiaoyang. "Financial centre development in mainland China : a financial geography perspective". Thesis, University of Oxford, 2017. https://ora.ox.ac.uk/objects/uuid:4ddf4bc0-6fc6-472b-ab36-d60743306619.
Testo completoAbstract (sommario):
Even in the conditions of the digital economy, financial centers remain crucial in the architecture of globalization, as international financial system has reached levels of complexity that requires the existence of a cross-border network of financial centers. After China's accession to the World Trade Organization, the country has gradually become a superpower in the world economy and is becoming one in the realm of global finance. In this context, Chinese cities are increasingly embedded into global systems of production, capital flows and accumulation. However, the ascent of China has not inspired a sufficient attention of financial geographers or other social scientists to the topic of China's financial centers. The objective of this thesis is to map and account for the recent development of financial centers in Mainland China, with specific focus on Shanghai, through the lens of financial geography. Given the centrality of money and finance to market economy as well as China's particular history and geography, this thesis provides an interrogation of the wider social, political, institutional, technological and cultural context for financial center development in China, ranging from the geographies of banking and securities industry in Mainland China to Shanghai's IFC dynamics and its strategic development initiatives. In doing so, this work tests and exemplifies the validity of a number of western theoretical approaches to financial and economic geography. The empirical study of geography of financial centers in Mainland, reveals the characteristics of China's transition economy and the crucial role of different levels of government in producing and shaping the evolution of its financial centers. It also highlights Beijing's critical role in the domestic hierarchical networks in both banking and the securities industry. In addition, the case of Shanghai shows specific characteristics of this international financial center in terms of its history, politics, culture and the developmental model. More specifically, this thesis presents the dynamics of Shanghai as an emerging international financial center formation with Chinese characteristics that goes beyond thinking centred on Anglo-American literature. In summary, the thesis as a whole may be considered as a bridge between western countries and China in terms of financial geographies focusing on the study of financial center evolution.
12
Tyson, Judith. "The expansion of financial access and financial development in Kenya". Thesis, SOAS, University of London, 2015. http://eprints.soas.ac.uk/23755/.
Testo completoAbstract (sommario):
The expansion of financial access has been promoted as a method to promote financial development for structural transformation. However, the linkages between expansion of financial access, financial development and financial stability are under-researched. The thesis seeks to contribute to research on these relationships using a mixed methodology with quantitative analysis of the balance sheet structures of institutions and interpretative fieldwork material from Kenya. It finds that as financial access has expanded there have been increases in credit, liquidity and foreign exchange risk at institutions and increasing systemic risks. Private capital inflows have encouraged these trends. There is limited mitigation of these risks through improved institutional capacity and financial architecture. Increased deposit mobilization has been achieved but it is not clear that it is incremental. Credit expansion has increased but has been developmentally suboptimal because of increased consumption lending. Interviews with the poor in urban and rural areas in Kenya found that barriers continue to the use of formal financial services but they are primarily 'voluntary'. The implications of the thesis are that alternative policy approaches need to be developed including macroprudential regulation, capital controls and cooperative banking. The thesis finds that the balance sheet approach offers a promising framework for further research, including developing a structuralist approach to financial development.
13
Henry, Christopher Sean. "Essays in Financial Development, focusing on nascent financial technologies (Fintech)". Thesis, Université Clermont Auvergne (2017-2020), 2020. http://www.theses.fr/2020CLFAD016.
Testo completoAbstract (sommario):
Il est de plus en plus évident que le secteur des paiements (la manière dont les consommateurs et les entreprises choisissent de payer pour les biens et les services) est à la pointe du développement financier dans de nombreuses régions du monde. Les technologies financières naissantes sont en train de modifier la façon dont les économies fonctionnent, et le nombre d'innovations de paiement à lui seul est impressionnant : Bitcoin, m-Pesa, Venmo, Apple Pay, applications de paiement mobile, e-Transfer et bien d'autres. Sous oublier qu’on n’a pas mentionné les avancées technologiques des méthodes de paiement plus connues qui rendent ces dernières plus sécurisées et plus faciles à utiliser (par exemple, le paiement sans contact par cartes bancaires). Même les espèces ont fait l'objet d'innovations techniques. Dans le cadre de la lutte contre la contrefaçon, les billets en papier sont remplacés dans de nombreux pays par des billets en polymère dotés de fonctions de sécurité à la pointe de la technologie.Bitcoin est un excellent cas d'étude de la vitesse d'adoption et de l'impact des technologies de paiement naissantes, et ce, pour plusieurs raisons. L'objectif initial de Bitcoin était d'éliminer le besoin de banques centrales et de leur argent en fonctionnant comme une plateforme de paiement décentralisée. Au lieu de recourir aux espèces des banques centrales ou aux services des institutions financières traditionnelles, Bitcoin se sert de la cryptographie pour sécuriser les transactions. Bien entendu, les intentions ne reflètent pas toujours la réalité et la trajectoire de Bitcoin a été pour le moins compliquée. Bien qu'il puisse certainement être (et soit) utilisé pour les transactions, beaucoup y ont vu un « crypto-actif » plus qu'une cryptomonnaie.Cette thèse contribue à deux questions importantes sur les technologies financières naissantes soulevées dans les publications académiques traitant de l'économie des paiements : 1] Quelle est la manière la plus efficace de collecter des données qui peuvent nous aider à comprendre et à évaluer l'impact des nouvelles technologies de paiement sur l'économie ? (Méthodologie) 2] Quels sont les compromis pertinents pour les consommateurs lorsqu'ils décident d'adopter et d'utiliser de nouvelles formes de technologies de paiement ? (Modélisation économique). Par conséquent, cette thèse est organisée en deux parties.La partie 1 (chapitres 1 et 2) traite des préoccupations méthodologiques. Les dites données sont essentielles à l'étude des technologies émergentes, car habituellement, il y a souvent peu de consensus ou de données accessibles qui pourraient guider les chercheurs. Souvent, la collecte de données utiles constitue une grande partie de l'effort. Malgré un long historique d'enquêtes sur les paiements menées auprès des consommateurs (et des commerçants) par les banques centrales, le chapitre 1 offre une occasion unique d'éclairer le choix de paiement en testant et en validant une méthodologie basée sur des enquêtes (en particulier les paiements en espèces en comparaison avec les paiements par carte électronique ; le tout en utilisant un nouvel ensemble de données provenant de la Hongrie et extraites de toutes les transactions du commerce de détail. Quant au chapitre 2, il donne un aperçu des travaux en cours pour mesurer les changements que connaissent la notoriété et l'utilisation de Bitcoin au Canada. Nous passons en revue les résultats de l'enquête Bitcoin Omnibus 2018 menée par la Banque du Canada, tout en soulignant les efforts visant à améliorer l'instrument d'enquête, les données et l'exactitude des estimations.Dans la partie 2 (chapitres 3 et 4), nous abordons la modélisation économique des décisions des consommateurs. Le chapitre 3 remet en question le postulat selon lequel l'adoption des nouvelles technologies de paiement numérique entraînera nécessairement une baisse de l'utilisation des espèces. (...)It is increasingly clear that the area of payments -- how consumers and businesses choose to pay for things -- is at the forefront of financial development in many areas across the world. Nascent financial technologies are actually changing the way that economies function, and the number of payment innovations alone can be overwhelming to consider: Bitcoin, m-Pesa, Venmo, Apple pay, mobile payment apps, e-Transfer, and many, many more. This is not even to mention continuing innovations among more familiar payment methods that make them more secure and easier to use, for example contactless credit and debit cards. Even cash has undergone technical innovations, with paper banknotes being replaced in many countries by polymer notes having ever-advanced security features to deter counterfeiting. Bitcoin provides a useful case study in the diffusion and impact of nascent financial payment technologies for several reasons. The original intention behind Bitcoin was in fact to do away with the need for central banks and their money, by functioning as a decentralized payments platform. In place of central banks issuing cash, or traditional financial institutions, these third parties were to be replaced by use of cryptography to secure transactions. Of course, intentions do not always reflect reality, and the trajectory of Bitcoin has been complicated to say the least. While it certainly can be (and is) used for transactions, many have come to view it more as a `cryptoasset' than a cryptocurrency. This thesis contributes to two important questions about nascent financial technologies within the literature on the economics of payments: 1] What is the most effective way to collect data that can help us understand and assess the impact of new payments technologies on the economy? (Methodology) 2] What trade-offs are relevant for consumers when deciding on the adoption and use of new forms of payment technologies? (Economic modelling).Correspondingly, this thesis is organized into two parts. In Part 1 (Chapter 1-2), we take up methodological concerns. These are crucial for studying emerging technologies because there is often little consensus or data available to guide researchers; often, collecting useful data is a large part of the endeavor. While there has been a long history of consumer (and merchant) payment surveys among central banks, Chapter 1 offers a unique opportunity to test and validate survey-based methodology for studying payment choice - specifically cash versus electronic card payments - using a novel dataset from Hungary consisting of the universe of all retail transactions. Chapter 2 reflects ongoing work to measure changes in awareness and usage of Bitcoin in Canada. We report on results from the 2018 Bitcoin Omnibus Survey conducted by the Bank of Canada, while highlighting efforts to improve the survey instrument, data and accuracy of estimates. In Part 2 (Chapter 3 and 4) we turn to economic modelling of consumer decisions. Chapter 3 confronts the standing assumption that adoption of new digital payment technologies will necessarily lead to a decline in cash usage. Based off our finding that Bitcoin owners tend to hold relatively large amounts of cash, we use advanced econometric techniques to account for possible sources of selection/endogeneity, and thereby uncover a clearer picture of what is driving this result. Finally, Chapter 4 investigates potential mechanisms behind the future evolution of Bitcoin adoption over time. Motivated by the literature on diffusion of technology, we examine empirical evidence on the role of both beliefs and network externalities in Bitcoin adoption
14
Yengeni, Sandisiwe. "Myth or magic: the impact of financial technology on financial inclusion in Africa". Master's thesis, Faculty of Commerce, 2020. http://hdl.handle.net/11427/33067.
Testo completoAbstract (sommario):
With the worldwide focus on financial inclusion to decrease poverty levels by banking the unbanked, understanding how to facilitate the banking of the previously unbanked in developing countries has become a globally topical issue. To contribute to this discussion from the perspective of Africa, the following paper endeavours to compute financial inclusion indices (FII) for 36 African countries. The paper leverages a model developed by Cámara and Tuesta (2014), using a two-stage Principal Component Analysis with definitions for financial inclusion variables from Sarma (2008). Upon computing the indices, we then endeavour to study the relationship between financial technology (fintech) and financial inclusion by running a regression analysis between fintech variables and the financial inclusion indices. As expected, we find that the highest financial inclusion levels are in the Southern and East African regions, with the lowest in Central Africa. The introduction of mobile money has had a significant impact on financial inclusion levels, particularly in East Africa. Our analysis also finds that the usage variable is critical in understanding the depth of financial inclusion. While this is so, there is still a great need for improvements across financial access, usage and availability in Africa. The regression analysis confirms this assessment, showing that overall, the use of mobile accounts has a positive and significant relationship with financial inclusion. At the same time, the use of digital payments for existing accounts also improves financial inclusion but to a lesser extent. The distinction between the impact of mobile banking and digital payments is an important one given that ownership of mobile banking increases the number of people with access to financial services while using digital payments merely deepens and enhances the usage of existing account holders. Macroeconomic factors of economic growth and banking sector development also are significant for financial inclusion, though to a lesser degree. This paper recommends the study of what impacts the sub-indices both positively and negatively, and how countries can maximise each sub-index, as it is an important focus area for policymakers who are looking to improve financial inclusion levels for their respective countries. We further recommend the development of a unified taxonomy on financial inclusion and its measurements. The role of policymakers would be to propel forward the formulation of this taxonomy, working with all the relevant stakeholders.
15
Chaudhury, Mohammad Jamil. "Financial development and agricultural development in Pakistan : 1952-1982". Thesis, University of Dundee, 1987. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.289370.
Testo completo
16
Kamanga, Tayina. "The role of financial literacy in financial inclusion in emerging markets: evidence from South Africa". Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/29086.
Testo completoAbstract (sommario):
Despite all the efforts and initiatives put in place by governments and development finance institutions to improve financial inclusion, two billion people in the world remain unbanked. The majority of the unbanked population is in the developing countries and mostly in the Sub-Saharan region. This is of huge concern to many governments and their international development partners because it hinders inclusive economic growth. It is argued that consumers can only use products and /or services if they have enough knowledge about these. According to the 2014 World Bank Global Findex database, only 33% of the adults worldwide are financially literate and this average even goes down to 13% in developing countries. It is, therefore, imperative to improve financial literacy of the consumers to increase meaningful participation in the financial sector especially in developing countries. As such it is necessary to understand the relationship between financial literacy and financial inclusion within the Sub–Saharan region. Most of the previous researches in the area of study have been conducted in developed countries and most of them have focused on either the relationship between financial literacy and the demographic factors, or the relationship between financial inclusion and demographic factors. Very few studies have investigated the direct link between financial literacy aspects and financial inclusion indicators. This study accordingly investigates the link between financial literacy and financial inclusion. The study also investigates how socio-demographic and economic characteristics affect financial literacy levels of individuals. Due to the availability of reliable data in South Africa the study uses evidence from South Africa using data collected by the Human Sciences Research Council (HSRC). The main results of the study indicate that use /ownership of financial products is positively and significantly related to financial literacy. The results also indicate that geographical location, age and education attainment have an influence on an individual being financially literate and financially included, but there is no evidence to suggest that living standard measure has an impact on either financial literacy or financial inclusion. The implications of the results of this study are important because they highlight the focus areas for policy makers to achieve optimal results in financial literacy and financial inclusion. In addition, the study adds to the body of knowledge an analysis of a direct link between financial literacy and financial inclusion in an emerging market using widely accepted indicators and a more diverse and nationally representative sample. The study concludes that increasing financial literacy levels would increase the uptake of financial products/services. Based on the results of the study, this research presents conclusions, policy recommendations and recommendations for further research studies that are necessary to improve aspects of financial literacy and financial inclusion.
17
Arner, Douglas W. "Law, financial stability and economic development". Thesis, Queen Mary, University of London, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.424378.
Testo completo
18
Asad, Humaira. "Effective financial development, inequality and poverty". Thesis, University of Exeter, 2012. http://hdl.handle.net/10036/3583.
Testo completoAbstract (sommario):
This thesis addresses the question, whether the impact of financial development on the relative and absolute indicators of poverty is dependent on the levels of the human capital present in an economy. To answer this question, first we develop a theoretical framework to explain the growth process in the context of financial development assuming that human capital is heterogeneous in terms of the skills and education people have. Then, by using the data sets based on five-year averages over 1960-2010 and 1980-2010, covering 107 developed and developing countries, we empirically investigate the extensions of the theoretical framework developed earlier. These extensions cover the relationships between: 1. Income inequality and economic growth 2. Financial development, human capital and income inequality, and 3. Financial development, human capital and poverty We provide empirical evidence using modern panel data techniques of dynamic and static GMM. The findings elucidate that income inequality and economic growth are inter-dependent on each other. There exists an inverse relationship between initial inequality and economic growth. The changes in income inequality follow the pattern identified by Kuznets (1955) known as Kuznets’ hypothesis. The results also show that financial development helps in reducing income inequalities and in alleviating poverty, only when there is a sufficient level of human capital available. On the basis of our findings we develop the term "effective financial development" which means that financial development is effective in accelerating growth levels, reducing income inequalities and alleviating poverty only if there is a sufficient level of human capital available. The empirical study covers multiple aspects of financial development like private credit extended by banks and other financial institutions, liquid liabilities and stock market capitalization. The results of the empirical investigations are robust to multiple data sets and various indicators of income inequality, financial development, poverty and human capital. The study also provides marginal analysis, which helps in understanding the impact of financial development on inequality and poverty at different levels of human capital. This research study of effective financial development can be a useful learning paradigm for the academics and researchers interested in growth economics and keen to learn how poverty and income inequality can be reduced effectively. This study can also be useful for the policy makers in the financial institutions, because it provides robust empirical evidence that shows that financial development cannot help in alleviating poverty and in reducing inequalities unless there is a sufficient level of human capital available. The findings can be useful for policy makers, particularly in the developing countries where high levels of income inequalities and poverty are big problems. This study explains the mechanism of how effective financial development can be used to reduce income inequalities and to alleviate poverty. It also explains the process of inter-linkages between financial development, human capital, inequality, economic growth and financial instability. The policy makers can also take advantage from the marginal analyses that illustrate the minimum levels of private credit and primary and secondary schooling above which the effects of financial development and human capital become significant in reducing inequalities and poverty.
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Adnan, Noureen. "Financial development, economic growth and crises". Thesis, University of Surrey, 2012. http://epubs.surrey.ac.uk/770388/.
Testo completoAbstract (sommario):
The importance of financial markets in a globalised economy cannot be overstated. An obvious example is the 2008 collapse of Lehman Brothers, the consequences of which were not just confined to the United States but spread to almost all developed economies in the world. On a daily basis movement in the world's stock, bond, commodity and currency markets can be affected by as diverse factors as a revision to the inflation rate in China, an unexpected European Union meeting on the Euro or the announcement of company earnings in the U.S. The link between financial markets and the real economy, the increased volatility in financial markets, and the repercussions of financial crises are issues of great interest to economic agents (policymakers, firms, households) around the world. However, they are of even greater significance to developing nations, as they try to raise their living standards. The research presented in this thesis aims to inform the discussion on the pertinence of financial development for economic growth. Following a brief introduction, Chapter 2 sets the scene by reviewing the neo- classical growth models and endogenous growth theory. The rationale for focusing v - on the role of financial development is discussed next followed by all evaluation of the empirical evidence. Chapter 3 concentrates on the measurement of financial de- velopment. Existing measures are examined and a new measure is introduced using the latest available data for the largest possible number of economies. The principal components methodology, which reduces the dimensionality of the data, is used for the construction of this new measure. This is then used to revisit the empirical relationship between financial development and growth in Chapter 4. The method- ology employed is that of least squares dummy variables (LSDV) estimation, and the issue of potential endogeneity is explored through the use of two-stage ordinary least squares (OLS) and generalised method of moments (GMM). Chapter 5 undertakes a large sample analysis to address the relationship between financial development, and the likelihood of financial crises and chapter 6 summaries the findings from this work and discusses limitations and possible extensions. VI.
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Dal, Colle Alessandra. "Essays on financial development and growth". Thesis, SOAS, University of London, 2012. http://eprints.soas.ac.uk/14045/.
Testo completo
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Huang, Yongfu. "The political economy of financial development". Thesis, University of Bristol, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.432688.
Testo completo
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Cavalcante, Anderson Tadeu Marques. "Regional financial development and economic growth". Thesis, University of Cambridge, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.610634.
Testo completo
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Venâncio, Sara Filipa Meixedo. "Does financial development promote economic growth?" Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/6301.
Testo completoAbstract (sommario):
Mestrado em Economia Monetária e FinanceiraThis study investigates the relationship between financial development and economic growth, using two panel of 17 and 19 developed countries, covering the period from 1980 to 2011 and 2000 to 2011, respectively. This study includes variables that measure the development of the financial sector in order to explain the GDP per capita growth, using modified ordinary least squares, fixed and random effects estimations. The results indicate that domestic credit provided by banking sector and domestic credit to the private sector are (in most estimations) negatively correlated with growth. This may be explained by poor and inefficient credit allocation. The results also show that gross domestic savings and M2 play a significant role in economic growth. Moreover, the ratio non-performing loans/total loans is positively correlated with GDP, particularly for estimations where credit variables were excluded. Little evidence was found from the relationship between liquidity provided by the banking system and capital markets, and economic development.
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Kouevi, Gath Beni. "Essays on Financial and Fiscal Development". Doctoral thesis, Universite Libre de Bruxelles, 2021. https://dipot.ulb.ac.be/dspace/bitstream/2013/325303/5/BeniKGPhD.pdf.
Testo completoAbstract (sommario):
This dissertation empirically studies the interplay of government policies, finance, and economic development. More specifically, it considers the impact of corporate taxes on employment, of bank regulation on financial information sharing on banking stability and of banking crises on democracy. Two of the chapters focus on Sub-Saharan African (SSA) countries. The third one takes a more global perspective. Chapter 1 evaluates the impact of corporate income tax rates (CIT) on employment at the firm level for a sample of SSA countries. It finds that on average, firms employ more workers in countries with higher CIT rates. This is consistent with the fact that corporate tax revenues allow governments to provide public goods and infrastructure which are crucial to firm activities. We report estimation results to support this assumption. More specifically, while the marginal effect of CIT decreases with income level or with government expenditures, it increases with the level of democracy. Furthermore, we also find that the effect of CIT rates on employment works partially through improvements in the business environment in which firms operate. Chapter 2 assesses the effects of government policies setting the extent to which credit information on the credit history of borrowers is shared among lenders. It shows that credit information sharing stabilizes banks. Moreover, despite foreign banks having an informational disadvantage over domestic banks due to information frictions and would hence benefit more from credit information sharing, the results indicate that both types of banks are affected in the same way. This suggests that foreign banks rely on alternative strategies to compensate for their informational disadvantage in local markets. Lastly, Chapter 3 documents the impact of banking crises on the level of democracy. It provides evidence that democracy improves in the 10-year window following the occurrence of a banking crisis. The results also highlight the presence of several non-linearities. First, severe banking crises have larger effects on democracy than moderate ones. Second, the positive effect of banking crises on democracy is mostly driven by non-democratic countries. Finally, the bulk of the effect materializes from the third year after the crisis occurred.Cette thèse étudie empiriquement l'interaction des politiques gouvernementales, de la finance, et du développement économique. Plus précisément, il examine l'impact de la fiscalité des entreprises sur l'emploi, de la réglementation bancaire relative au partage d'informations sur le crédit sur la stabilité bancaire, et des crises bancaires sur la démocratie. Les deux premiers chapitres se focalisent sur les pays d'Afrique subsaharienne. Le troisième adopte une perspective plus globale pour couvrir. Le premier chapitre évalue l'impact des taux d'imposition des sociétés (IS) sur l'emploi au niveau de l'entreprise pour un échantillon de pays d'Afrique subsaharienne. Ses résultats montrent qu'en moyenne, les entreprises emploient plus de travailleurs dans les pays où les taux de taxation des entreprises sont plus élevés. Cela s’explique par le fait que les recettes de l'impôt sur les sociétés permettent aux gouvernements de financer des biens publics et des infrastructures qui sont essentiels aux activités des entreprises. Nous présentons des résultats d'estimation pour soutenir cette hypothèse. Plus précisément, alors que l'effet marginal de l'IS diminue avec le niveau de revenu ou avec les dépenses publiques, il augmente avec le niveau de démocratie. En outre, nous constatons également que l'effet des taux d'IS sur l'emploi s'explique en partie par l'amélioration de l'environnement des affaires dans lequel opèrent les entreprises. Le second chapitre évalue les effets des politiques gouvernementales fixant la mesure dans laquelle les informations sur les antécédents de crédit des emprunteurs sont partagées entre les prêteurs. Il montre que le partage d'informations sur le crédit permet de stabiliser les banques. De plus, bien que les banques étrangères aient un désavantage informationnel par rapport aux banques nationales en raison de frictions d'information et bénéficieraient donc davantage du partage d'informations sur le crédit, les résultats indiquent que les deux types de banques sont affectées de la même manière. Cela suggère que les banques étrangères s'appuient sur des stratégies alternatives pour compenser leur désavantage informationnel sur les marchés locaux. Enfin, le chapitre 3 documente l'impact des crises bancaires sur le niveau de démocratie. Il fournit la preuve que la démocratie s'améliore dans la fenêtre de 10 ans suivant l’occurrence d'une crise bancaire. Les résultats mettent également en évidence la présence de plusieurs non-linéarités. Premièrement, les crises bancaires graves ont des effets plus importants sur la démocratie que les crises modérées. Deuxièmement, l'effet positif des crises bancaires sur la démocratie est principalement attribuable aux pays non démocratiques. Pour finir, l'essentiel de l'effet se matérialise à partir de la troisième année après la survenance de la crise.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished
25
Koochel, Emily. "Financial transparency: a scale development study". Thesis, Kansas State University, 2017. http://hdl.handle.net/2097/36200.
Testo completoAbstract (sommario):
Master of ScienceSchool of Family Studies and Human Services
Melinda S. Markham
Interpersonal aspects of a relationship (i.e., equality, trust, disclosure, etc.) as they relate to finances have important implications for marital satisfaction; however, emphasis on financial transparency, “the open and honest disclosure of one’s finances,” has yet to be researched. To increase our capacity to study the role of finances in the marital relationship, the purpose of this study was to develop the Financial Transparency Scale (FTS) to assess financial transparency between married partners. A sample of 183 married individuals in their first 5 years of their first marriage completed an online survey, consisting of the FTS and four related scales. Principal components analysis (PCA) was conducted to determine the FTS is comprised of three components: financial partnership, financial secrecy, and financial trust and disclosure of the individual partner. The first component, financial partnership (eigenvalue = 10.909), consisted of 18 items and accounted for 41.96% of the variance and had a high internal reliability of (α = .95). Component 2, financial secrecy (eigenvalue = 2.845), consisted of three items and accounted for 10.94% of variance with an internal reliability of (α = .93). Component 3, financial trust and disclosure of the individual partner (eigenvalue = 1.76), consisted of five items and accounted for 6.77% of total variance with an internal reliability (α = .83). The FTS was positively correlated with four related scales: the Kansas Marital Satisfaction Scale, the Shared Goals and Values Scale, the Frequency of Financial Management Scale, and the Communication Patterns Questionnaire – Short Form, each of which are key behaviors of financial and marital satisfaction. The FTS will benefit financial practitioners as they can use the scale to determine the level of financial transparency between married individuals, drawing attention to areas of concern such as financial secrecy between partners. For researchers, this scale provides a measurement for a sophisticated perspective on the interpersonal factors that mediate financial transparency between married individuals.
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Carlson, Stacy(Stacy Lynn). "Essays in financial innovation and development". Thesis, Massachusetts Institute of Technology, 2018. https://hdl.handle.net/1721.1/122051.
Testo completoAbstract (sommario):
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.Thesis: Ph. D., Massachusetts Institute of Technology, Department of Economics, 2018
Cataloged from student-submitted PDF version of thesis. "Some pages in the original document contain text that runs off the edge of the page"--Disclaimer Notice page.
Includes bibliographical references.
In this thesis, I use rich individual- and household-level data to explore the impact of different forms of financial innovation on development outcomes in Africa. Chapters 1 and 2 utilize data from a digital lender that provides credit over mobile phones. Chapter 1 presents novel evidence on the magnitude of consumer liquidity constraints and the relative importance of the various forms of asymmetric information that may contribute to them. I find that borrowers almost always take out the maximum credit line available to them, consistent with short-term liquidity constraints. I then use quasi-experimental variation in credit policies across individuals and time to estimate the relative magnitude of selection and incentive effects among new borrowers. I find that information asymmetries go a long way toward explaining high observed default rates. Chapter 2, my job market paper, explores the impact of dynamic incentive schemes on borrower behavior in the digital credit market. I use a series of quasi-experiments induced by policy nonlinearities to estimate the effect of progressive lending policies on borrower repayment decisions. I find that new borrowers who receive a larger initial loan are more likely to default on that loan. By contrast, repeat borrowers who receive a larger loan (relative to their previous loan) are actually less likely to default. I provide evidence that this reflects a strategic repayment motive, whereby borrowers repay in order to get access to larger loans in the future. Chapter 3, written with Yu Shi, uses household-level data from a panel survey in Nigeria to explore the relative importance of formal versus informal finance. We find that informal financial markets remain important and are quite effective in enabling consumption smoothing by lower-income households and businesses in Nigeria.
by Stacy Carlson.
Ph. D.
Ph.D. Massachusetts Institute of Technology, Department of Economics
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Stemmer, Michael Alfons. "Essays on growth, unemployment and financial development". Thesis, Paris 1, 2016. http://www.theses.fr/2016PA01E043/document.
Testo completoAbstract (sommario):
Le sujet de cette thèse porte sur l’analyse de l’hétérogénéité et des dynamiques du chômage régional, des conséquences de chocs négatifs sur la croissance économique et du lien entre le développement financier et la croissance au niveau des entreprises et des pays. Le chapitre 1 montre les dynamiques distributionnelles du chômage régional Européen. Conjointement avec Robert Beyer, nous étudions le comportement des taux de chômage régionaux autour de l’introduction de l’Euro et la crise financière mondiale. En plus, nous examinons les contributions européennes et nationales aux changements relatives dans le temps. Le chapitre 2 propose une analyse empirique de la convergence de la croissance économique de l’Europe de l’Ouest et des pays en transition. Dans ce travail en collaboration avec Olivier Damette et Mathilde Maurel, nous étudions la capacité à sortir d’une période de récession. En plus, nous analysons une non linéarité potentielle dans le processus de sortie. Le chapitre 3 centre son analyse sur l’étude des contraintes financières internes de la croissance des entreprises en Serbie. Conjointement avec Milos Markovic, nous étudions le degré de dépendance aux flux de liquidité des entreprises serbes pour leurs activités d’expansion et les comparons avec ceux des firmes belges. Enfin, dans le chapitre 4, j’explore la relation entre le développement financier et la croissance économique dans les pays en transition. Dans un cadre de causalité Granger en panel, j’analyse les effets de différents indicateurs financiers sur le PIB par tête et inversementThe subject of this doctoral thesis deals with the analysis of regional unemployment heterogeneity and dynamics, the response of economic growth to negative shocks and the link between financial development and growth on a firm and country level. Chapter 1 shows the distributional dynamics of European regional unemployment. In this joint work with Robert Beyer, we study the behavior of regional unemployment rates with respect to the introduction of the Euro and the Global Financial Crisis and analyze European and country contributions to relative changes over time. Chapter 2 provides an empirical analysis into growth convergence of western European and transition countries after negative shocks. A collaboration with Olivier Damette and Mathilde Maurel, we study the rebound capacity, the speed of convergence to the normal growth path as well as nonlinearities along the process. Chapter 3 takes a closer look at internal financial constraints of firm growth in Serbia. A joint work with Milos Markovic, we show how much Serbian firms depend on cash flow for their expansionary activities and compare our sensitivity results with Belgium, a country with an advanced financial sector. Finally, in chapter 4 I explore the relationship between financial development and economic growth in transition countries. Through a panel Granger causality framework different financial indicators and their effects on per capita GDP as well as opposite causalities are assessed
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Savanhu, Tatenda. "Financial liberalization, financial development and economic growth: the case for South Africa". Thesis, Rhodes University, 2012. http://hdl.handle.net/10962/d1006197.
Testo completoAbstract (sommario):
Financial liberalization in South Africa was a process that took the form of various legal reforms very a long period of time. This study uses quarterly financial data from 1969 quarter one to 2009 quarter four to analyse this process. The data used was pertinent to the financial liberalization theorem by McKinnon (1973) and Shaw (1973). The examination of the relationships between the various macro economic variables has important implications for effective policy formulation. The empirical analysis is carried out in four phases: the preliminary analysis, the principal component analysis (PCA), the cointegration analysis and pair wise Granger causality tests. The preliminary analysis examines trends over the sample period and reports the on the correlation between the selected variables. The PCA analysis was used to create indexes for financial liberalization, taking into account the phase wise nature of legal reforms. The generated index was representative of the process of financial liberalization from 1969 to 2009. A financial development index was also created using the various traditional measures of financial development and through PCA which investigated interrelationships among the variables according to their common sources of movement. Cointegration analysis is carried out using the Johansen cointegration procedure which investigates whether there is long-run comovement between South African economic growth and the selected macroeconomic variables. Where cointegration is found, Vector Error-Correction Models (VECMs) are estimated in order to examine the short-run adjustments. For robustness, many control variables were added into the model. The results showed that there are positive long run relationships between economic growth and financial liberalization, financial development and a negative relationship with interest rates. The Granger results suggested that the MS hypothesis does not manifest accurately in the South African data. The implications of the results were that financial liberalization has had positive effects on economic growth and thus any impediments to full financial liberalization must be removed albeit with considerations towards employment and local productivity. Financial development also possessed positive long run relationships with economic growth, although results differed based on the financial development proxy used. Thus, financial development must be improved primarily through liberalizing the banking sector and spurring savings.
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Kamal, Lillian T. "Predicting inflation, and the relationship between financial integration, financial development and economic growth". Morgantown, W. Va. : [West Virginia University Libraries], 2006. https://eidr.wvu.edu/etd/documentdata.eTD?documentid=4618.
Testo completoAbstract (sommario):
Thesis (Ph. D.)--West Virginia University, 2006.Title from document title page. Document formatted into pages; contains v, 95 p. : ill. (some col.). Includes abstract. Includes bibliographical references.
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Atiq, Zeeshan. "Essays on financial liberalisation, financial crises and economic growth". Thesis, University of Manchester, 2014. https://www.research.manchester.ac.uk/portal/en/theses/essays-on-financial-liberalisation-financial-crises-and-economic-growth(8ebde51d-189b-40e9-a4e1-098b8880301e).html.
Testo completoAbstract (sommario):
This thesis investigates the impact of financial liberalisation policies on finance-growth relationship and financial crises. Analysis of recent trends and economic performance of financially developed and stable economies raises at least two very important questions that seem to have strong analytical connections. The first question is associated with the link between financial development and economic growth and the second question focuses the possible association between the policies of financial liberalisation and financial vulnerability. In this thesis we aim to shed light on some of the aspects that have gained so much attention from academics and policy makers during the last two decades. First we address whether excessive liberalisation has caused financial development to lose its effectiveness in generating economic growth. We employ a dynamic panel data analysis for 88 countries over the period of 1973 to 2005. Our index for the financial sector liberalisation covers seven aspects: credit controls and reserve requirements, interest rate controls, entry barriers, state ownership, policies on securities markets, banking regulations and restrictions on capital market. We use a comprehensive financial development indicator constructed through principal component analysis of five different indicators: bank private credit to GDP ratio, liquid liability to GDP ratio, deposit money bank assets to total bank assets ratio, deposit money bank assets to GDP ratio, and bank credit to bank deposit ratio. The results indicate that the positive effect of financial development on long-run growth continues to decline as the financial sector becomes more liberalised. Our results are robust to changes in the financial development indicators and the dis-aggregation of the financial liberalisation index. Second, we examine the possibility for an optimal sequence of financial sector reforms that may reduce an economy’s vulnerability to financial crises. We construct a distance measure from the countries that followed a more gradual approach and liberalised their capital account at a later stage. Our analysis shows that the experience of the countries that delayed or followed a very gradual approach for the liberalisation of their capital accounts have high level of implications to those countries that allowed for shock approach or liberalised their capital account before bringing reforms in other sectors.
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Markovic, Milos. "Essays on debt crisis and financial development". Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E045.
Testo completoAbstract (sommario):
Cette thèse de doctorat représente un effort visant à contribuer à la littérature sur le système d'alerte précoce traitant de la prévision de la crise de la dette souveraine et de la compréhension des comportements d’investissement et de croissance des PME dans le contexte de la crise financière mondiale. Le chapitre 1 adresse les crises de la dette à travers un échantillon d'économies émergentes dans la poursuite d'un modèle d'alerte précoce efficace et précis basé sur trois techniques différentes d'exploration de données. Les chapitres 2 et 3 mettent l'accent sur les mécanismes qui sous-tendent l'investissement et la croissance des PME d'un pays en voie de développement dans le contexte de la CFM. Le chapitre 2, réalisé en collaboration avec Majda Seghir, explore le comportement d'investissement des PME en Serbie relatif à la disponibilité des flux de trésorerie générés en interne dans le cadre de la CFM. Il relie cette sensibilité au niveau de contraintes financières comme approximé par les variables telles que la taille de l'entreprise, la structure de propriété, l'effet de levier et la tangibilité de leurs actifs. Finalement, le chapitre 3, travail conjoint avec Michael Stemmer, s'appuie sur l'idée derrière le chapitre 2 pour étudier l'effet des contraintes financières sur la croissance des PME serbes en utilisant le cadre GMM. Nous opposons nos résultats à une économie avancée en faisant une comparaison avec des entreprises belgesThis doctoral thesis represents an effort aimed to contribute to Early Warning System literature dealing with prediction of sovereign debt crisis and understanding of investment and growth behavior of SMEs inthe setting of the global financial crisis. Chapter 1 deals with debt crises over a sample of emerging economies in pursuit of an efficient and accurate early warning model based on three different datamining techniques. In Chapters 2 and 3 the focus is on the mechanisms behind investment and growth of SMEs in a developing country in the context of GFC. Chapter 2, joint work with Majda Seghir, exploresthe investment behavior of SMEs in Serbia with regard to the availability of internally generated cash flowin the context of GFC. It relates this sensitivity to the level of financial constraints as proxied by variables such as firm’s size, ownership structure, leverage and tangibility of their assets. Finally, Chapter 3, done in collaboration with Michael Stemmer, builds on the idea behind Chapter 2 to investigate the effect of financial constraints on growth of Serbian SMEs using GMM framework. We contrast our results with anadvanced economy by running a comparison with Belgian firms
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Richardson, Nela N. Thomas. "An interest group theory of financial development". College Park, Md. : University of Maryland, 2005. http://hdl.handle.net/1903/2950.
Testo completoAbstract (sommario):
Thesis (Ph. D.) -- University of Maryland, College Park, 2005.Thesis research directed by: Economics. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Asongu, Simplice Anutechia. "Financial development in Africa - a critical examination". Thesis, Oxford Brookes University, 2015. https://radar.brookes.ac.uk/radar/items/160120ae-553e-4951-aa57-3e33a7d13413/1.
Testo completoAbstract (sommario):
The thesis summarises eight published articles for my doctoral degree research project. Individually the published articles coherently present a critical examination of financial development in Africa. Three main shortcomings in the literature have motivated the project: limited studies on stock market development in spite of the need for more sources of long-term finance; the absence of literature that engages the exposure of financial systems in Africa to recent global crises and a mainstream definition of the financial system that is not relevant to the continent because it fails to incorporate the informal financial sector. The highlighted gaps are addressed in three main themes. The main results of the first theme are twofold. Political, economic and institutional governance can play a positive role in the performance of African stock markets. There is urgent need for the improvement of cross-country characteristics that enhance convergence for the performance of stock markets. Findings of the second theme are as follows. There is absence of convergence among member states of the CFA franc zones. Limited financial dynamics can be used in monetary policy to exert deflationary pressures in periods of soaring consumer prices. There is very moderate evidence supporting the hypothesis of thresholds in financial development for financial globalisation benefits. A new definition of the financial system in the third theme has also led to some interesting results. Liberalisation policies have broadly promoted the informal financial sector to the detriment of the formal sector. An example of such liberalisation is the information and communication technology sector, which has led to mobile phone penetration being positively (negatively) correlated with the informal (formal) financial sector. In another example, not all financial intermediary channels are pro-poor for the effectiveness of liberalisation policies in enhancing investment for inequality mitigation. Policy implications, research limitations and future research directions are discussed.
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Zakaria, Zukarnain. "Essays on financial structure and economical development". Thesis, University of Southampton, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.431951.
Testo completo
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Howe, Christopher D. (Christopher Dwight). "Financial model of the drug development process". Thesis, Massachusetts Institute of Technology, 1995. http://hdl.handle.net/1721.1/9832.
Testo completo
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Balasubramaniam, Anitha. "Financial modeling of new product development economics". Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/90707.
Testo completoAbstract (sommario):
Thesis: S.M. in Engineering and Management, Massachusetts Institute of Technology, Engineering Systems Division, System Design and Management Program, 2014.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 85-86).
Product design and development is a complex process that involves extensive engineering considerations as well as management decisions based on the overall vision for the product. Traditionally, most decision making in product development is experienced based and intuitive. With increased scrutiny on cost and a need for greater speed to market, product development processes have been continuously streamlined to become more efficient. Therefore, firms are now required to carefully plan and allocate their resources to effectively respond to market needs. In this thesis, illustrated using a case study of a Nespresso coffee product line, a framework is presented to capture and analyze the financial factors relating to the profitability of a product development project. The methodology can assist product managers better understand the financial aspects of product development and help make more effective and objective project decisions. It can also help companies manage their product portfolio decision making process and prepare for new opportunities.
by Anitha Balasubramaniam.
S.M. in Engineering and Management
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Tan, Bin. "Growth, financial development, market liquidity and risk". Thesis, Brunel University, 2010. http://bura.brunel.ac.uk/handle/2438/8205.
Testo completoAbstract (sommario):
This thesis,firstly, studies the impact of financial liberalization and political instability on economic growth and quantitatively examines the relative importance of the identified underling reasons of Argentine riddle by using an innovative econometric methodology and unique data set: it presents power ARCH estimates for Argentina from 1896 to 2000. The main results show that the long-run effect of financial liberalization on economic growth is positive while the short-run effect is negative, albeit substantially smaller. The political instability effects are substantially larger in the short-run than in the long-run. We also investigate potential mechanisms for the effects of financial liberalization and political instability on economic growth: direct impact or happening through the variation of growth volatility. Our results also suggest that financial development, trade openness and political instability are the main factors to explain the Argentine decline. Furthermore, real business cycle variability - growth relationship and the link between inflation and its uncertainty are investigated by using monthly data of four Asian countries/regions (Japan, South Korea, Singapore and Taiwan) and parametric power ARCH methodology to proxy uncertainty. We fnd that more uncertainty about output leads to a higher rate of growth in three of the four countries/regions and the form of the uncertainty matters. Output growth reduces its uncertainty in all countries/regions via inflation uncertainty except Singapore. For all countries/regions, inflation significantly raises inflation uncertainty as predicted by Friedman. On the other hand, increased uncertainty affects inflation positively in Japan and Singapore, which support the Cukierman-Meltzer hypothesis. We find a negative sign for Taiwan which is in accordance with the Holland hypothesis when error term was normally distributed, however, this result is not statistically significant when the student-t distribution is applied. Interestingly, South Korea’s data reveals a positive sign initially, however, it turns around when a structural dummy is incorporated. This dramatic outcome in favour of the Holland hypothesis, and chimes in with Dueker and Kim (1999), who claim that the inflation was strictly controlled by the South Korean monetary authority. In addition, this thesis investigates two-way causal relationships between spread, volatility and volume in the FTSE100 stock index over the period from 1992 to 2004 by using bivariate AR-FI-GARCH model and multiple measurements of risk and spread. The measurements of the spread include relative bid-ask spread, effective bid-ask spread, the inventory cost component of the bid-ask spread and the information cost component of the bid-ask spread. Risk is proxied by two measurements of price volatility: the close-to-close volatility and the range-based volatility. We also take the impact of electronic trading into account. Our results suggest that the spread and volume are positively impacted by volatility simultaneously. In addition, both volatility and volume are negatively affected by the spread. Furthermore, we find that the inventory cost component of the spread has a negative effect on volatility, in contrast, the information component of the spread positively impacts volatility. These results support the argument that speculation generates volatility in the market and higher transaction costs bene t stability of the market.
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Emenalo, Chukwunonye Obi-Ogulo. "Institutions and financial system development in Africa". Thesis, University of Hertfordshire, 2014. http://hdl.handle.net/2299/14436.
Testo completoAbstract (sommario):
Recent research suggests that financial system development is important for economic development and for reducing financing constraints of firms (Levine, 2005). Consequently, researchers started investigating the factors that determine financial system development. A group of factors that have been identified are institutional factors. Many researchers have investigated the theoretical and empirical links among historical institutional factors, current institutional factors, and financial system development (Beck and Levine, 2005). There are, however, few studies that have investigated extensively the theoretical and empirical links among institutional factors and financial system development within the African context. Africa provides an interesting context to empirically validate and refine many of the theories that have been postulated to explain the relationships among historical and current institutional factors and financial system development. This is because Africa is in the process of developing its institutions and reforming existing ones and offers an opportunity to examine the impact of institutional factors on financial system development in nascent contexts. Therefore, this dissertation investigated the following research question: To what extent are institutional factors determinants of financial system development in Africa? To answer this research question, this study empirically evaluated the effects on financial system development of historical institutional factors that have been identified by four theories: legal origins theory, disease endowment theory, religion-based theory, and ethnic fractionalisation theory. Moreover, current institutional factors identified by the law and finance theory as possible determinants of financial system development were empirically examined. Furthermore, the links among historical and current institutional factors were empirically studied. The results show that the disease endowment variables are the only historical institutional factors that explain cross-country variation in financial system development in Africa. Additionally, this study finds that the institutional enforcement quality and efficiency of the judicial system are the only current institutional factors that explain cross-country variation in financial system development in Africa. Current institutional factors such as the efficiency of the legal property system and the quality of the credit information infrastructure do not appear to have effects on financial system development. Moreover, the institutional enforcement quality seems to be one of the possible channels through which disease endowment affects financial system development in Africa. This study also reveals that there are few statistically significant links among historical and current institutional factors within the African context. To my knowledge, this is the first study to show some of these empirical links among historical institutional factors, current institutional factors, and financial system development for the African context. The main conclusion of this dissertation is that institutional factors seem not to be determinants of financial system development in Africa to a large extent. In essence, institutional factors appear to matter for financial system development in Africa, but not as much as might have been expected judging from many calls for institutional reforms from the World Bank and others. The theoretical and policy implications of the findings of this dissertation are discussed, and future areas of research are also proposed.
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Deidda, Luca Gabriele. "Interaction between economic growth and financial development". Thesis, SOAS, University of London, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.322050.
Testo completoAbstract (sommario):
The thesis consists of two parts. Part I investigates the interactive nature of the relationship between financial intermediation and economic growth. The main theoretical results are: a) financial intermediaries emerging as a consequence of agents' maximising behaviour at some critical level of economic development could have a negative impact on economic growth; b) the growth impact of financial institutions, i.e. financial intermediaries and stock markets, changes positively along the process of economic development; c) excessive financial intermediation might occur as a consequence of economic development; d) the co-evolution of credit markets, where financial intermediaries operate, and stock markets does not imply complementariness between the two elements of the financial sector; e) the emergence of a stock market might have an immediate detrimental effect on growth; f) the growth impact of the overall financial sector depends crucially upon the complementarity/substitutability relationship between stock markets and credit markets as sources of external finance. Part II, consists of two models which can be thought of as extensions of the material presented in Part 1. In the first, the impact of financial deepening in the context of a growth model where growth is driven by human capital accumulation is analysed. The result of this model is that, since financial transactions and training are substitutes as devices for intertemporal substitution of consumption, the availability of a technology for financial transactions might induce a negative growth effect. The second model deals with interregional trade in financial services. The outcome of this model is that, because of asymmetries in the incentives to trade in deposits and loans, free trade might have detrimental consequences for the regions whose financial sector is less efficient since local investment can be crowded out. The thesis establishes those propositions by theoretical reasoning and appropriate formal proofs.
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Silva, Diogo Martinho da. "On the welfare effects of financial development". Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/5383.
Testo completoAbstract (sommario):
Master Monetary and Financial EconomicsThe aim of this paper is to show how the evolution of financial technology affects the welfare in the economy. On the empirical side, I construct a time series for the costs of financial services, and I find that the evolution shows a decreasing trend in the period analyzed. In addition, the new statistical tool goes a long way to explaining US M1 money demand. I find that the financial costs became significantly lower after major financial innovation events had taken place. Then I study how financial innovation, understood as a decrease in portfolio adjustment costs, affects macro variables and welfare.
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Ghimire, Binam. "Essays on financial development and economic growth". Thesis, Liverpool John Moores University, 2010. http://researchonline.ljmu.ac.uk/6024/.
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Park, Ji Hoon. "Financial development, fiscal policy and macroeconomic volatility". Thesis, University of York, 2015. http://etheses.whiterose.ac.uk/16287/.
Testo completoAbstract (sommario):
This thesis examines empirically the effect of financial frictions and public debt on economic variables and seeks for an appropriate fiscal consolidation strategy. First, the thesis explores the determinants of output volatility, especially the roles of financial development and government debt. The analysis, based on a panel of 127 countries over four decades, employs system GMM dynamic panel regression. According to the regression results financial development is estimated to have a non-linear effect on output volatility. Increased government debt levels are statistically associated with increased macroeconomic volatility. However, we need to interpret the results carefully due to endogeneity problems. The effect of the interactions between the two is insignificant. Second, it analyses the role of financial frictions on economic fluctuations. When the three models are compared with the U.S. data along the second moments, the firm friction model helps in fitting some macroeconomic variables and outperforms the other models. In the impulse response functions, we find that financial frictions greatly amplify and propagate the effects of the exogenous shocks on economic variables. Specially, the firm friction model shows more persistent response than the bank friction model. In addition, the size of the response depends on the leverage in the model with financial frictions. Third, the thesis considers how the effects of fiscal policy consolidation differ depending on alternative strategies. To do this, we develop an open economy DSGE model with an endogenous risk premium mechanism. The government consumption cut has larger negative effects on output than the government investment cut because of a complementarity with private consumption. The response of the tax hike is smaller than the expenditue cut because the tax hikes reduce more debts and the lower risk premium crowds in consumption and investment. Among three fiscal rules, the expenditure adjusted rule is the most effective for both preventing the economic downturn and reducing government debt.
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Iefymenko, T. "Innovative financial management of human capital development". Thesis, Київський національний університет технологій та дизайну, 2019. https://er.knutd.edu.ua/handle/123456789/14492.
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Kaminska, I. "Financial providing of ecological development of region". Thesis, Вид-во СумДУ, 2006. http://essuir.sumdu.edu.ua/handle/123456789/11655.
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Зайцев, Олександр Васильович, Александр Васильевич Зайцев e Oleksandr Vasylovych Zaitsev. "Interaction of financial development and real economy". Thesis, Sumy State University, 2020. https://essuir.sumdu.edu.ua/handle/123456789/81057.
Testo completoAbstract (sommario):
У статті автор коротко торкається проблем впливу рівня фінансового розвитку на економічне зростання. У статті розглянуто, що внаслідок неминучої взаємодії грошових потоків і товарної продукції, грошовий потік та / або традиційний фінансовий сектор можуть бути як факторами економічного зростання, так і джерелами постійної економічної нестабільності, а також факторами економічної регресії.В статье автор кратко затрагивает проблемы влияния уровня финансового развития на экономический рост. В статье рассмотрено, что из-за неизбежного взаимодействия денежных потоков и товарных выпусков денежный поток и / или традиционный финансовый сектор могут быть как факторами экономического роста, так и источниками перманентной экономической нестабильности, а также факторами экономического регресса.
In the article author is briefly touch upon the problems of the influence of the level of financial development on economic growth. The article has considered to the due to the inevitable interaction of cash flows and commodity outputs, cash flow and/or the traditional financial sector can be both factors of economic growth and sources of permanent economic instability, as well as factors of economic regression.
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Murawski, Michael Murawski. "Financial Development, State Capacity, and Inequality Distributions". The Ohio State University, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=osu1523981143011671.
Testo completo
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Samargandi, Nahla. "Essays on financial development and economic growth". Thesis, Brunel University, 2015. http://bura.brunel.ac.uk/handle/2438/11071.
Testo completoAbstract (sommario):
This thesis is based on three empirical essays in financial development and economic growth. The first essay, investigated in the third chapter, the effect of financial development on economic growth in the context of Saudi Arabia, an oil-rich economy. In doing so, the study distinguishes between the effects of financial development on the oil and non-oil sectors of the economy. The Autoregressive Distributed Lag (ARDL) bounds test methodology is applied to yearly data over the period 1968 to 2010. The finding of this study is that financial development has a positive impact on the growth of the non-oil sector. In contrast, its impact on the oil-sector growth and total GDP growth is either negative or insignificant. This suggests that the relationship between financial development and growth may be fundamentally different in resource-dominated economies. The second essay revisited, in the fourth chapter, the relationship between financial development and economic growth in a panel of 52 middle-income countries over the 1980-2008 period. Using pooled mean group estimations in a dynamic heterogeneous panel setting, we show that there is an inverted U-shaped relationship between finance and growth in the long-run. In the short run, the relationship is insignificant. This suggests that too much finance can exert a negative influence on growth in middle-income countries. The finding of a non-monotonic effect of financial development on growth is confirmed by estimating a dynamic panel threshold model. The third essay empirically explores cross-country evidence of the effects of financial development shocks on economic growth. It employs a Global Vector Autoregressive (GVAR) model, which allows us to capture the dynamics of this relationship in a multi-country setting, and connects countries through bilateral international trade. Given the progressive role that Brazil, Russia, India, China and South Africa (BRICS) play in the world economic arena, this essay focuses on whether financial development in one BRICS member state affects economic growth in the other BRICS. To this end, the study finds empirical evidence that credit to the private sector has a positive spillover effect on growth in some of the BRICS countries. However, the results imply that the current level of financial integration among the BRICS countries is still not mature enough to spur economic growth for all the BRICS members.
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Dogbey, John. "Spillover effects in financial and international development". Morgantown, W. Va. : [West Virginia University Libraries], 2009. http://hdl.handle.net/10450/10593.
Testo completoAbstract (sommario):
Thesis (Ph. D.)--West Virginia University, 2009.Title from document title page. Document formatted into pages; contains ix, 88 p. Vita. Includes abstract. Includes bibliographical references (p. 75-78).
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Li, Zhenxiong. "Essays on financial development and economic performance". Thesis, Lancaster University, 2018. http://eprints.lancs.ac.uk/126388/.
Testo completoAbstract (sommario):
This thesis attempts to provide empirical evidence for the hotly debated relationship between financial development and economic performance using a variety of time series and panel data methods. Also, it extends the previous finance-growth literature by examining the role of democracy in the process. Three inter-related studies form the work undertaken. Chapter 2: In the first of these the impact of financial development on growth is investigated for the case of China using a range of time-series techniques. The results from this work - which spans almost five decades from 1952 - uncover a bi-directional causality between the country’s output performance and its financial development. Meanwhile, domestic financial development failed to promote China’s long-term economic performance over the period under investigation. These findings are inconsistent with the previous studies of Hao (2006) and Liang and Teng (2006). Here, the failure of financial development to stimulating the long-term growth is attributed to the issues of majority government ownership and the high volume of non-performing loans in the domestic financial system. Chapter 3: The relationship between domestic financial development and economic growth has been on the agenda of growth economics for a long time. Notwithstanding its hypothesized benefits certain studies have uncovered evidence of the detrimental effect of domestic financial development for the long-term growth prospects. Such findings highlighted the importance of institutional conditions of financial development. With a panel of 171 countries worldwide over the period 1960 to 2014, this study presents an examination of the question of whether the existence of sound democratic institutions is necessary for financial development to stimulate economic growth in these countries. The baseline results show that financial sector development per se has the capacity of exerting a significantly positive impact on domestic economic growth. However, little evidence of any significant effect of democracy on growth is observed. Meanwhile, the results suggest that the positive effect of financial development on economic growth does not require the condition of the existence of democratic institutions. The study conjectures that, for policymakers, improving the domestic financial system can contribute growth, even in the absence of sound democratic institutions. Chapter 4: This research provides a re-examination of the long-term effect of financial development on economic growth using annual data for 67 countries from 1971 to 2007. Autoregressive distributed lag (ARDL) and cross-sectionally augmented autoregressive distributed lag (CS-ARDL) models have been applied to confront cross-country heterogeneity and error cross-country dependence. A positive and significant effect of financial development on the long-run per capita output is observed. Typically, such a beneficial impact is largely driven by nondemocratic countries. Also, some evidence of a nonlinear effect of financial development is revealed in this study.
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Schauer, Johanna. "Essays in Inequality, Education and Financial Development". Thesis, Toulouse 1, 2016. http://www.theses.fr/2016TOU10057.
Testo completoAbstract (sommario):
Ma thèse s’intéresse aux questions d’inégalité, d’éducation et de développement du secteur financier en s’appuyant sur des modèles dynamiques (DSGE) avec agents hétérogènes. Au sein du premier chapitre, Martí Mastieri, Robert Townsend et moi-même utilisons des données relatives aux ménages mexicains, afin de mieux comprendre les liens entre le niveau d’éducation, les décisions des entreprises et les caractéristiques de ménages, comme par exemple leurs actifs, le nombre d’années de scolarité de ses membres, et l’âge du chef de famille. Nous construisons un modèle dynastique avec agents hétérogènes et à générations imbriquées. Les ménages décident à chaque étape du cycle de leur vie (i) les investissements dans le capital humain de leurs enfants, et (ii) les entrées, les sorties, et les investissements dans des modes entrepreneuriaux alternatifs. Ces décisions sont prises conjointement par chaque ménage en fonction de ses propres contraintes financières. Nous avons constaté qu’une version calibrée de notre modèle peut expliquer les tendances observées dans les données, au sein et entre les générations. L’acquisition endogène de capital humain joue un rôle moteur dans l’inégalité et sa persistance intergénérationnelle. Lorsque l’on élimine cet élément du modèle, la proportion du revenu du décile supérieur diminue de 56%. Lorsque l’on élimine les contraintes de collatéral, la consommation moyenne des ménages augmente de 7.1% et profite à la classe moyenne, dans la mesure où elle réduit à la fois les dépenses des classes les plus élevées et des plus pauvres. Elle diminue également de 29% la corrélation entre les actifs des ménages et le niveau de scolarité d’enfants. Dans le deuxième chapitre, Sonali Jain-Chandra et moi-même étudions l'évolution de l’Inde, qui a connu au cours de ces dernières années des taux de croissance importants ainsi que des progrès significatifs vers l'éradication de l'extrême pauvreté coexistant avec une augmentation des inégalités. Nous analysons les liens entre la prime de salaire liée à l’éducation et l’inégalité des niveaux de scolarité avec cette évolution récente. Nous développons un modèle avec agents hétérogènes, qui peuvent choisir de façon endogène leur niveau de qualification et leur occupation tout en étant contraints financièrement. De plus, notre modèle peut expliquer la variance dans la qualité de l’éducation et la dualité de l’économie. Nous calibrons notre modèle de façon à reproduire l’économie indienne avec des données relatives aux ménages. Lors de l'évaluation des effets possibles de différentes politiques, nous trouvons que, si gérés correctement, des versements en espèces ciblés et inconditionnels peuvent réduire l’inégalité et accroître la production et le niveau d’instruction pour un coût relativement faible. Dans le dernier chapitre, j’étudie le rôle de prêts basés sur le salaire dans la création des entreprises et ces effets sur l’inégalité. Ces prêts ont connu une expansion rapide au cours des dernières années, notamment dans les marchés émergents. Je développe un modèle avec agents hétérogènes (DSGE), d'une manière qui reflète les caractéristiques de ces pays et des prêts. Je calibre le modèle de façon à reproduire l’économie sud-africaine avec des données relatives aux ménages provenant de la base de données du National Income Dynamics ainsi que d’autres variables macroéconomiques. Je trouve que l’accroissement des prêts basés sur le salaire de 2008 à 2014 a conduit à la réduction de l’entrepreneuriat et de la productivité, et a finalement augmenté les inégalités. Cibler ces prêts sur les familles à faible revenu pourrait améliorer la production et réduire les inégalités sur le long terme. Cependant, ces prêts ne peuvent être véritablement efficaces que s’ils sont suffisamment importantsThis thesis focuses on the development of heterogeneous agent DSGE models to investigate questions of inequality, education and financial development. It is composed of three chapters. In the first chapter, Marti Mestieri, Robert Townsend and I use household-level data from Mexico, to document patterns between schooling, entrepreneurial decisions and house-hold characteristics, e.g., assets, talent of members, and age of the household head. Motivated by our findings, we develop a heterogeneous-agent, overlapping-generations, dynasty model. Households jointly decide over their life-cycle on (i) kids' human capital investments (schooling) and (ii) parents' entry, exit and investment into alternative entrepreneurial modes (subsistence and modern). With financial constraints, all these are co-determined. We show that a calibrated version of our model can account for the broad correlation patterns uncovered in data within and across generations, e.g., a non-monotonic relationship between educational choices and assets across occupational modes, growth in profits and employment for modern firms only, and dynastic persistence across generations in education and wealth. Endogenous human capital acquisition is a key driver of inequality and intergenerational persistence. Eliminating this channel from the model would decrease the top 10% income share by 56%. Eliminating collateral constraints would increase average household expenditure by 7.1% and benefit the middle class, reducing top and bottom expenditure shares. It would also reduce by 29% the correlation between household assets and kids' schooling levels.In the second chapter, Sonali Jain-Chandra and I look at recent developments in India, which show impressive growth and progress in eradicating extreme poverty but rising inequality. We investigate the contribution of high skill premia and inequality in education levels to this development. We set up a model of heterogeneous agents, who endogenously choose their skill levels and occupations while being financially constrained. Moreover, we account for the large variance in the quality of education and the duality of the economy. We calibrate the model to India's economy today making use of detailed survey data. Evaluating different policies we find that targeted unconditional cash transfers can lower inequality and increase output and educational attainment at relatively low costs if designed carefully. In the final chapter, I investigate the role of payroll-based lending in the creation of entrepreneurship and its effect on inequality. Payroll-based credit has expanded rapidly in recent years, especially in emerging markets. I develop a heterogeneous agents DSGE model that captures the specific characteristics of these countries and loans. I calibrate the model to the South African market using micro data from the National Income Dynamics household survey and macro moments. I find that the increase in payroll-based lending from 2008 to 2014 leads to a decrease in entrepreneurship and productivity and an increase in inequality. Restricting access to payroll-based loans for households with low income levels can improve output and inequality in the long-run, while a substitution by developmental loans targeting the poorest can only be effective if they are large enough