Financial development and economic growth through a Post-Keynesian lens: Hong Kong case study
Chaiechi, Taha (2012) Financial development and economic growth through a Post-Keynesian lens: Hong Kong case study. In: Employment, growth, and development: a Post-Keynesian approach. New Directions in Modern Economics . Edward Elgar, Chelthenham, UK, pp. 188-209.
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Recent years have witnessed an increasing interest in the role of the financial sector in economic development. In the aftermath of the financial crises of 1997–98, it is becoming increasingly clear that a sound understanding of the interaction between financial markets and real sector is essential for economic growth and long-term prosperity. This clearly calls for further research on this important issue.
The objective of this study is to examine the role of financial market development in producing a virtuous circle of high aggregate demand in Hong Kong. In this study, first, we develop a long run macroeconomic framework, following Stockhammer and Onaran (2003), which is a dynamic Post Keynesian and open economy model. Second, we account for economic theory by developing structural VAR format.
The empirical analysis of this study provides insights into the functioning of the Hong Kong macroeconomy, and by investigating the dynamic responses of the model to shocks in indicators of financial development and determining whether the effects of such shocks on the long run relations disappear.
|Item Type:||Book Chapter (Research - B1)|
|FoR Codes:||14 ECONOMICS > 1401 Economic Theory > 140102 Macroeconomic Theory @ 30%|
14 ECONOMICS > 1402 Applied Economics > 140203 Economic History @ 30%
14 ECONOMICS > 1402 Applied Economics > 140212 Macroeconomics (incl Monetary and Fiscal Theory) @ 40%
|SEO Codes:||91 ECONOMIC FRAMEWORK > 9101 Macroeconomics > 910103 Economic Growth @ 20%|
91 ECONOMIC FRAMEWORK > 9101 Macroeconomics > 910109 Savings and Investments @ 30%
91 ECONOMIC FRAMEWORK > 9101 Macroeconomics > 910199 Macroeconomics not elsewhere classified @ 50%
|Deposited On:||12 Sep 2012 12:59|
|Last Modified:||14 May 2013 15:47|
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