カテゴリ

このアイテムのアクセス数:18,789件（2025-04-02 07:37 集計）

このアイテムへのリンクには次のURLをご利用ください: https://doi.org/10.15057/18602
このアイテムへのリンクには次のURLをご利用ください: https://hdl.handle.net/10086/18602

閲覧可能ファイル 

ファイル フォーマット サイズ 閲覧回数 説明
cover_18602 pdf
HJeco0510100130 pdf 124 KB 3,342

詳細情報

詳細情報出力

Title
DEBT OVERHANG, FINANCIAL SECTOR DEVELOPMENT AND ECONOMIC GROWTH
Creator
Creator Name
HWANG, JEN-TE HWANG, JEN-TE
Affiliation
Affiliation Name
National Chengchi University
Creator Name
CHUNG, CHIEN-PING CHUNG, CHIEN-PING
Affiliation
Affiliation Name
Shih Chien University
Creator Name
WANG, CHIEH-HSUAN WANG, CHIEH-HSUAN
Affiliation
Affiliation Name
National Chengchi University
Key Word
Debt Overhang Hypothesis
Dynamic Panel Data
Dynamic GMM
Financial Sector Development
Economic Growth
JEL
F34
F43
Abstract
This paper uses panel data of 20 high external debt countries selected from Asia and Latin-America to investigate the financial sector development-debt-growth nexus within the framework of an endogenous growth and financial development mechanism. First, we found that among 20 high external debt countries, the external debt-to-GDP ratio is significantly negatively correlated with economic growth rates, indicating that excessive debt is detrimental to the growth of an economy. Second, we introduced the simultaneous GMM equations between financial sector development and economic growth to evaluate the interaction effects among economic growth, external debt, and financial sector development. In empirical results, we find that the negative impact of high debt on growth appears to operate through a strong negative effect, in terms of compulsion to resort to financially repressive policies. In addition, we also find a two-way relationship between financial sector development and economic growth.
Publisher
Hitotsubashi University
Issued Date
2010-06
Language
英語(eng)
Resource Type
departmental bulletin paper（紀要論文）
Version Type
VoR
selfDOI
10.15057/18602
ISSN
0018-280x
NCID
AA00207547
Source Title
Hitotsubashi Journal of Economics
Volume Number
51
Issue Number
1
Page Start
13
Page End
30
Appears in Collections
Vol. 51, no. 1 (Jun. 2010)
URL
https://hdl.handle.net/10086/18602