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英文文献：Pre- and post-crisis dynamics of financial globalisation for financial development in Africa-金融全球化对非洲金融发展的危机前和危机后动态
英文文献作者：Simplice Asongu,Lieven De Moor,Vanessa Tchamyou
英文文献摘要：
This study unites two streams of research by simultaneously focusing on the impact of financial globalisation on financial development and pre- and post-crisis dynamics of the investigated relationship. The empirical evidence is based on 53 African countries for the period 2004-2011 and Generalised Method of Moments. The following findings are established. First, whereas marginal effects from financial globalisation are positive on financial dynamics of activity and size, corresponding net effects (positive thresholds) are negative (within range). Second, while decreasing financial globalisation returns are apparent to financial dynamics of depth and efficiency, corresponding net effects (negative thresholds) are positive (not within range). Third, financial development dynamics are more weakly stationary and strongly convergent in the pre-crisis period. Fourth, the net effect from the: pre-crisis period is lower on money supply and banking system efficiency; post-crisis period is positive on financial system efficiency and pre-crisis period is positive on financial size. Policy implications are discussed.
本研究通过同时关注金融全球化对金融发展的影响以及所调查关系的危机前和危机后动态，将两种研究流结合起来。经验证据基于2004-2011年期间53个非洲国家和矩的一般方法。下面的发现是确定的。首先，尽管金融全球化的边际效应对金融活动和规模的动态是积极的，但相应的净效应(正阈值)是消极的(在一定范围内)。其次，尽管金融全球化回报的下降对于深度和效率的金融动态来说是显而易见的，但相应的净效应(负阈值)却是正的(不在范围内)。第三，金融发展动态在危机前阶段的稳定性较弱，收敛性较强。第四，净效应来自:危机前时期对货币供应和银行体系效率的影响较低;危机后时期对金融体系效率有正向影响，危机前时期对金融规模有正向影响。讨论了政策含义。
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