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英文文献：Information Asymmetry and Conditional Financial Sector Development-信息不对称与有条件金融业发展
英文文献作者：Simplice Asongu,Jacinta C. Nwachukwu
英文文献摘要：
Purpose- The purpose of this study is to examine the role of reducing information asymmetry (IA) on conditional financial sector development in 53 African countries for the period 2004-2011. Design/methodology/approach- The empirical evidence is based on contemporary and non-contemporary quantile regressions. Instruments for reducing IA include pubic credit registries (PCRs) and private credit bureaus (PCBs). Hitherto unexplored dimensions of financial sector development are employed, namely: financial sector dynamics of formalization, informalization, semi-formalization and non-formalization. Findings- The following findings are established. First, the positive (negative) effect of information sharing offices (ISO) on formal (informal) financial development is consistent with theory. Second, ISOs consistently increase: (i) formal financial development, with the incidence of PCRs higher in terms of magnitude and (ii) financial sector formalization, with the impact of PCBs higher for the most part. Third, only PCBs significantly decrease informal financial development and both ISOs decrease financial sector informalization. Policy implications are discussed. Originality/value- The study assesses the effect of reducing information asymmetry on financial development when existing levels of it matter because current studies based on mean values of financial development provide blanket policy implications which are unlikely to be effective unless they are contingent on prevailing levels of financial development and tailored differently across countries with high, intermediate and low initial levels of financial development.
目的——本研究的目的是研究2004-2011年期间，减少信息不对称(IA)对53个非洲国家有条件金融部门发展的作用。设计/方法/方法-经验证据基于当代和非当代分位数回归。减少IA的手段包括公共信用登记处(PCRs)和私人信用局(PCBs)。迄今为止尚未探索的金融部门发展的维度被采用，即:金融部门的正规化、信息化、半正规化和非正规化的动态。发现-以下发现是确定的。首先，信息共享办公室(ISO)对正式(非正式)金融发展的积极(消极)影响与理论一致。第二，ISOs持续增加:(i)正规金融发展，从规模上看，PCRs的发生率更高;(ii)金融部门正规化，pcb的影响在很大程度上更高。第三，只有PCBs显著降低了非正规金融的发展，两种ISOs都降低了金融部门的信息化。讨论了政策含义。创意/值——研究评估减少信息不对称对金融发展的影响当现有水平的问题,因为目前的研究基于平均值的金融发展提供全面政策影响,不太可能是有效的,除非他们是取决于现行的金融发展水平和量身定做不同的国家高,中间值和初始的金融发展水平低。
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