Financial Depth, Crisis Intervention, and Economic Growth

This study investigates the effects of government crisis interventions on economic growth under an international perspective. We also evaluate how financial depth shapes the effect of crisis intervention on economic growth. Our empirical result points out that the proxies of government interventions do have a significantly negative impact on economic growth. A higher level of banking development supports the enhanced moral hazard effect, while greater insurance and stock market developments mitigate this negative impact. Financial liberalization and monetary condition also help mitigate this negative impact under certain circumstances.

關鍵字

Crisis intervention ； financial depth ； economic growth ； financial liberalization ； monetary conditions

並列摘要

本文以全球資料的觀點探討政府在危機期間採行干預政策對經濟成長之影響，也分析金融深化如何影響危機干預對經濟成長的關係。研究結果指出，政府干預的代理變數對經濟成長有顯著負向關係，且金融發展程度越高的國家支持道德危機加強效果，而保險或股票市場發展程度越高的國家，則會減緩前述的負向效果。

並列關鍵字

危機干預；金融深化；經濟成長；金融自由化；貨幣政策

參考文獻

Anderson, Jenny, 2015, How Iceland emerged from its deep freeze, New York Times, July 5.

Google Scholar

Hett, Florian, and Alexander Schmidt, 2013, Bank rescues and bailout expectations: The erosion of market discipline during the financial crisis, Working paper.