Financial development enhances human development, and access to financial services makes a positive impact on people's lives particularly poor people. In addition, financial development reduces income inequality and boosts incomes. Over the last few decades, policymakers have co…
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This study examines the financial development and economic growth for the case of Malaysia. Particularly our interest is in the causality of economic growth and financial market development and the determinants of firm's financing choices. This research investigates the causalit…
Between the years 1941 and 1982, the Mexican banking system experienced unprecedented growth and remarkably sound management. Historically, however, it was a banking system that did not fulfill the real financial needs for the Mexican economy. The explanation of why this happene…
This thesis examines the macroeconomic impact of remittances in developing economies, using data from 1990 to 2016. Despite poverty-reducing and welfare-enhancing characteristics for recipient households, remittances remain to inhibit macroeconomic policy in developing economies…
It is well established in the financial economics literature that potential gains from international diversification are generated from the imperfect correlation between national stock market returns. This empirical study explores the factors that impede perfect integration amon…
This thesis addresses the question, whether the impact of financial development on the relative and absolute indicators of poverty is dependent on the levels of the human capital present in an economy. To answer this question, first we develop a theoretical framework to explain …
In an attempt to determine what causes economic growth, economists have studied various influences, among them is the role of the financial system in economic growth. Some argue that financial and monetary factors do not have any effect on real variables such as GDP growth. Howe…
In the first essay I develop a quantitative framework of firm dynamics where the size of the informal sector is determined by financial constraints and government taxation. Informal sector firms do not pay taxes but have no access to external finance. For taxes and financial con…
This study is an empirical investigation of the transmission of monetary policy in a small open economy with fixed exchange rates. A tow-country structural macroeconomic model has been developed to describe the small economy that explicitly incorporates an interest rate differen…
This thesis is based on three empirical essays in financial development and economic growth. The first essay, investigated in the third chapter, the effect of financial development on economic growth in the context of Saudi Arabia, an oil-rich economy. In doing so, the study dis…