{
  "title": "Linkages Between Financial Variables, Financial Sector Reform and Economic Growth and Efficiency",
  "publication": "IMF Working Papers, October 1, 1995",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/linkages-between-financial-variables-financial-sector-reform-and-economic-growth-and-1144",
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  "summary": "This paper analyzes the different channels through which financial variables and financial sector reform can affect economic growth and efficiency, using panel data for 40 countries which reformed their financial systems.",
  "sections": [
    {
      "heading": "Summary and Research Scope",
      "content": "- Analyzes channels through which financial variables and financial sector reform affect economic growth and efficiency.\n- Uses panel data for 40 countries which reformed their financial systems.\n- Hypothesized transmission channels:\n  - The real interest rate representing the interest cost of capital.\n  - The volume of intermediation.\n  - Financial sector efficiency."
    },
    {
      "heading": "Key Findings",
      "content": "- Financial reforms have structural effects on economies.\n- Financial variables and reforms are important determinants of economic performance.\n- The impact of financial reforms depends on whether countries did or did not face a financial crisis.\n- The “quality” of financial sector reform matters for outcomes."
    },
    {
      "heading": "Subjects and Keywords",
      "content": "- Subject: Commercial banks, Financial crises, Financial sector development, Financial sector reform, Real interest rates\n- Keywords: crisis, crisis country, economic growth, efficiency, real interest rate, WP\n\n---\n\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/linkages-between-financial-variables-financial-sector-reform-and-economic-growth-and-1144"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/30/linkages-between-financial-variables-financial-sector-reform-and-economic-growth-and-1144/index.md)",
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    "Authors: R. B. Johnston, Ceyla Pazarbasioglu",
    "Published: October 1, 1995",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451948110.001",
    "Analyzes channels through which financial variables and financial sector reform affect economic growth and efficiency.",
    "Uses panel data for 40 countries which reformed their financial systems.",
    "Hypothesized transmission channels:",
    "Financial reforms have structural effects on economies.",
    "Financial variables and reforms are important determinants of economic performance.",
    "The impact of financial reforms depends on whether countries did or did not face a financial crisis.",
    "The “quality” of financial sector reform matters for outcomes.",
    "Subject: Commercial banks, Financial crises, Financial sector development, Financial sector reform, Real interest rates",
    "Keywords: crisis, crisis country, economic growth, efficiency, real interest rate, WP"
  ],
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