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Výsledky projektu Mikrofinancování, finanční rozvoj a hospodářský růst: Test Granger-kauzality v panelových datech
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| Maksudova, Nargiza , CERGE-EI Working Paper № 423, pp.1-34. MACROECONOMICS OF MICROFINANCE: HOW DO THE CHANNELS WORK? The aim of the paper is to reveal whether and how microfinance is transferred to growth.The empirical analysis is based on data from 1433 microfinance institutions pooled into 102 countries on which I perform a Granger-causality test using Arellano-Bond methodology.The results indicate different transfer channels of microfinance to growth for middle and low-income countries.The nature of microfinance interaction with commercial banks and money aggregates is of significant importance due to competition, spillover effects and (counter)cyclical influence,which hints at the potential of microfinance institutions to affect financial sector structure in long-term. [Jiný výsledek] |