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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/96220


    Title: Does financial development volatility affect industrial growth volatility?
    Authors: Huang, Ho-Chuan (River);Fang, WenShwo;Miller, Stephen M.
    Contributors: 淡江大學財務金融學系
    Keywords: Financial development;Financial volatility;Industrial growth volatility
    Date: 2014
    Issue Date: 2014-03-06 15:32:24 (UTC+8)
    Publisher: Amsterdam: Elsevier BV * North-Holland
    Abstract: This paper investigates whether volatility of financial development plays a role in determining industrial growth volatility. Three key findings emerge. First, overwhelming evidence supports the view that more volatile financial development raises the industrial volatility in sectors that rely more on external liquidity. Second, the positive effect of financial volatility on industrial volatility mainly works through the increase in fluctuations of the growth of real value added per firm and the number of firms, with the former effect more prominent. Third, both the volatilities of the banking sector and the stock market positively associate with higher industrial growth volatility, which contrasts sharply with the finding in the literature that financial structure generally does not matter.
    Relation: International Review of Economics and Finance 29, pp.307-320
    DOI: 10.1016/j.iref.2013.06.006
    Appears in Collections:[財務金融學系暨研究所] 期刊論文

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