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RISS 인기검색어
- 검색키워드
- 저자 : Samaresh Bardhan (검색결과 3 건)
- 무료
- 기관 내 무료
- 유료
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WILLFUL DEFAULT IN DEVELOPING COUNTRY BANKING SYSTEM: A THEORETICAL EXERCISE
Samaresh Bardhan,Vivekananda Mukherjee 중앙대학교 경제연구소 2013 Journal of Economic Development Vol.38 No.4
We construct a sequential game to highlight the incidence of ‘willful default’ in a developing country banking system where the borrowing unit underreports its true financial position and defaults willfully. Specifically, the paper deals with the implications of willful default for profitability and ultimate loan decision-making process of the banks. It shows that if limited liability condition holds and the conditions of willful default are satisfied, the bank will extend maximum possible amount of loan. However, it also follows that higher the loan capacity of the bank, the higher is the incidence of willful default. These would imply important policy lessons for the regulator. In fact, the regulator faces a trade-off between higher incidence of willful default and higher profitability of the bank. What we observe in reality depends on the objective of the regulator.
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Does Regional Financial Development Matter for Growth? Evidence from Indian States
Samaresh Bardhan,Rajesh Sharma 한국국제경제학회 2017 International Economic Journal Vol.31 No.4
The paper investigates finance–growth relationship across 26 Indian states over the period 1981–2012 in a panel setting. We use four indicators of financial development: credit-GSDP ratio, deposit-GSDP ratio, credit-deposit ratio and branch density and apply panel generalized method of moments (GMM) techniques. We observe positive and significant effect of financial development on economic growth and our findings are robust across alternate indicators of financial development and model specifications. Our findings highlight pivotal role played by financial intermediaries in fostering savings mobilization and financing investment activities across states through channels of deposit mobilization, expansion of credit and greater branch expansion in unbanked locations and consequent reduction of transactions costs. These findings are consistent with observations that much of India’s superior growth performance is attributed to high level of domestic savings. The paper also takes care of issues of bias and precision of various GMM estimators arising out of small sample typically prevalent in empirical growth models like ours.
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STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH: EVIDENCE FROM BOOTSTRAP PANEL GRANGER CAUSALITY TEST
RAJESH SHARMA,Samaresh Bardhan 중앙대학교 경제연구소 2018 Journal of Economic Development Vol.43 No.3
The paper presents causality analysis between stock market development and economic growth for 25 advanced economies over the period 1975-2011. We apply bootstrap panel Granger causality method (Emirmahmutoglu and Kose, 2011) for this purpose, which incorporates heterogeneity and cross-sectional dependence in a panel framework. Using alternative measures of stock market size and liquidity, we find evidence of uni-directional causality from stock market development to growth in case of individual countries as well as with panel statistics in the presence of cross-sectional dependence which support supply leading hypothesis (stock market led growth). However, we hardly find any evidence of demand-following hypothesis or feedback hypothesis. Findings also reveal that market size is relatively more important than liquidity measures in case of advanced economies despite favourable theoretical prediction that stock market liquidity might ease investments, improve allocation of capital and enhance prospects for economic growth. Probable policy implications that emerge from experiences of advanced economies is that despite several unfavourable features of stock market development, which put certain market dominated advanced economies in disadvantageous positions compared to certain bank-based economies, emerging economies should certainly focus on stock market development as alternative potential means of financial development and hence long-term economic growth.
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