Influence of transmission channels of financial policies on Vietnam's private economic development
Nội dung chính của bài viết
Tóm tắt
So far, studies have mainly looked at individual channels or groups of transmission channels of financial policy to the private sector. This study aims to analyze the impact of transmission channels of financial policy on private economic development. In addition, the study also focuses on macro-regulatory factors affecting private economic development. Research uses the balance panel data with 411 observations, collected from 2015-2021 of 63 provinces and cities of Vietnam. POOL, FEM, REM, and FGLS regression methods are used to validate the research model. Research results show that public expenditure, tax, real interest rate, and credit have an impact on Vietnam's private economic development measured through the contribution of the private sector to the national GDP. Therefore, perfecting the transmission channels of financial policies is necessary to contribute to promoting private economic development.
Chi tiết bài viết
Từ khóa
Transmission channels, Financial policy, Private economic development
Tài liệu tham khảo
Abramova, M., Artemenko, D., & Krinichansky, K. (2022). Transmission Channels between Financial Deepening and Economic Growth: Econometric Analysis Comprising Monetary Factors. Mathematics, 10(2), 1-27. https://doi.org/10.3390/math10020242
Agu, O. C. (2015). Determinants of Private Investment in Nigeria: An Econometric Analysis. International Journal of Economics, Commerce and Management, 3(4), 1-14
Alawneh, A. M., Al-Fawwaz, T. M., & Shawaqfeh, G. N. (2015). The Impact of the Fiscal and Quantitative Monetary Policies on the Domestic and Foreign Direct Investment in Jordan: An Empirical Study. International Journal of Academic Research in Accounting, Finance and Management Sciences, 5(4), 1-10. https://tarjomefa.com/wp-content/uploads/2017/02/6057-English-TarjomeFa.pdf
Ang, J. B. (2009). Private investment and financial sector policies in India and Malaysia. World Development, 37(7), 1261-1273.
Angeloni, I., Kashyap, A. K., & Mojon, B. (Eds.). (2003). Monetary policy transmission in the euro area: a study by the eurosystem monetary transmission network. Cambridge University Press.
Baldacci, E., Hillman, A. L., & Kojo, N. C. (2004). Growth, governance, and fiscal policy transmission channels in low-income countries. European Journal of Political Economy, 20(3), 517-549. https://doi.org/10.1016/j.ejpoleco.2003.12.002
Bi, Y., & Anwar, S. (2017). US monetary policy shocks and the Chinese economy: a GVAR approach. Applied Economics Letters, 24(8), 553-558. https://doi.org/10.1080/13504851.2016.1210761
Chatelain, J. B., Generale, A., Hernando, I., Kalckreuth, U. V., & Vermeulen, P. (2002, January). Firm Investment and Monetary Policy Transmission in the Euro Area. In 10th International Conference on Panel Data, Berlin, July 5-6, 2002 (No. A3-3). International Conferences on Panel Data. http://dx.doi.org/10.2139/ssrn.1728706
Christensen, L. R., & Jorgenson, D. (1973). Measuring Economic Performance in the Private Sector (No. c3617). National Bureau of Economic Research.
Chu Khánh Lân và Trần Thị Hạnh Giang (2016). Nghiên cứu thực nghiệm về truyền tải chính sách tiền tệ qua kênh tín dụng tại Việt Nam [Empirical study on monetary policy transmission via credit channels in Vietnam]. Bản B của Tạp chí Khoa học và Công nghệ Việt Nam, 58(8), 3-13
Clements, B., Gupta, S., & Inchauste, G. (2004). Fiscal policy for economic development: An overview. içinde: S. Gupta, B. Clements ve G. Inchauste (Ed.), Helping Countries Develop: The Role of Fiscal Policy, Washington, DC, IMF, 1-22.
De Gregorio, J., & Guidotti, P. E. (1995). Financial development and economic growth. World development, 23(3), 433-448.
Disyatat, P., & Vongsinsirikul, P. (2003). Monetary policy and the transmission mechanism in Thailand. Journal of Asian Economics, 14(3), 389-418. https://doi.org/10.1016/S1049-0078(03)00034-4
Goodhart, C. A. E., & Goodhart, C. A. E. (1989). The Transmission Mechanism of Monetary Policy. Money, Information and Uncertainty, 263-291. https://doi.org/10.1007/978-1-349-20175-4_12
Hailu, D. B., & Debele, F. (2015). The effect of monetary policy on the private sector investment in Ethiopia: ARDL co-integration approach. Economics, 4(2), 22-33. https://doi.org/10.11648/j.eco.20150402.12
Hồ Thủy Tiên, Chu Thị Thanh Trang, và Hồ Thu Hoài (2021). Truyền dẫn của chính sách tiền tệ đến tăng trưởng kinh tế ở Việt Nam [Transmission of monetary policy to economic growth in Vietnam]. Tạp Chí Nghiên cứu Tài chính - Marketing, (49), 25 - 36. https://doi.org/10.52932/jfm.vi49.94
Isaac, M. K., & Samwel, K. C. (2012). Effects of fiscal policy on private investment and economic growth in Kenya. Journal of Economics and Sustainable Development, 3(7), 8-16.
Malik, A. (2013). Private investment and fiscal policy in Pakistan. Journal of Economic Development. 38(1), 83-109. https://doi.org/10.35866/caujed.2013.38.1.005
Marattin, L., & Salotti, S. (2010). On the Usefulness of Government Spending in the EU area. MPRA Paper No. 24906. https://doi.org/10.1016/j.socec.2011.08.018
Meneses-González, M. F., Lizarazo-Cuellar, A. M., Cuesta-Mora, D. F., & Osorio-Rodríguez, D. (2022). Financial Development and Monetary Policy Transmission (No. 1219). Banco de la Republica de Colombia. https://doi.org/10.32468/be.1219
Misati, R. N., & Nyamongo, E. M. (2011). Financial development and private investment in Sub-Saharan Africa. Journal of Economics and Business, 63(2), 139-151.
Montes, G. C., & Paschoal, P. C. (2016). Corruption: what are the effects on government effectiveness? Empirical evidence considering developed and developing countries. Applied Economics Letters, 23(2), 146-150. https://doi.org/10.1080/13504851.2015.1058900
Montes, G. C., Bastos, J. C. A., & de Oliveira, A. J. (2019). Fiscal transparency, government effectiveness and government spending efficiency: Some international evidence based on panel data approach. Economic Modelling, 79, 211-225. https://doi.org/10.1016/j.econmod.2018.10.013
Ndikumana, L. (2016). Implications of monetary policy for credit and investment in sub-Saharan African countries. Journal of African Development, 18(2), 1-18. https://doi.org/10.5325/jafrideve.18.2.0001
Nguyễn Phúc Cảnh (2014). Truyền dẫn của chính sách tiền tệ qua kênh giá tài sản tài chính: Nghiên cứu thực nghiệm tại Việt Nam [Transmission of monetary policy through financial asset price channels: Empirical research in Vietnam]. Tạp chí Phát triển và Hội nhập, 19(29), 11-18. https://www.uef.edu.vn/newsimg/tap-chi-uef/2014-11-12-19/2.pdf
Olaoye, C. O., Ogundipe, A. A., & Oluwadare, O. E. (2019). Tax revenue and economic development in Nigeria. Advances in Social Sciences Research Journal, 6(9), 312-321. https://doi.org/10.14738/assrj.69.7109
Olweny, T., & Chiluwe, M. (2012). The effect of monetary policy on private sector investment in Kenya. Journal of Applied Finance and Banking, 2(2), 1-9. https://www.scienpress.com/Upload/JAFB/Vol%202_2_9.pdf
Pham, T. T., & Nguyen, P. T. (2019). Monetary policy responses of Asian countries to spillovers from US monetary policy. Asian‐Pacific Economic Literature, 33(1), 78-97. https://doi.org/10.1111/apel.12254
Sineviciene, L., & Vasiliauskaite, A. (2012). Fiscal policy interaction with private investment: The case of the baltic states. Engineering Economics, 23(3), 233-241. https://doi.org/10.5755/j01.ee.23.3.1934
Tang, H. C. (2006). The relative importance of monetary policy transmission channels in Malaysia (No. 2006-23). Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University. https://doi.org/10.1016/j.bspc.2021.102756
Worlu, C. N., & Nkoro, E. (2012). Tax revenue and economic development in Nigeria: A macroeconometric approach. Academic Journal of Interdisciplinary Studies, 1(2), 211-223. https://doi.org/10.5901/ajis.2012.v1n2p211
Agu, O. C. (2015). Determinants of Private Investment in Nigeria: An Econometric Analysis. International Journal of Economics, Commerce and Management, 3(4), 1-14
Alawneh, A. M., Al-Fawwaz, T. M., & Shawaqfeh, G. N. (2015). The Impact of the Fiscal and Quantitative Monetary Policies on the Domestic and Foreign Direct Investment in Jordan: An Empirical Study. International Journal of Academic Research in Accounting, Finance and Management Sciences, 5(4), 1-10. https://tarjomefa.com/wp-content/uploads/2017/02/6057-English-TarjomeFa.pdf
Ang, J. B. (2009). Private investment and financial sector policies in India and Malaysia. World Development, 37(7), 1261-1273.
Angeloni, I., Kashyap, A. K., & Mojon, B. (Eds.). (2003). Monetary policy transmission in the euro area: a study by the eurosystem monetary transmission network. Cambridge University Press.
Baldacci, E., Hillman, A. L., & Kojo, N. C. (2004). Growth, governance, and fiscal policy transmission channels in low-income countries. European Journal of Political Economy, 20(3), 517-549. https://doi.org/10.1016/j.ejpoleco.2003.12.002
Bi, Y., & Anwar, S. (2017). US monetary policy shocks and the Chinese economy: a GVAR approach. Applied Economics Letters, 24(8), 553-558. https://doi.org/10.1080/13504851.2016.1210761
Chatelain, J. B., Generale, A., Hernando, I., Kalckreuth, U. V., & Vermeulen, P. (2002, January). Firm Investment and Monetary Policy Transmission in the Euro Area. In 10th International Conference on Panel Data, Berlin, July 5-6, 2002 (No. A3-3). International Conferences on Panel Data. http://dx.doi.org/10.2139/ssrn.1728706
Christensen, L. R., & Jorgenson, D. (1973). Measuring Economic Performance in the Private Sector (No. c3617). National Bureau of Economic Research.
Chu Khánh Lân và Trần Thị Hạnh Giang (2016). Nghiên cứu thực nghiệm về truyền tải chính sách tiền tệ qua kênh tín dụng tại Việt Nam [Empirical study on monetary policy transmission via credit channels in Vietnam]. Bản B của Tạp chí Khoa học và Công nghệ Việt Nam, 58(8), 3-13
Clements, B., Gupta, S., & Inchauste, G. (2004). Fiscal policy for economic development: An overview. içinde: S. Gupta, B. Clements ve G. Inchauste (Ed.), Helping Countries Develop: The Role of Fiscal Policy, Washington, DC, IMF, 1-22.
De Gregorio, J., & Guidotti, P. E. (1995). Financial development and economic growth. World development, 23(3), 433-448.
Disyatat, P., & Vongsinsirikul, P. (2003). Monetary policy and the transmission mechanism in Thailand. Journal of Asian Economics, 14(3), 389-418. https://doi.org/10.1016/S1049-0078(03)00034-4
Goodhart, C. A. E., & Goodhart, C. A. E. (1989). The Transmission Mechanism of Monetary Policy. Money, Information and Uncertainty, 263-291. https://doi.org/10.1007/978-1-349-20175-4_12
Hailu, D. B., & Debele, F. (2015). The effect of monetary policy on the private sector investment in Ethiopia: ARDL co-integration approach. Economics, 4(2), 22-33. https://doi.org/10.11648/j.eco.20150402.12
Hồ Thủy Tiên, Chu Thị Thanh Trang, và Hồ Thu Hoài (2021). Truyền dẫn của chính sách tiền tệ đến tăng trưởng kinh tế ở Việt Nam [Transmission of monetary policy to economic growth in Vietnam]. Tạp Chí Nghiên cứu Tài chính - Marketing, (49), 25 - 36. https://doi.org/10.52932/jfm.vi49.94
Isaac, M. K., & Samwel, K. C. (2012). Effects of fiscal policy on private investment and economic growth in Kenya. Journal of Economics and Sustainable Development, 3(7), 8-16.
Malik, A. (2013). Private investment and fiscal policy in Pakistan. Journal of Economic Development. 38(1), 83-109. https://doi.org/10.35866/caujed.2013.38.1.005
Marattin, L., & Salotti, S. (2010). On the Usefulness of Government Spending in the EU area. MPRA Paper No. 24906. https://doi.org/10.1016/j.socec.2011.08.018
Meneses-González, M. F., Lizarazo-Cuellar, A. M., Cuesta-Mora, D. F., & Osorio-Rodríguez, D. (2022). Financial Development and Monetary Policy Transmission (No. 1219). Banco de la Republica de Colombia. https://doi.org/10.32468/be.1219
Misati, R. N., & Nyamongo, E. M. (2011). Financial development and private investment in Sub-Saharan Africa. Journal of Economics and Business, 63(2), 139-151.
Montes, G. C., & Paschoal, P. C. (2016). Corruption: what are the effects on government effectiveness? Empirical evidence considering developed and developing countries. Applied Economics Letters, 23(2), 146-150. https://doi.org/10.1080/13504851.2015.1058900
Montes, G. C., Bastos, J. C. A., & de Oliveira, A. J. (2019). Fiscal transparency, government effectiveness and government spending efficiency: Some international evidence based on panel data approach. Economic Modelling, 79, 211-225. https://doi.org/10.1016/j.econmod.2018.10.013
Ndikumana, L. (2016). Implications of monetary policy for credit and investment in sub-Saharan African countries. Journal of African Development, 18(2), 1-18. https://doi.org/10.5325/jafrideve.18.2.0001
Nguyễn Phúc Cảnh (2014). Truyền dẫn của chính sách tiền tệ qua kênh giá tài sản tài chính: Nghiên cứu thực nghiệm tại Việt Nam [Transmission of monetary policy through financial asset price channels: Empirical research in Vietnam]. Tạp chí Phát triển và Hội nhập, 19(29), 11-18. https://www.uef.edu.vn/newsimg/tap-chi-uef/2014-11-12-19/2.pdf
Olaoye, C. O., Ogundipe, A. A., & Oluwadare, O. E. (2019). Tax revenue and economic development in Nigeria. Advances in Social Sciences Research Journal, 6(9), 312-321. https://doi.org/10.14738/assrj.69.7109
Olweny, T., & Chiluwe, M. (2012). The effect of monetary policy on private sector investment in Kenya. Journal of Applied Finance and Banking, 2(2), 1-9. https://www.scienpress.com/Upload/JAFB/Vol%202_2_9.pdf
Pham, T. T., & Nguyen, P. T. (2019). Monetary policy responses of Asian countries to spillovers from US monetary policy. Asian‐Pacific Economic Literature, 33(1), 78-97. https://doi.org/10.1111/apel.12254
Sineviciene, L., & Vasiliauskaite, A. (2012). Fiscal policy interaction with private investment: The case of the baltic states. Engineering Economics, 23(3), 233-241. https://doi.org/10.5755/j01.ee.23.3.1934
Tang, H. C. (2006). The relative importance of monetary policy transmission channels in Malaysia (No. 2006-23). Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University. https://doi.org/10.1016/j.bspc.2021.102756
Worlu, C. N., & Nkoro, E. (2012). Tax revenue and economic development in Nigeria: A macroeconometric approach. Academic Journal of Interdisciplinary Studies, 1(2), 211-223. https://doi.org/10.5901/ajis.2012.v1n2p211
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