아프리카ㆍ중동
연구정보
[경제] Financial Development and Economic complexity: The Role of Country Stability
아프리카ㆍ 중동 일반 국외연구자료 연구보고서 - African Development Bank 발간일 : 2023-04-03 등록일 : 2023-08-20 원문링크
This paper applies a finite mixture model to a sample of 92 developing countries over the period 1995-2018 to investigate the relationship between financial development and economic complexity. Economic complexity refers to the amount of productivity knowledge that a country accumulates. The study posits that the effect of financial development on economic complexity differs across groups of countries with similar but unobserved characteristics. The study finds that the effect of financial development on economic complexity varies across four classes of countries, which differ according to their level of economic, political, and financial stability. Furthermore, the study finds that stable countries are more likely to be in class 1, including more performing countries, that is, the group of countries where financial development spurs economic complexity. This finding remains consistent even when alternative measures of financial development and economic complexity are considered. Hence, efforts by developing countries to undertake sound reforms to reduce economic, political, and financial risks could help leverage benefits of financial development in fostering the development of sophisticated and complex economies.
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