The Determinants of Financialization – A Bayesian Approach
This study considers the determinants of financialization in a sample of 158 countries over the period of 2000-2016. The atheoretical Bayesian model averaging approach was applied in order to identify the macroeconomic determinants of the phenomenon. A broad set of variables was tested without adopt...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Universidad de Huelva
2021-09-01
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| Series: | Revista de Economía Mundial |
| Subjects: | |
| Online Access: | https://www.uhu.es/publicaciones/ojs/index.php/REM/article/view/5092 |
| _version_ | 1797267312718381056 |
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| author | Jakub Gazda Pawel Marszalek Katarzyna Szarzec |
| author_facet | Jakub Gazda Pawel Marszalek Katarzyna Szarzec |
| author_sort | Jakub Gazda |
| collection | DOAJ |
| description | This study considers the determinants of financialization in a sample of 158 countries over the period of 2000-2016. The atheoretical Bayesian model averaging approach was applied in order to identify the macroeconomic determinants of the phenomenon. A broad set of variables was tested without adopting any theoretical perspective. It was revealed that the main determinants of financialization are connected with the real sphere of economy, demographic issues and the new conditions in which the global economy functions. At the same time, factors from the financial and monetary sphere, such as interest rates and CPI, were revealed to be insignificant. The Bayesian model averaging approach could be regarded as a promising method for quantifying and empirically investigating such a complex phenomenon as financialization. |
| first_indexed | 2024-04-25T01:14:35Z |
| format | Article |
| id | doaj.art-4741a4052f004bd0b99db1a416c97f38 |
| institution | Directory Open Access Journal |
| issn | 1576-0162 2340-4264 |
| language | English |
| last_indexed | 2024-04-25T01:14:35Z |
| publishDate | 2021-09-01 |
| publisher | Universidad de Huelva |
| record_format | Article |
| series | Revista de Economía Mundial |
| spelling | doaj.art-4741a4052f004bd0b99db1a416c97f382024-03-09T11:49:04ZengUniversidad de HuelvaRevista de Economía Mundial1576-01622340-42642021-09-015910.33776/rem.v0i59.5092The Determinants of Financialization – A Bayesian ApproachJakub Gazda0Pawel Marszalek1Katarzyna Szarzec2Poznan University of Economics and BusinessPoznan University of Economics and BusinessPoznan University of Economics and BusinessThis study considers the determinants of financialization in a sample of 158 countries over the period of 2000-2016. The atheoretical Bayesian model averaging approach was applied in order to identify the macroeconomic determinants of the phenomenon. A broad set of variables was tested without adopting any theoretical perspective. It was revealed that the main determinants of financialization are connected with the real sphere of economy, demographic issues and the new conditions in which the global economy functions. At the same time, factors from the financial and monetary sphere, such as interest rates and CPI, were revealed to be insignificant. The Bayesian model averaging approach could be regarded as a promising method for quantifying and empirically investigating such a complex phenomenon as financialization.https://www.uhu.es/publicaciones/ojs/index.php/REM/article/view/5092financializationBayesian model averagingglobal economyheterodox economics |
| spellingShingle | Jakub Gazda Pawel Marszalek Katarzyna Szarzec The Determinants of Financialization – A Bayesian Approach Revista de Economía Mundial financialization Bayesian model averaging global economy heterodox economics |
| title | The Determinants of Financialization – A Bayesian Approach |
| title_full | The Determinants of Financialization – A Bayesian Approach |
| title_fullStr | The Determinants of Financialization – A Bayesian Approach |
| title_full_unstemmed | The Determinants of Financialization – A Bayesian Approach |
| title_short | The Determinants of Financialization – A Bayesian Approach |
| title_sort | determinants of financialization a bayesian approach |
| topic | financialization Bayesian model averaging global economy heterodox economics |
| url | https://www.uhu.es/publicaciones/ojs/index.php/REM/article/view/5092 |
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