论文代写-SEES0098
时间:2021-05-06
SCHOOL OF SLAVONIC AND EAST EUROPEAN STUDIES
UNIVERSITY COLLEGE LONDON

SEES0098

MA Financial Development

15 UCL crediWs¶ coXrse (7.5 ECTS)
for
MA students undertaking
Comparative Business Economics & Comparative Economic Policy,
IMESS E&B and P&IE degrees, and MRes students on Economics track.

Academic year 2020-21


Course Lecturer: Dr Julia Korosteleva
e-mail: j.korosteleva@ucl.ac.uk


Course Tutor: Dr Ilias Chondrogiannis
e-mail: i.chondrogiannis@ucl.ac.uk



COURSEWORK GUIDELINES


The coursework consists of an assessed essay of maximum 3,500 words. It requires students to
critically apply, compare and utilise an array of theories and concepts discussed in both the lectures
and tutorials to discuss a topic of their choice related to financial development in emerging
economies or in comparative perspective with advanced economies. The requirement is an
empirical exploration of a research question, ideally using the methods taught in qualitative and
quantitative research methods courses. The orientation of the course strongly suggests a
quantitative and econometric orientation, and most topics covered in the course favour such
methods. Although students may choose a theoretical approach, such work also needs to contain at
least some data analysis and the consultation of the module leader is highly advised.



Guidelines


Below, you can find five general clusters with topic suggestions. This is a small, indicative
selection and students are very welcome to submit an essay on a relevant topic of their choice
(subject to agreement with the module leader).
x You should undertake an empirical exploration of the chosen topic, using
databases/sources recommended below or any other widely available and
recognised datasets. Such sources are government agencies, international and
national organisations, widely recognised institutions that specialise in relevant
areas.
x Submit one-page coursework proposal by the end of Term 2 (26th of March 2021)
on Moodle to allow for formative feedback.
x You are required to submit a copy of your essay on Moodle for a course instructor
to undertake a check for plagiarism. Please make sure that you also submit on
Moodle your dataset in STATA format based on which you obtained your
results, and a .do file, if applicable. Although STATA is highly recommended and
used for estimation methods such as those covered in the MA, the use of other
software can also be considered after consultation with the module leader.
However, the requirement is that the data and estimation must be submitted in
a clear and directly accessible manner (immediately executable files with
detailed, step by step comments). The deadline for submission is the 3rd of May
2021.

Criteria for assessment

Analysis and argument

x Clear, well organised structure
x Relevance to question
x Main issues and themes identified and explored
x Evidence of critical analysis and execution
x Ability to relate evidence to theory
x Good referencing with bibliography

Communication skills
x Clear expression
x Accurate grammar and syntax
x Accurate typing

Referencing: It is essential that you take your time to reference and source material cited
correctly. Students should be familiar with the regulations on µplagiarism¶ which can be found
in the UCL Student Handbook.


Referencing in the text: the author and date of publication should be cited within the text of
the essay. For example, if discussing Levine¶s views on finance and growth, cite him at the end
of the discussion as (Levine 2003). If directly quoting him then include the page number
(Levine 2003, p. 25).

Bibliography: The publications used should be included in a bibliography at the end of the
essay, in the following format:

Book:

Mishkin, F.S. 2007. The Economics of Money, Banking, and Financial Markets. 8th edition.
Pearson: London.

Book chapter:
Calari, C. 2006. ³Benefits and Risks of Financial Integration´, in Liebscher, K., J. Christl, P.
Mooslechner and D. Ritzberger-Grunwald (eds.) Financial Development, Integration and
Stability: Evidence from Central, Eastern and South-Eastern Europe, Edward Elgar,
Cheltenham, UK, pp. 9-16.


Internet source:

Haiss, P. and Fink, G., 2006. The Finance-Growth-Nexus Revisited: New Evidence and the
Need for Broadening the Approach. Europainstitut, Working Paper, 63, available from
http://epub.wu-wien.ac.at/dyn/virlib/wp/eng/mediate/epub-wu-01_a8c.pdf?ID=epub-wu-
01_a8c [accessed date]

Journal article:

Levine, R. and Zervos, S., 1998. Stock markets, banks and economic growth. American
Economic Review, 88 (3): 537-58.


Useful Databases:

Datastream is installed on one of the desktops in the library's media room (last desktop, third
raw). This database contains: more than two million instruments, securities and indicators for
over 175 countries in 60 markets, up to 50 years of history, and over one hundred million time
series. More information is available at http://www.datastream.com/. The instructions on using
the database are placed on Moodle.


The Global Financial Development Database (builds on, updates, and extends previous
efforts, in particular the data collected for the Database on Financial Development and
Structure) (updated September 2019)
The Global Financial Development Database is an extensive dataset of financial system
characteristics for 203 economies. It contains annual data, starting from 1960 through 2017.
The Global Financial Development Database is based on a ³4x2 framework´. Specifically, it
includes measures of (1) depth, (2) access, (3) efficiency, and (4) stability of financial systems.
Each of these characteristics captures both (1) financial institutions (banks, insurance
companies, and so on), and (2) financial markets (such as stock markets and bond markets). It
also provides other useful indicators, such as measures of concentration and competition in the
banking sector, financial structure etc.

You can access the Global Financial Development Database via
http://www.worldbank.org/en/publication/gfdr/data/global-financial-development-database

For discussion of the dataset and empirical work done on it see the following sources:

ýihjk, MarWin, AslÕ Demirgo-Kunt, Erik Feyen, and Ross Levine. 2013. ³Financial
Development in 205 Economies, 1960 to 2010.´ Journal of Financial Perspectives 1 (2): 17–
36. (Earlier version issued as Policy Research Working Paper 6175, World Bank, Washington,
DC).

See also the following authors for the detailed description of the data.

ThorsWen Beck, AslÕ Demirgo-Kunt and Ross Levine, 2000, "A New Database on Financial
Development and Structure," World Bank Economic Review 14, 597-605. (An earlier version
was issued as World Bank Policy Research Working Paper 2146.)
ThorsWen Beck, AslÕ Demirgo-Kunt, and Ross Levine, "Financial Institutions and Markets
across Countries and over Time: Data and Analysis", World Bank Policy Research Working
Paper 4943, May 2009.
The IMF Financial Development-broad based index database,
https://data.imf.org/?sk=F8032E80-B36C-43B1-AC26-493C5B1CD33B

Based originally on ýihák et al. (2013) idea of measuring financial development, this dataset
offers nine indices that summarize how developed financial institutions and financial markets
are in terms of their depth, access, and efficiency. These indices are then aggregated into an
overall index of financial development. With the coverage of more than 180 countries on
annual frequency between 1980 and 2018, the database offers a useful analytical tool for
researchers and policy makers. Following the link above, you can also access the IMF paper
whether the methodology for measuring Financial Development is discussed.

Svirydzenka, K. (2016) Introducing a New Broad-based Index of Financial Development,
IMF Working Paper, WP/16/5

Financial Inclusion database, World Bank, available from here
http://datatopics.worldbank.org/financialinclusion/

The Global Findex database provides in-depth data on how individuals save, borrow, make
payments, and manage risks. It is the world¶s most comprehensive database on financial
inclusion that consistently measures people¶s use of financial services across countries and
over time. The 2019 Global Findex consists of over 100 indicators, also shown by gender,
income, and age. Collected in partnership with the Gallup World Poll and funded by the Bill &
Melinda Gates Foundation, the Global Findex is based on interviews with about 150,000
nationally representative and randomly selected adults (age 15+) in over 140 countries. It
contains individual-level microdata data and country-level aggregated data.

Financial Inclusion database, IMF, available from http://data.imf.org/?sk=E5DCAB7E-
A5CA-4892-A6EA-598B5463A34C
IMF provides an alternative Financial Inclusion database based on Financial Access Survey.
The data coverage is better than in World Bank, covering the period of 2004-2019.

Bank Regulation database

This database is supplied on a CD-ROM jointly with the book entitled µRethinking Bank
Regulation: Till Angels Govern¶ (by J. Barth, G. Caprio, Jr. Ross Levine (2006)).
More up-to-data are available through World Bank web-site ³Bank Regulation and Supervision
Survey´:
https://www.worldbank.org/en/research/brief/BRSS

The Chinn-Ito index of financial integration (KAOPEN), which is constructed on the basis
of the IMF data measuring the extent and intensity of capital controls, is publicly available and
can be downloaded from http://web.pdx.edu/~ito/Chinn-Ito_website.htm. The Chinn-Ito index
of financial integration covers 182 countries for 1970-2018.

Amadeus, a database of comparable financial information for public and private companies
across Europe (available electronically through UCL library service – search via the databases
tab).

Other data sources:

EBRD Economic Survey data, http://www.ebrd.com/what-we-do/economic-research-and-
data/data.html

World Bank World Development Indicators (available electronically through UCL library
web-site).

IMF International Statistics Indicators (available electronically through UCL library web-
site).

Heritage Foundation, Index of Economic Freedom,
http://www.heritage.org/index/Default.aspx (can be used for measuring institutions)

Business Environment and Enterprise Performance Survey (BEEPS)
http://www.ebrd.com/what-we-do/economic-research-and-data/data.html (firm-level dataset;
can be used for examining firm access to finance and firm capital structure).

Global Entrepreneurship Monitor (GEM) dataset, http://www.gemconsortium.org/data
(individual-level dataset; can be used for exploring entrepreneurial finance).



(b) Critically examine whether legal institutions matter for financial development
with further implications for economic growth.

Recommended reading:

Beck, T., A. Demirguc-Kunt and R. Levine 2003. ³Law and Finance: Why Does Legal
Origin Matter?´ Journal of Comparative Economics, 31:653-675.
Claessens, S. and L., Laeven 2003. Financial Development, Property Rights, and Growth, The
Journal of Finance, Vol. 58(6): 2401-2436.
Demetriades, P. and Law, S.H. (2006) ³Finance, Institutions and Economic Performance´.
International Journal of Finance and Economics, 11(3), pp. 245-260.
Djankov, Simeon, Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer,
2008, The Law and Economics of Self-Dealing, Journal of Financial Economics.
La Porta, Rafael, Florencio Lopez-de-Silanes, and Andrei Shleifer, 2007, The Economic
Consequences of Legal Origin, SSRN Working paper, available via
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1028081&rec=1&srcabs=864645.
La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny,
1997, The Legal Determinants of External Finance, Journal of Finance 52, 1131-1150.

You are also expected to use additional sources (check, for instance, the most recent working
papers in this area following the links recommended above).

(c) Critically examine the role of corruption in bank lending

Recommended reading:

Barth, James R., Chen Lin, Ping Lin, Frank M. Song, 2009. Corruption in bank lending to
firms: Cross-country micro evidence on the beneficial role of competition and information
sharing, pp. 361-388, Journal of Financial Economics, Vol. 91, Issue 3, 2009.


You are also expected to use additional sources (check, for instance, the most recent working
papers in this area following the links recommended above).

Within this topic you may explore the moderating role of other financial institutions (e.g.
property rights; creditor rights; bankruptcy rules etc.) in affecting finance-growth relationship.


4. Financial Integration, Stability and Regulation

Possible research questions to examine within this cluster of topics

Recommended reading:

(a) Examine the impact of financial integration on growth (you may also discuss this in
the context of Central and Eastern Europe)


Aghion, P. et al. (2003) Financial Development and the Instability of Open Economies.
Journal of Monetary Economics, vol. 51, pp. 1077-1106.
Bekaert, G. et al. (2005) Does Financial Liberalization Spur Growth? Journal of Financial
Economics, vol. 77, pp. 3-55.
Demyanyk, Y. and V. Volosovych 2006. Gains from Financial Integration in the European
Union: Evidence for New and Old Members, SSRN working papers, available from
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=954770.
Edison, H. (2002) International Financial Integration and Economic Growth. Journal of
International Money and Finance, vol. 21, pp. 749-776.
EBRD, 2009. Transition Report 2009, Chapter 3: Development based on Financial Integration.
Gourinchas, P-O. and Jeanne, O. (2006) The Elusive Gains from International Financial
Integration. Review of Economic Studies, vol. 73, pp. 715-741.
IMF, 2008. Reaping the Benefits of Financial Globalisation, IMF Occasional Paper 264,
available from http://www.imf.org/external/pubs/cat/longres.cfm?sk=20537.0
Kose, M. A. et al. (2009) Financial Globalization: A Reappraisal. International Monetary
Fund Staff Papers, vol. 56, pp. 8-62.
Liebscher, K., J. Christl, P. Mooslechner and D. Ritzberger-Grunwald, 2006. Financial
Development, Integration and Stability: Evidence from Central, Eastern and South-Eastern
Europe, Edward Elgar, Cheltenham, UK, chapters 2-3, ch 22, 28.
Masten et al. (2008) Non-linear Growth Effects of Financial Development: Does Financial
Integration Matter? Journal of International Money and Finance, vol. 27, pp. 295-313.
Prasad, E., K. Rogoff, A. Wei and M.A. Kose 2003. Effects of Financial Globalisation on
Developing Countries: Some Empirical Evidence, IMF Working Papers, available from
http://www.imf.org/external/np/res/docs/2003/031703.pdf.

You are also expected to use additional sources (check, for instance, the most recent working
papers in this area following the links recommended above)

(b) Examine the relationship between Financial Liberalization/or Financial Development
and Poverty/or Inequality

Recommended reading:

Agenor. P-R. (2004) Does Globalization Hurt the Poor? International Economics and
Economic Policy, vol. 1, pp. 21-51.
Arestis, P., & Caner, A. (2005). Financial Liberalization and Poverty: Channels of Influence.
Financial Liberalization: International Papers in Political Economy, 90-128.
Arestis, P., & Caner, A. (2009). Financial liberalization and the geography of poverty.
Cambridge Journal of Regions, Economy and Society, 2 (2), 229-244.
Beck, T., Demirguc-Kunt, A., & Levine, R. (2007). Finance, Inequality and the Poor. Journal
of Economic Growth, 12 (1), 27-49.
Beck, T., Demirguc-Kunt, A., & Levine, R. (2005). Finance, Inequality, and Poverty: Cross-
Country Evidence. Journal of Economic Growth, 10, 199-229.
Boukhatem, J. (2016). Assessing the direct effect of financial development on poverty
reduction in a panel of low- and middle-income countries. Research in International Business
and Finance, 37, pp.214-230.
Naceur, Sami Ben and Rui Xin Zhang Zhang (2016) µFinancial Development, Inequality
and Poverty: Some International Eivdence¶, IMF Working Paper, WP/16/32, available from
https://www.imf.org/external/pubs/ft/wp/2016/wp1632.pdf
Rashid, A. and Intartaglia, M. (2017). Financial development – does it lessen poverty?
Journal of Economic Studies, 44(1), pp.69-86.
Seven, U. and Coskun, Y. (2016). Does financial development reduce income inequality
andpoverty? Evidence from emerging countries. Emerging Markets Review, 26, pp.34-63.
You are also expected to use additional sources (check, for instance, the most recent working
papers in this area following the links recommended above)


(c) Evaluate the effects of financial stability focused policies on other aspects of financial
development

Adrianova et al. (2015) ³New Database on Financial Fragility´, WP 15/18, Leicester
University.g
Beck, T., (2008), "Bank Competition and Financial Stability: Friends or Foes?", World Bank
Policy Research Working Papers, available from
http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-4656.
Goodhart, C.A., 2005. Financial regulation, credit risk and financial stability. National
Institute Economic Review, 192(1), pp.118-127.
IMF, (2010), "Meeting New Challenges to Stability and Building a Safer System", IMF Global
Financial Stability Report, available from
http://www.imf.org/external/pubs/ft/gfsr/2010/01/pdf/text.pdf
International Monetary Fund (2017). Global Financial Stability Report: Is Growth at Risk?.
Washington, DC: International Monetary Fund, available from
https://www.imf.org/en/Publications/GFSR/Issues/2017/09/27/global-financial-stability-report-
october-2017.
July 2015
(d) Discuss whether there is need for a tighter state regulation to improve the stability
and functioning of the financial system?

Barth, J., G., Caprio, and R. Levine (2008) ³Bank Regulations Are Changing: For Better or
Worse?´, Working Paper Series, 4646, World Bank: Washington D.C.
Barth, J., G., Caprio, and R. Levine (2006). Rethinking Bank Regulation. Till Angels
Govern. Cambridge: CUP.
Journal of Financial Security 2008. Volume 4, Issue 4: 305-390 (a collection of articles on
the recent subprime crisis - available for download via library catalogue/electronic journals).
See more specifically papers by Goodhart and Dallara.
IMF, 2008. World Economic Outlook: Financial Stress, Downturns, and Recoveries,
International Monetary Fund, available from
http://www.imf.org/external/pubs/ft/weo/2008/02/pdf/text.pdf.
Felton, A. and C. M. Reinhart (eds.) 2008. The First Global Financial Crisis of the 21st
Century, free download available from http://www.voxeu.org/index.php?q=node/1352.
Pomerleano, M. 2010. What international experience tells us about financial stability
regulatory reforms? Available from http://www.voxeu.org/index.php?q=node/4427

You are also expected to use additional sources (check, for instance, the most recent working
papers in this area following the links recommended above)

5. Financial Inclusion and Inclusive Growth

Using the IMF Financial Inclusion dataset, examine whether financial inclusion can ensure
inclusive growth, focusing, for example, on how financial inclusion is associated with poverty
reduction, inequality. Within this topic you can also look at how financial inclusion may
facilitate entrepreneurial entry, looking at gender differences. In this case, you would be
required to merge IMF FI indicators with individual-level Global Entrepreneurship Monitor
Dataset which contains information on entrepreneurial rates and gender.

Recommended readings:

Sahay, R. et al. (2017) Financial Inclusion: Can it meet Multiple Macroeconomic Goals? IMF
Discussion Note SDN/15/17
Asli Demirguc-Kunt, Klapper, Leora, and Dorothe Singer (2017) on Financial Inclusion
and Inclusive Growth, available from
http://documents.worldbank.org/curated/en/403611493134249446/pdf/WPS8040.pdf
IMF Financial Inclusion reports, various years, available from IMF web-site:
http://data.imf.org/?sk=E5DCAB7E-A5CA-4892-A6EA-598B5463A34C

The topics are not limited to the ones listed above. You can also suggest a topic of your choice
(should be agreed with your course instructor).













































































































































































































































































































































































































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