Identifying the key indicators of financial stability and financial development: a review of financial service sector
by Rahul Dhiman
Asian J. of Management Science and Applications (AJMSA), Vol. 3, No. 4, 2018

Abstract: The present study makes an attempt to study the major indicators used in the previous studies for examining the financial development and financial stability in order to select the market. This study is conducted as a systematic review based on an assessment of papers on international published in academic journals between 1991 and 2015. The findings of the study reveal that there is the existence of mixed proxies/indicators of financial development and financial stability in the literature of financial services sector. The variable that has received much attention in the empirical literature on financial development is a private credit to GDP ratio. The common methodological trends found in the literature are Granger causality tests and disclose the existence of unidirectional, bidirectional or no causality. The study recommends that in the countries where the financial system is weak, and where immediate, full-fledged financial sector liberalisation is not advisable, can open up certain types of financial services trade, and hence may not finalise that nation as a select market.

Online publication date: Tue, 09-Apr-2019

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