Regulation financial systems and quantitative comparison with information systems
Ρύθμιση χρηματοοικονομικών συστημάτων και ποσοτική σύγκριση με πληροφοριακά συστήματα
This doctoral dissertation aims at explore the significance of the existence ofregulation of the financial system and in the quantitative comparison of the financialsystem, to examine the relationship between financial regulation and the currentaccount balance, where the financial arrangements affecting the current account byreducing liquidity.In particular we investigate the existence of the relationship of the current accountbalance and financial regulation, financial systems in five countries of the EuropeanUnion, Germany, Spain, France, Italy, and the United Kingdom. The data used inthis study are annual and cover the period 1990-2010. In our study we adopt anapproach panel VAR. The important role of regulating financial systems, isparticularly evident in periods showing imbalances in the current account, andaccepted that the reaction of the current account deficit is larger and more persistentin a country with a low degree of financial regulation, rather than a country withhigh degree.Within the empirical investigation of this thesis we use the following variables,current account (Current Account Balance-CAB), the fiscal balance - deficit(Deficit-DEF), measuring the net yield (NET). To achieve the objectives of thisthesis are major tests used are the unit root tests in levels of variables, and thecorresponding controls in the first differences.To check the long term equilibrium relationship among the variables by country, weanalyze the cointegration of panel data using Pedroni, Kao and Johansenmethods.We also investigate the causal relationship between variables, and weobserve the existence of bidirectional Granger causality of variables.The results of this study show that domestic financial reform has a significant impacton the size and dynamics of the current account balance.