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  • CN 31-2074/F
Volume 34 Issue 4
Nov.  2020
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Article Navigation >  Accounting and Economic Research  > 2020  >  34(4): 115-128
Wang Xing, Liu Chao. 2020. The Threshold Effect of Financial Leverage in Middle and High Income Countries: An Empirical Study on Cross-Border Panel Data. Accounting and Economic Research, 34(4): 115-128.
Citation: Wang Xing, Liu Chao. 2020. The Threshold Effect of Financial Leverage in Middle and High Income Countries: An Empirical Study on Cross-Border Panel Data. Accounting and Economic Research, 34(4): 115-128.
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The Threshold Effect of Financial Leverage in Middle and High Income Countries: An Empirical Study on Cross-Border Panel Data

  • Faculty of International Trade, Shanxi University of Finance and Economics, Taiyuan Shanxi 030006, China

  • Received Date: 2019-11-13
  • Publish Date: 2020-07-25
    Abstract
  • Financial leverage not only promotes the economic growth, but also competes with the real economy for resources, thus damages economic growth. The uncertain effect of financial leverage on economic growth will be affected by the degree of financial development. This paper analyzes the specific mechanism of financial leverage on economic growth based on the panel data of 74 countries from 2000 to 2017, and the threshold effect by using financial stability, financial efficiency and banking competitiveness as threshold variables. The empirical results show that financial stability and efficiency can enhance the role of financial leverage in promoting economic growth, the high concentration of banking system will damage the positive effect of financial leverage on economic growth. China should focus on maintaining financial stability, improving financial efficiency, promoting the healthy competition in banking industry, and highlighting the fundamental function of finance serving the real economy.

     

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