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Growth, productivity and capital accumulation: The effects of financial liberalization in the case of European integration

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  • Gehringer, Agnieszka

Abstract

In the present contribution, I concentrate on the process of financial liberalization in a specific context of European economic and monetary integration. I implement de facto and de jure measures of financial liberalization and find that formal aspects of financial openness generate a strongly positive impact on economic growth and its sources, productivity growth and capital accumulation. Moreover, there is evidence of a positive contribution to the process stemming from the EU membership, while no substantial effect comes from the euro adoption. Finally, I investigate the effects from financial integration on country groups within the EU.

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Bibliographic Info

Article provided by Elsevier in its journal International Review of Economics & Finance.

Volume (Year): 25 (2013)
Issue (Month): C ()
Pages: 291-309

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Handle: RePEc:eee:reveco:v:25:y:2013:i:c:p:291-309

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Web page: http://www.elsevier.com/locate/inca/620165

Related research

Keywords: Financial integration; Economic growth; Productivity; Capital accumulation; European integration;

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Cited by:
  1. Ho-Chuan Huang & WenShwo Fang & Stephen M. Miller, 2012. "Does Financial Development Volatility Affect Industrial Growth Volatility?," Working papers 2012-45, University of Connecticut, Department of Economics.
  2. repec:cge:warwcg:141 is not listed on IDEAS
  3. González, Víctor M. & González, Francisco, 2014. "Banking liberalization and firms' debt structure: International evidence," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 466-482.
  4. Antonelli, Cristiano & Gehringer, Agnieszka, 2013. "Innovation and Income Inequality," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201324, University of Turin.
  5. Crafts, Nicholas, 2013. "What Does the 1930s’ Experience Tell Us about the Future of the Eurozone?," CAGE Online Working Paper Series 142, Competitive Advantage in the Global Economy (CAGE).
  6. Antonelli,Cristiano & Gehringer, Agnieszka, 2013. "Demand pull and technological flows within innovation systems: the intra-European evidence," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 201301, University of Turin.
  7. Suzuki, Yui, 2014. "Financial integration and consumption risk sharing and smoothing," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 585-598.

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