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Financial Globalization and Financial Development in Transition Countries

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  • Edgar Demetrio Tovar García.

    ()
    (National Research University “Higher School of Economics”, Moscow, Russia.)

Abstract

This paper examines the impact of fi nancial globalization on fi nancial development in transition countries. An empirical test is elaborated with new indicators of fi nancial globalization and financial development, closer to theoretical and conceptual framework. On the basis of Blundell and Bond (1998) a dynamic panel data model is employed. The principal results suggest, in general, that financial globalization has a positive and signifi cant relationship with the process of growth of the financial system, but not with the process of development, that is to say, without a better performance of basic fi nancial functions.

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Bibliographic Info

Article provided by Economía: teoría y práctica in its journal Economía: teoría y práctica..

Volume (Year): 36 (2012)
Issue (Month): 1 (Enero-Junio)
Pages: 155-178

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Handle: RePEc:ety:journl:v:36:y:2012:i:1:p:155-178

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Keywords: financial globalization; financial development; transition countries and dynamic panel data.;

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  1. Geert Bekaert & Campbell R. Harvey & Christian Lundblad, 2001. "Does Financial Liberalization Spur Growth?," NBER Working Papers 8245, National Bureau of Economic Research, Inc.
  2. Calderon, Cesar & Kubota, Megumi, 2009. "Does financial openness lead to deeper domestic financial markets ?," Policy Research Working Paper Series 4973, The World Bank.
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  8. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
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  10. Wei Huang, 2006. "Emerging Markets, Financial Openness and Financial Development," Bristol Economics Discussion Papers 06/588, Department of Economics, University of Bristol, UK.
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  12. Calderon, Cesar & Liu, Lin, 2003. "The direction of causality between financial development and economic growth," Journal of Development Economics, Elsevier, vol. 72(1), pages 321-334, October.
  13. Michael D. Bordo & Alan M. Taylor & Jeffrey G. Williamson, 2003. "Globalization in Historical Perspective," NBER Books, National Bureau of Economic Research, Inc, number bord03-1, May.
  14. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
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  17. Rajan, Raghuram G. & Zingales, Luigi, 2003. "The great reversals: the politics of financial development in the twentieth century," Journal of Financial Economics, Elsevier, vol. 69(1), pages 5-50, July.
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