Financial Globalization and Financial Development in Transition Countries
AbstractThis 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 InfoArticle provided by Economía: teoría y práctica in its journal Economía: teoría y práctica..
Volume (Year): 36 (2012)
Issue (Month): 1 (Enero-Junio)
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financial globalization; financial development; transition countries and dynamic panel data.;
Find related papers by JEL classification:
- F39 - International Economics - - International Finance - - - Other
- G19 - Financial Economics - - General Financial Markets - - - Other
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
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