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Re-examining the finance–institutions–growth nexus: does financial integration matter?

Author

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  • Hazwan Haini

    (Universiti Brunei Darussalam)

  • Lutfi Abdul Razak

    (Universiti Brunei Darussalam)

  • Pang Wei Loon

    (Universiti Brunei Darussalam)

  • Sufrizul Husseini

    (Universiti Brunei Darussalam)

Abstract

This study examines whether financial integration affects the finance–institutions–growth nexus using a sample of 145 countries from 1995 to 2021. Financial globalization continues to be a dominant phenomenon, despite the concerns on contagion and capital flight issues. We argue that financial integration can potentially crowd out the positive growth effects from both financial development and institutions. Using a dynamic panel estimator to control for endogeneity and simultaneity and multidimensional measures of financial development, institutional quality, and financial integration, we find a nonlinear relationship. More specifically, financial integration is growth-enhancing up to a threshold. Additionally, we find the marginal effects of finance and institutions to be insignificant above this threshold.

Suggested Citation

  • Hazwan Haini & Lutfi Abdul Razak & Pang Wei Loon & Sufrizul Husseini, 2023. "Re-examining the finance–institutions–growth nexus: does financial integration matter?," Economic Change and Restructuring, Springer, vol. 56(3), pages 1895-1924, June.
    • Handle: RePEc:kap:ecopln:v:56:y:2023:i:3:d:10.1007_s10644-023-09498-5
    DOI: 10.1007/s10644-023-09498-5
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    More about this item

    Keywords

    Economic growth; Financial development; Financial openness; Financial globalization; Threshold;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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