Do financial systems converge? A Comprehensive panel data approach and new evidence from a dataset for 102 countries
AbstractThis paper is to investigate the existence of β- convergence and σ- convergence for financial institutional characteristics for the dataset of 102 countries from 1980 to 2009. The research is based on panel data econometric models and 10 financial depth indicators. The partial effects of corruption and financial openness are also to be estimated. The main conclusion is that the world exhibits steady financial development as well as β-convergence of financial depth indicators, the middle income countries converging relatively faster. Nevertheless the speed of convergence is not sufficient for the developing world to catch up quickly.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 36103.
Date of creation: 15 Jan 2011
Date of revision:
Financial convergence; empirical research; corruption; financial openness; financial depth;
Find related papers by JEL classification:
- F30 - International Economics - - International Finance - - - General
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Longitudinal Data; Spatial Time Series
- G20 - Financial Economics - - Financial Institutions and Services - - - General
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