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

  • Gehringer, Agnieszka

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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File URL: http://www.sciencedirect.com/science/article/pii/S1059056012000755
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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
DOI: 10.1016/j.iref.2012.07.015
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/620165

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