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

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  • Gehringer, Agnieszka

Abstract

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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  • Gehringer, Agnieszka, 2013. "Growth, productivity and capital accumulation: The effects of financial liberalization in the case of European integration," International Review of Economics & Finance, Elsevier, vol. 25(C), pages 291-309.
  • Handle: RePEc:eee:reveco:v:25:y:2013:i:c:p:291-309
    DOI: 10.1016/j.iref.2012.07.015
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    More about this item

    Keywords

    Financial integration; Economic growth; Productivity; Capital accumulation; European integration;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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