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Financial Globalization and Financial Development in Transition Countries

  • Edgar Demetrio Tovar García.

    ()

    (National Research University “Higher School of Economics”, Moscow, Russia.)

This 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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Article provided by Economía: teoría y práctica in its journal Economía: teoría y práctica..

Volume (Year): 36 (2012)
Issue (Month): 1 (Enero-Junio)
Pages: 155-178

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Handle: RePEc:ety:journl:v:36:y:2012:i:1:p:155-178
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  18. Yongfu Huang, 2005. "What determines financial development?," Bristol Economics Discussion Papers 05/580, Department of Economics, University of Bristol, UK.
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