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Financial Development Convergence: Evidence from Top and Bottom Globalised Developing Economies

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  • Zuoxiang Zhao
  • Ding Han
  • Shreya Pal
  • Mantu Kumar Mahalik
  • Giray Gozgor

Abstract

This paper investigates the pattern of the financial development convergence for the top (Europe and Central Asia) and the bottom (South Asia) globalized developing regions from 1984 to 2016. We employ the Philips-Sul club convergence approach to measure the financial development convergence’s speed. The results validate the convergence of financial development in all countries, including the top and bottom of globalized developing regions. Interestingly, the speed of financial development convergence is less in the bottom globalized developing region than in the top globalized developing region. However, these results vary across developing regions in the case of financial institutions and financial markets. Therefore, solid financial market governance can provide a productive and efficient financial system, particularly in the bottom globalized economies.

Suggested Citation

  • Zuoxiang Zhao & Ding Han & Shreya Pal & Mantu Kumar Mahalik & Giray Gozgor, 2024. "Financial Development Convergence: Evidence from Top and Bottom Globalised Developing Economies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 60(8), pages 1599-1622, June.
    • Handle: RePEc:mes:emfitr:v:60:y:2024:i:8:p:1599-1622
    DOI: 10.1080/1540496X.2023.2284300
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