The financial development impact of financial globalization revisited: A focus on OECD countries

Autor:	Eric Evans Osei Opoku, Olufemi Adewale Aluko
Rok vydání:	2022
Předmět:	Index (economics) De facto Financial economics Openness to experience Economics Oecd countries Financial development General Economics Econometrics and Finance General Business Management and Accounting Financial globalization
Zdroj:	International Economics. 169:13-29
ISSN:	2110-7017
DOI:	10.1016/j.inteco.2021.11.001
Popis:	In this empirical paper, we revisit the financial development-impact of financial globalization using a panel dataset comprising the OECD countries for the period 1996–2017. We rely on a multidimensional financial development index and the KOF financial globalization index. We find that financial globalization has a positive impact on financial development. Considering the heterogeneity in the conditional distributions of financial development, we also discover that financial globalization favourably impacts financial development across all the conditional distributions (quantiles) albeit with varying magnitude. These findings are robust to the KOF de facto and de jure measures of financial globalization as well as an alternative measure of financial globalization–financial openness index.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::480741a636f5cb5841e9842cfd36537c https://doi.org/10.1016/j.inteco.2021.11.001 Zobrazit plný text záznamu Full Text from ScienceDirect