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

Agnieszka Gehringer ()

International Review of Economics & Finance, 2013, vol. 25, issue C, 291-309

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.

Keywords: Financial integration; Economic growth; Productivity; Capital accumulation; European integration (search for similar items in EconPapers)
JEL-codes: F36 F41 F43 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (59)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:25:y:2013:i:c:p:291-309

DOI: 10.1016/j.iref.2012.07.015

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