Financial Globalization and Financial Development in Transition Countries

Edgar Demetrio Tovar García. ()
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Edgar Demetrio Tovar García.: National Research University “Higher School of Economics”, Moscow, Russia.
Authors registered in the RePEc Author Service: Edgar Demetrio Tovar-García

Economía: teoría y práctica, 2012, vol. 36, issue 1, 155-178

Abstract: 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.

Keywords: financial globalization; financial development; transition countries and dynamic panel data. (search for similar items in EconPapers)
JEL-codes: F39 G19 O16 P20 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:ety:journl:v:36:y:2012:i:1:p:155-178

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