The role of domestic financial and economic development in financial integration

Kent Jason G. Cheng and Sarah Lynne Daway-Ducanes

Applied Economics Letters, 2018, vol. 25, issue 2, 119-124

Abstract: Using two-step system generalized method-of-moments on an unbalanced panel of 75 countries from 1996 to 2010, this study shows that financial development’s effect on the pace of a country’s financial integration is conditional on economic development. Indeed, the results validate the observation that greater financial development conditioned on similar levels of economic development should precede closer financial integration.

Date: 2018
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DOI: 10.1080/13504851.2017.1302054

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