Financial openness and financial development: an analysis using indices

Zeynep Ozkok

International Review of Applied Economics, 2015, vol. 29, issue 5, 620-649

Abstract: This paper examines the link between financial openness and financial development through panel data analysis on advanced and emerging market countries. Using indices, financial openness together with institutional and educational variables explains a large part of the variation in financial development across countries and over time. Our analysis demonstrates that different indexing strategies serve to find better measures for financial openness and financial development in comparison with the individual indicators used in the literature. Our principal-component-type financial openness index conveys a positive effect on financial development independent from the lag structure or specifications used.

Date: 2015
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Working Paper: Financial Openness and Financial Development: An Analysis Using Indices (2014)
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DOI: 10.1080/02692171.2015.1054366

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