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Globalisation Financière, Croissance et effets de seuil: Le Cas des pays en développement Les moins avancés

Brahim Gaies

No 2017-25, EconomiX Working Papers from University of Paris Nanterre, EconomiX

Abstract: In this article, we examine the impact of financial globalization on long-term economic growth. We test whether effects from different types of financial globalization: investment-globalization, indebtedness-globalization and financial globalization (investment plus indebtedness), are dependent until certain thresholds of macroeconomic stability and GDP per capita growth are attained. Estimates are performed with the two-step GMM system technique for dynamic panel data models for 72 developing countries from 1972 to 2011. Also, we use time-median calculation to capture the threshold effects in our sample. Our main results are the following. Financial globalization has a favorable impact on growth with the presence of minimum threshold effects in terms of macroeconomic stability and GDP per capita growth. A contrario, indebtedness-globalization negatively affects growth with the presence of minimum threshold effects in terms of macroeconomic stability and GDP per capita growth. If these thresholds are attained, they can decrease the negative impact of indebtedness-globalization and ultimately neutralize it. Finally, investment-globalization promotes economic growth with the potential existence of a maximum threshold effect in terms of GDP per capita growth. This maximum threshold corresponds to an inverted-U shape for the influence of investment-globalization on growth.

Keywords: Globalization; Macroeconomic Instability; Threshold (search for similar items in EconPapers)
JEL-codes: C23 C26 E44 F21 F36 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: 2017
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