Financial structure in the age of globalization

Thi Hong Hanh Pham ()
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Thi Hong Hanh Pham: LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes

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Abstract: Using a large panel data set covering 160 countries over the period 1990 to 2010, this article aims to address the question of how financial structure (bank-based versus market-based system) changes when economies are liberalized and opened to international capital markets. Specifically, in this study, globalization is characterized not only by trade and financial integration but also by other important aspects, such as social globalization, political globalization and cultural globalization. The empirical results support the impacts of globalization on financial structure, which are, however, diverse and strongly depend on the way to measure globalization and financial structure. Our finding also reveals a significant change in financial structure after the globalization process, except the case of low-income countries, in which financial structure seems to be not correlated with either globalization process or other macroeconomic variables.

Keywords: Globalization; Financial structure; Panel data analysis (search for similar items in EconPapers)
Date: 2014-05-02
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Published in Applied Economics, 2014, 46 (23), pp.2792-2813. ⟨10.1080/00036846.2014.914150⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04477905

DOI: 10.1080/00036846.2014.914150

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