International Financial Integration and Economic Growth

Torsten Sloek, Hali Edison (), Luca Ricci and Ross Levine ()

No 2002/145, IMF Working Papers from International Monetary Fund

Abstract: This paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and also to assess whether this relationship depends on the level of economic development, financial development, legal system development, government corruption, and macroeconomic policies. Using a wide array of measures of international financial integration on 57 countries and an assortment of statistical methodologies, we are unable to reject the hypothesis that international financial integration does not accelerate economic growth even when controlling for particular economic, financial, institutional, and policy characteristics.

Keywords: WP; capital flow; IMF-restriction measure; least squares; International Finance; Economic Growth; Foreign Direct Investment; Portfolio Investment; Developing Countries; government balance; State power; IFI indicator; IFI-growth relationship; country observation; growth IFI-relationship; origin country; IMF restriction; Capital flows; Capital inflows; Multilateral development institutions; Stocks; Financial integration (search for similar items in EconPapers)
Pages: 30
Date: 2002-08-01
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Citations: View citations in EconPapers (314)

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Related works:
Journal Article: International financial integration and economic growth (2002)
Working Paper: International Financial Integration and Economic Growth (2002)
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