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Financial Development, Financial Openness, and Economic Growth

Gemma Estrada (), Donghyun Park () and Arief Ramayandi ()

No 442, ADB Economics Working Paper Series from Asian Development Bank

Abstract: A sound and efficient financial system is an indispensable ingredient of economic growth. It consists primarily of banks and capital markets, which channel savings into investments and other productive activities that contribute to economic growth and augment the economy’s productive capacity. This paper explains the importance of financial development and openness. It sifts through the literature on the relationship between both variables and economic growth. It then reports the results and discusses some original empirical analysis. In addition to using more updated data, which extend the sample period to include some postcrisis years, the analysis examines whether country characteristics and factors such as the exchange rate regime affect the finance–growth nexus.

Keywords: economic growth; exchange rate regime; financial development; financial openness (search for similar items in EconPapers)
JEL-codes: C33 E44 F31 G20 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2015-08-12
New Economics Papers: this item is included in nep-mac and nep-sea
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