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The financial development impact of financial globalization revisited: A focus on OECD countries

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  • Aluko, Olufemi Adewale
  • Opoku, Eric Evans Osei

Abstract

In this empirical paper, we revisit the financial development impact of financial globalization using a panel dataset comprising the OECD countries for the period 1996–2017. We rely on a multidimensional financial development index and the KOF financial globalization index. We find that financial globalization has a positive impact on financial development. Considering the heterogeneity in the conditional distributions of financial development, we also discover that financial globalization favourably impacts financial development across all the conditional distributions (quantiles) albeit with varying magnitude. These findings are robust to the KOF de facto and de jure measures of financial globalization as well as an alternative measure of financial globalization–financial openness index.

Suggested Citation

  • Aluko, Olufemi Adewale & Opoku, Eric Evans Osei, 2022. "The financial development impact of financial globalization revisited: A focus on OECD countries," International Economics, Elsevier, vol. 169(C), pages 13-29.
    • Handle: RePEc:eee:inteco:v:169:y:2022:i:c:p:13-29
    DOI: 10.1016/j.inteco.2021.11.001
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    Keywords

    Financial globalization; Financial development; Panel quantile estimation; OECD;
    All these keywords.

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General

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