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Globalization Impact on Financial Development of Emerging Economies

Author

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  • Edgar Demetrio Tovar Garcia

    (University of Barcelona; Higher School of Economics)

Abstract

The article analyzes the impact of financial globalization on financial development of the emerging economies. Empirical evidence with new indices that better reflect the theory and primary concepts is discussed. It presents evaluation of dynamic panel data based on the generalized method of moments. Principal conclusion: financial globalization promotes securities market growth but has no effect on credit growth or financial development.

Suggested Citation

  • Edgar Demetrio Tovar Garcia, 2012. "Globalization Impact on Financial Development of Emerging Economies," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 37-48, January.
    • Handle: RePEc:fru:finjrn:120104:p:37-48
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    Citations

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    Cited by:

    1. Guan, Jialin & Kirikkaleli, Dervis & Bibi, Ayesha & Zhang, Weike, 2020. "Natural resources rents nexus with financial development in the presence of globalization: Is the “resource curse” exist or myth?," Resources Policy, Elsevier, vol. 66(C).
    2. Kopnova, Elena & Rodionova, Liliya, 2020. "Globalization and socio-economic development in Russia," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 60, pages 80-101.
    3. Nasreen, Samia & Mahalik, Mantu Kumar & Shahbaz, Muhammad & Abbas, Qaisar, 2020. "How do financial globalization, institutions and economic growth impact financial sector development in European countries?," Research in International Business and Finance, Elsevier, vol. 54(C).
    4. Shreya Pal, 2023. "Does Remittance and Human Capital Formation Affect Financial Development? A Comparative Analysis Between India and China," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 30(2), pages 387-426, June.

    More about this item

    Keywords

    financial globalization; financial development; developing countries; panel data; generalized method of moments;
    All these keywords.

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • F60 - International Economics - - Economic Impacts of Globalization - - - General
    • F68 - International Economics - - Economic Impacts of Globalization - - - Policy

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