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Finance in a More Globalized Economy

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  • Shu-Chin Lin
  • Yi-Chen Wu

Abstract

This paper empirically examines whether globalization affects the level, volatility and structure of financial development as well as the competition and credit composition of the banking sector. Using dynamic panel estimation techniques, we find, in a sample of advanced and developing countries, that both trade and financial openness promote financial development, raise financial volatility, and result in a more market-based financial system, the effects that moderate with increased openness. It is also found that both trade and financial openness lead to a more competitive, less concentrated banking industry and a greater share of household credit relative to enterprise credit, the effects that dampen with increased openness.

Suggested Citation

  • Shu-Chin Lin & Yi-Chen Wu, 2023. "Finance in a More Globalized Economy," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 59(13), pages 3900-3914, October.
    • Handle: RePEc:mes:emfitr:v:59:y:2023:i:13:p:3900-3914
    DOI: 10.1080/1540496X.2022.2128749
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