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Financial Deepening and Economic Growth in Select Emerging Markets with Currency Board Systems: Theory and Evidence

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  • Yujuan Qiu

Abstract

This paper investigates some indicators of financial development in select countries with currency board systems and raises some questions about the connection between financial development and growth in currency board systems. Most of those cases are long past episodes of what we would now call emerging markets. However, the paper also looks at Hong Kong, the currency board system that is one of the world's largest and most advanced financial markets. The global financial crisis of 2008 09 created doubts about the efficiency of financial markets in advanced economies, including in Hong Kong, and unsettled the previous consensus that a large financial sector would be more stable than a smaller one.

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  • Yujuan Qiu, 2024. "Financial Deepening and Economic Growth in Select Emerging Markets with Currency Board Systems: Theory and Evidence," Papers 2406.00472, arXiv.org.
    • Handle: RePEc:arx:papers:2406.00472
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    1. Robert G. King & Ross Levine, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 108(3), pages 717-737.
    2. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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