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Is globalization detrimental to financial development? Further evidence from a very large emerging economy with significant orientation towards policies

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  • Shahbaz, Muhammad
  • Mallick, Hrushikesh
  • Kumar, Mantu
  • Hammoudeh, Shawkat

Abstract

This study attempts to explore the relationship between globalization and financial development by endogenising economic growth, population density, inflation and institutional quality for India during the period from 1971-2013. Using the more conclusive Bayer-Hanck (2013) combined cointegration method, the study provides evidence of cointegration among these variables. The long run and short run estimates from the ARDL model and causality tests respectively suggest that globalization in its all forms (political, social and economic) and its overall measure as well as inflation are detrimental to financial development, while economic growth and population density both promote financial development. Further, the results also point out that institutional quality is not conducive to financial development in India, and there exists a feedback effect between financial development and inflation. Moreover, financial development is influenced by economic growth, institutional quality and population density.

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  • Shahbaz, Muhammad & Mallick, Hrushikesh & Kumar, Mantu & Hammoudeh, Shawkat, 2017. "Is globalization detrimental to financial development? Further evidence from a very large emerging economy with significant orientation towards policies," MPRA Paper 78805, University Library of Munich, Germany, revised 24 Apr 2017.
    • Handle: RePEc:pra:mprapa:78805
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    More about this item

    Keywords

    Globalization; financial development; institutional quality; inflation; India;
    All these keywords.

    JEL classification:

    • C0 - Mathematical and Quantitative Methods - - General

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