Impact of Financial Globalization on Financial Development in Developed and Developing Countries
Bibliographic Data
| ID | 6109604 |
|---|---|
| Authors | Muslum Polat (0000-0003-1198-4693, Institute of Social Sciences), Enes Yildiz (0000-0003-3614-579X), Enes Yıldız (0000-0002-1692-8992, Institute of Social Sciences), Mesut Aslan (0000-0003-0299-0928, Institute of Social Sciences) |
| Year | 2024 |
| Volume | 72 |
| Issue | 4 |
| Pages | 702-726 |
| Publication date | 2024-08-20 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Politická ekonomie (JOURNAL) |
| Journal identifiers | ISSN: 0032-3233 • E-ISSN: 2336-8225 |
| Publisher | Prague University of Economics and Business (PUBLISHER • CZ) |
| DOI | 10.18267/j.polek.1436 |
| OpenAlex | W4401689953 |
| Language | EN |
| Citations received | 1 |
| References cited | 48 |
Over a period of more than three decades from 1982 to 2019, this study examines the impact of financial globalization on financial development, taking into account differences between developed and developing countries. It also examines sub-indices of financial-development and provides a comprehensive perspective on the topic. The analyses in this study use the Durbin-Hausman panel cointegration test, which provides more precise and less biased results for panel data with a large number of units and the augmented mean group (AMG) estimator, which combines the advantages of both fixed-effects and random-effects estimators to provide more efficient and robust forecasts. Empirical findings reveal a long-run association between financial development and financial globalization across both developed and developing economies. Notably, while the coefficients of this relationship are consistently positive in both groups, statistical significance is observed only in developed countries. This result implies that the positive effect of financial globalization on financial development is more pronounced in developed countries. It also points to the importance of market participants in developed and developing countries making financial decisions in line with their countries' level of development
Business · Developing country · Economic growth · Economics · Financial analysis · Financial globalization · Financial market · Financial system · Geography of finance · Globalization · Market economy · Banking stability, regulation, efficiency · Economic Growth and Development · Finance · Global Financial Crisis and Policies
Efficient Inference in a Random Coefficient Regression Model
Estimating Panel Time-Series Models with Heterogeneous Slopes
Introducing a New Broad-based Index of Financial Development
A bias-adjusted LM test of error cross-section independence
Panel cointegration tests of the Fisher effect
A Panic Attack on Unit Roots and Cointegration
A Lagrange Multiplier test for cross-sectional dependence in a fixed effects panel data model
General Diagnostic Tests for Cross Section Dependence in Panels
The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics
Testing slope homogeneity in large panels
Money and Capital in Economic Development
Financing the economy
Capital control liberalization and stock market development
Financial deepening in economic development
Financial liberalization, financial sector development and growth
Financial development and openness
What matters for financial development? Capital controls, institutions, and interactions
| Unique citing works | 1 |
|---|---|
| Citations per year | 1 |
| Citation span | 2025 - 2025 (1) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 1 |