Re-examining the finance-institutions-growth nexus: does financial integration matter?

被引：1
|
作者：
Haini, Hazwan [1 ]
Razak, Lutfi Abdul [1 ]
Loon, Pang Wei [1 ]
Husseini, Sufrizul [2 ]
机构：
[1] Univ Brunei Darussalam, Sch Business & Econ, Bandar Seri Begawan, Brunei
[2] Univ Brunei Darussalam, Ctr Strateg & Policy Studies, Bandar Seri Begawan, Brunei
来源：
ECONOMIC CHANGE AND RESTRUCTURING | 2023年 / 56卷 / 03期
关键词：
Economic growth; Financial development; Financial openness; Financial globalization; Threshold; TIME-SERIES EVIDENCE; ECONOMIC-GROWTH; INTERMEDIATION; LIBERALIZATION; GLOBALIZATION; THRESHOLDS; SPILLOVERS; INVESTMENT; POLICIES; SECTOR;
D O I：
10.1007/s10644-023-09498-5
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study examines whether financial integration affects the finance-institutions-growth nexus using a sample of 145 countries from 1995 to 2021. Financial globalization continues to be a dominant phenomenon, despite the concerns on contagion and capital flight issues. We argue that financial integration can potentially crowd out the positive growth effects from both financial development and institutions. Using a dynamic panel estimator to control for endogeneity and simultaneity and multidimensional measures of financial development, institutional quality, and financial integration, we find a nonlinear relationship. More specifically, financial integration is growth-enhancing up to a threshold. Additionally, we find the marginal effects of finance and institutions to be insignificant above this threshold.
引用
收藏
页码：1895 / 1924
页数：30
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