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

页码：1895 / 1924

页数：30

共 50 条

[31] Financial Intermediation and Finance-Growth Nexus in Nigeria
Bello, Hassan Taiwo
Osabuohien, Evans S.
Ayadi, Folorunso
Ejemeyovwi, Jeremiah O.
[J]. EDUCATION EXCELLENCE AND INNOVATION MANAGEMENT: A 2025 VISION TO SUSTAIN ECONOMIC DEVELOPMENT DURING GLOBAL CHALLENGES, 2020, : 15900 - 15909
[32] Re-examining the Causal Relationships among FDI, Economic Growth and Financial Sector Development in Africa
Ibrahim, Muazu
Acquah, Abraham Mensah
[J]. INTERNATIONAL REVIEW OF APPLIED ECONOMICS, 2021, 35 (01) : 45 - 63
[33] Re-examining the participation and empowerment nexus: Applications to community-based tourism
Gutierrez, Eylla Laire M.
[J]. WORLD DEVELOPMENT PERSPECTIVES, 2023, 31
[34] Finance–growth nexus: does causality withstand financial liberalization? Evidence from cointegrated VAR
Alessandra Dal Colle
[J]. Empirical Economics, 2011, 41 : 127 - 154
[35] Re-examining the tourism-led growth nexus and the role of information and communication technology in East Asia and the Pacific
Adeleye, Bosede Ngozi
[J]. HELIYON, 2023, 9 (02)
[36] Labour Market Institutions and Unemployment: Does Finance Matter?
Christophe Rault
Anne-Gaël Vaubourg
[J]. Comparative Economic Studies, 2012, 54 (1) : 43 - 64
[37] Re-examining China’s Economic Growth Momentum
HU JIANGYUN
[J]. China Today, 2014, (09) : 50 - 51
[38] Labour Market Institutions and Unemployment: Does Finance Matter?
Rault, Christophe
Vaubourg, Anne-Gael
[J]. COMPARATIVE ECONOMIC STUDIES, 2012, 54 (01) : 43 - 64
[39] Does governance quality matter in the nexus of inclusive finance and stability?
Saha, Mallika
Dutta, Kumar Debasis
[J]. CHINA FINANCE REVIEW INTERNATIONAL, 2023, 13 (01) : 121 - 139
[40] Non-linear growth effects of financial development: Does financial integration matter?
Masten, Arjana Brezigar
Coricelli, Fabrizio
Masten, Igor
[J]. JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2008, 27 (02) : 295 - 313

← 1 2 3 4 5 →