Financial openness and financial market development

被引：13
|
作者：
Tongurai, Jittima [1 ]
Vithessonthi, Chaiporn [2 ]
机构：
[1] Kobe Univ, Grad Sch Business Adm, 2-1,Rokkodai,Nada, Kobe 6578501, Japan
[2] Sunway Univ, Sunway Business Sch, 5 Jalan Univ, Bandar Sunway 47500, Selangor, Malaysia
来源：
JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT | 2023年 / 67卷
关键词：
Financial openness; Financial market development; Bond markets; Banking sector; Stock markets; CAPITAL-ACCOUNT LIBERALIZATION; BANK RISK-TAKING; ECONOMIC-GROWTH; INFORMATIONAL EFFICIENCY; TRADE OPENNESS; EQUITY; INTEGRATION; REQUIREMENTS; INSTITUTIONS; COMPETITION;
D O I：
10.1016/j.mulfin.2023.100782
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, we empirically study the linkages between financial openness and financial development using a sample of 164 countries during 1960-2020. Based on the results of the estimation of systems of equations, we find that the relationship between relative financial openness and relative banking sector development is positive and bidirectional. Likewise, the relationship between relative financial openness and relative stock market development is posi-tive and bidirectional. However, the relationship between relative financial openness and relative bond market development is negative and bidirectional.
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页数：16
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