تمایز بین آزادسازی مالی و واقعی یکپارچگی مالی: نمایش نتایج: از چند کشور مطالعه

The concept financial openness is differentiated from that of financial integration with a survey of literature, and with reference to country experiences. A ranking is made of different developed and developing countries in terms of various definitions of financial integration, including the Feldstein-Horioka coefficient. It is seen that the ranking is not – by any means – identical for different measures of financial integration. Evidently, mere opening up to capital flows will not bring about financial integration, which will be reflected in interest rate premiums. Tests are conducted for the dependence of the degree of integration on country-specific characteristics such as the degree of decentralization, credit market restrictions, degree of indebtedness, size, and the like.