دانلود مقاله ISI انگلیسی شماره 97685
ترجمه فارسی عنوان مقاله

آزاد سازی حساب های سرمایه و تقویت مالی: آیا بخش خصوصی مهم است؟

عنوان انگلیسی
Capital account liberalization and financial deepening: Does the private sector matter?
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
97685 2017 46 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : The Quarterly Review of Economics and Finance, Volume 64, May 2017, Pages 141-151

پیش نمایش مقاله
پیش نمایش مقاله  آزاد سازی حساب های سرمایه و تقویت مالی: آیا بخش خصوصی مهم است؟

چکیده انگلیسی

This paper tests, using cross-sectional and Generalized Method of Moments (GMM) dynamic panel estimation techniques, the effect of freeing cross-border financial transactions on financial sector development for a sample of 90 developed and developing countries over the period 1980–2009. it tests, specifically, if the effect of financial integration on financial deepening depends on some prerequisites in the economy. The main results of the paper are the following: First, in developing countries financial integration is not found to lead to higher financial development unless a set of prerequisites are already in place. Second, to have successful capital account liberalization in middle income countries, there is a need to develop the institutional environment and the private sector as prerequisites. Third, the effect of freeing cross-border capital flows on economic growth is found to depend on the same prerequisites in these countries.