Abstract
Using two-step system generalized method-of-moments on an unbalanced panel of 75 countries from 1996 to 2010, this study shows that financial development’s effect on the pace of a country’s financial integration is conditional on economic development. Indeed, the results validate the observation that greater financial development conditioned on similar levels of economic development should precede closer financial integration.
| Original language | English |
|---|---|
| Pages (from-to) | 119-124 |
| Number of pages | 6 |
| Journal | Applied Economics Letters |
| Volume | 25 |
| Issue number | 2 |
| DOIs | |
| State | Published - Jan 19 2018 |
| Externally published | Yes |
ASJC Scopus Subject Areas
- Economics and Econometrics
Keywords
- economic development
- financial development
- Financial integration
- system generalized method-of-moments estimator
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