Capital Account Liberalization, Financial Development and Industry Growth : A Synthetic View (CROSBI ID 201278)
Prilog u časopisu | izvorni znanstveni rad | međunarodna recenzija
Podaci o odgovornosti
Eichengreen, Barry ; Gullapalli, Rachita ; Panizza, Ugo
engleski
Capital Account Liberalization, Financial Development and Industry Growth : A Synthetic View
This paper synthesizes studies analyzing the effects of capital account liberalization on industry growth while controlling for financial crises, domestic financial development and the strength of institutions. We find evidence that financial openness has positive effects on the growth of financially dependent industries, although these growth-enhancing effects evaporate during financial crises. Further analysis indicates that the positive effects of capital account liberalization are limited to countries with relatively well-developed financial systems, good accounting standards, strong creditor rights and rule of law. It suggests that countries must reach a certain threshold in terms of institutional and economic development before they can expect to benefit from capital account liberalization.
capital account liberalization; financial development; external dependence
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Podaci o izdanju
30 (6)
2011.
1090-1106
objavljeno
0261-5606
10.1016/j.jimonfin.2011.06.007