Politická ekonomie 2024, 72(4):702-726 | DOI: 10.18267/j.polek.1436

Impact of Financial Globalization on Financial Development in Developed and Developing Countries

Müslüm Polat ORCID..., Enes Yildiz, Mesut Aslan
Müslüm Polat: Bingöl University, Faculty of Economics and Administrative Sciences, Department of Business Administration, Bingöl, Turkey
Enes Yildiz: Bingöl University, Institute of Social Sciences, Bingöl, Turkey
Mesut Aslan: Bingöl University, Faculty of Economics and Administrative Sciences, Department of Business Administration, Bingöl, Turkey

Over a period of more than three decades from 1982 to 2019, this study examines the impact of financial globalization on financial development, taking into account differences between developed and developing countries. It also examines sub-indices of financial-development and provides a comprehensive perspective on the topic. The analyses in this study use the Durbin-Hausman panel cointegration test, which provides more precise and less biased results for panel data with a large number of units and the augmented mean group (AMG) estimator, which combines the advantages of both fixed-effects and random-effects estimators to provide more efficient and robust forecasts. Empirical findings reveal a long-run association between financial development and financial globalization across both developed and developing economies. Notably, while the coefficients of this relationship are consistently positive in both groups, statistical significance is observed only in developed countries. This result implies that the positive effect of financial globalization on financial development is more pronounced in developed countries. It also points to the importance of market participants in developed and developing countries making financial decisions in line with their countries' level of development.

Keywords: Financial globalization, financial development, developing countries, developed countries, AMG
JEL classification: B26, E44, F15, G15

Vloženo: 28. září 2023; Revidováno: 13. leden 2024; Přijato: 14. únor 2024; Zveřejněno online: 12. srpen 2024; Zveřejněno: 20. srpen 2024  Zobrazit citaci

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Polat, M., Yildiz, E., & Aslan, M. (2024). Impact of Financial Globalization on Financial Development in Developed and Developing Countries. Politická ekonomie, 72(4), 702-726. doi: 10.18267/j.polek.1436
Stáhnout citaci
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Zobrazit celý článek

    Reference

    1. Abbasov, A. (2019). Pooled Mean Group Approach to Test the Determinants of Financial Integration: Evidence From OECD and G20 Countries. Research in World Economy, 10(3), 366-370. https://doi.org/10.5430/rwe.v10n3p366 Přejít k původnímu zdroji...
    2. Ajayi, M. A., Aluko, O. A. (2019). Testing the Validity of the Simultaneous Openness Hypothesis in Nigeria (1990-2015). African Development Review, 31(1), 58-70. https://doi.org/10.1111/1467-8268.12363 Přejít k původnímu zdroji...
    3. Ak, M. Z., İnal, V. (2019). Yükselen Piyasa Ekonomilerinde Ticari Açiklik, Finansal Gelişme ve Ekonomik Büyüme: Bir Panel Nedensellik Analizi. Ekoist: Journal of Econometrics and Statistics, 31, 1-16.
    4. Akdoğan, E. C., Özşuca, E. A. (2019). Profitability Effects of Financial Globalization in an Emerging Market Banking Industry: Insights into Turkey. Zbornik Radova Ekonomskog Fakulteta u Rijeci: Journal of Economics and Business, 37(1), 303-325. https://doi.org/10.18045/zbefri.2019.1.303 Přejít k původnímu zdroji...
    5. Aluko, O. A., Ibrahim, M. (2020). On the Macroeconomic Determinants of Financial Institutions Development in sub‑Saharan Africa. International Review of Economics, 67(1), 69-85. https://doi.org/10.1007/s12232-019-00332-x Přejít k původnímu zdroji...
    6. Aluko, O. A., Opoku, E. E. (2022). The financial-development Impact of Financial Globalization Revisited: A Focus on OECD Countries. International Economics, 169, 13-29. https://doi.org/10.1016/j.inteco.2021.11.001 Přejít k původnímu zdroji...
    7. Ang, J. B., McKibbin, W. J. (2007). Financial Liberalization, Financial Sector Development and Growth: Evidence from Malaysia. Journal of Development Economics, 84(1), 215-233. https://doi.org/10.1016/j.jdeveco.2006.11.006 Přejít k původnímu zdroji...
    8. Asongu, S. (2014). Financial Development Dynamic Thresholds of Financial Globalization: Evidence from Africa. Journal of Economic Studies, 41(2), 166-195. https://doi.org/10.1108/JES-03-2012-0039 Přejít k původnímu zdroji...
    9. Asongu, S. A., Koomson, I., Tchamyou, V. S. (2017). Financial Globalisation Uncertainty/Instability is Good for Financial. Research in International Business and Finance, 41, 280-291. https://doi.org/10.1016/j.ribaf.2017.04.042 Přejít k původnímu zdroji...
    10. Avci, P., Cetin, M. (2022). Structural Breaks, Financial Globalization, and Financial Development: Evidence from Turkey. Economic Journal of Emerging Markets, 14(2), 204-217. https://doi.org/10.20885/ejem.vol14.iss2.art5 Přejít k původnímu zdroji...
    11. Ayaydin, H., Karakaya, A., Pala, F. (2018). Trade Openness, Financial Openness, and Financial Development in Eurozone: Evidence from Dynamic Panel Data. Global Journal of Economics and Business Studies, 7(14), 1-17.
    12. Bai, J., Ng, S. (2004). A Panic Attack on Unit Roots and Cointegration. Econometrica, 72(4), 1127-1177. Přejít k původnímu zdroji...
    13. Baltagi, B. H., Demetriades, P. O., Law, S. H. (2009). Financial Development and Openness: Evidence from Panel Data. Journal of Development Economics, 89(2), 285-296. https://doi.org/10.1016/j.jdeveco.2008.06.006 Přejít k původnímu zdroji...
    14. Baltagi, B. H., Feng, Q., Kao, C. (2012). A Lagrange Multiplier Test for Cross-Sectional Dependence in a Fixed Effects Panel Data Model. Journal of Econometrics, 170(1), 164-177. https://doi.org/10.1016/j.jeconom.2012.04.004 Přejít k původnímu zdroji...
    15. Beji, S. (2007). Financial Openness and Financial Development in the South Mediterranean Sea Countries: Institutional Approach and Calculation of Development Thresholds. European Research Studies, XI(3-4), 107-127.
    16. Bhetuwal, K. R. (2007). Financial Liberalization and Financial Development in Nepal. Economic Review, 19(2), 23-41. https://doi.org/10.3126/nrber.v19i1.52986 Přejít k původnímu zdroji...
    17. Breusch, T. S., Pagan, A. R. (1980). The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111 Přejít k původnímu zdroji...
    18. Canh, N. P., Thanh, S. D. (2020). Financial Development and the Shadow Economy: A Multi-Dimensional Analysis. Economic Analysis and Policy, 67, 37-54. https://doi.org/10.1016/j.eap.2020.05.002 Přejít k původnímu zdroji...
    19. Chinn, M. D., Ito, H. (2002). Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence. UC Santa Cruz Center for International Economics Working Paper No. 02-11. Přejít k původnímu zdroji...
    20. Chinn, M. D., Ito, H. (2006). What Matters for Financial Development? Capital Controls, Institutions, and Interactions. Journal of Development Economics, 81(1), 163-192. https://doi.org/10.1016/j.jdeveco.2005.05.010 Přejít k původnímu zdroji...
    21. Cordella, T., Rojas, A. O. (2017). Financial Globalization and Market Volatility: An Empirical Appraisal. World Bank Policy Research Working Paper No. 8088. https://doi.org/10.1596/1813-9450-8091 Přejít k původnímu zdroji...
    22. Coşkun, N., Balli, E. (2020). Fisher Hipotezinin Geçerliliğinin OECD Ülkeleri için Sinanmasi. Journal of Çankiri Karatekin University Faculty of Economics and Administrative Sciences, 10(2), 751-768. https://doi.org/10.18074/ckuiibfd.678883 Přejít k původnímu zdroji...
    23. De Gregorio, J. (1999). Financial Integration, Financial Development and Economic Growth. Estudios de Economía, 26(2), 137-161.
    24. Dogan, E., Madaleno, M., Altinoz, B. (2020). Revisiting the Nexus of Financialization and Natural Resource Abundance in Resource-Rich Countries: New Empirical Evidence from Nine Indices of Financial Development. Resources Policy, 69. https://doi.org/10.1016/j.resourpol.2020.101839 Přejít k původnímu zdroji...
    25. Doğan, E., Özarslan Doğan, B. (2021). Jeopolitik Riskin Ekonomik Büyüme Üzerindeki Etkisi: Kirilgan Beşli Ülkelerinden Ampirik Kanitlar. Journal of Ömer Halisdemir University Faculty of Economics and Administrative Sciences, 14(3), 978-990. https://doi.org/10.25287/ohuiibf.804425 Přejít k původnímu zdroji...
    26. Eberhardt, M., Bond, S. (2009). Cross-Section Dependence in Nonstationary Panel Models: A Novel Estimator. MPRA Paper No. 17692.
    27. Eberhardt, M., Teal, F. (2010). Productivity Analysis in Global Manufacturing Production. Economics Series Working Papers 515.
    28. Eberhardt, M. (2012). Estimating Panel Time-Series Models with Heterogeneous Slopes. The Stata Journal, 12(1), 61-71. https://doi.org/10.1177/1536867X1201200105 Přejít k původnímu zdroji...
    29. Elkhuizen, L., Hermes, N., Jacobs, J., et al. (2018). Financial Development, Financial Liberalization and Social Capital. Applied Economics, 50(11), 1268-1288. https://doi.org/10.1080/00036846.2017.1358446 Přejít k původnímu zdroji...
    30. Farouq, I. S., Sulong, Z. (2020). The Impact of Economic Growth, Oil Price, and Financial Globalization Uncertainty on Financial Development: Evidence from Selected Leading African Countries. International Journal of Business, Economics and Management, 7(5), 274-289. https://doi.org/10.18488/journal.62.2020.75.274.289 Přejít k původnímu zdroji...
    31. Farouq, I. S., Sulong, Z., Sanusi, S. S. (2020). The Empirical Relationship Between Economic Growth, ICT, Financial Globalization Uncertainty and Financial Development: Evidence from Selected Leading African Economies. Islamic University Multidisciplinary Journal, 7(3), 1-14.
    32. Göçer, İ. (2013). Ar-Ge Harcamalarinin Yüksek Teknolojili Ürün İhracati, Diş Ticaret Dengesi ve Ekonomik Büyüme Üzerindeki Etkileri. Finance Journal, 165(2), 215-240.
    33. Gulcemal, T. (2021). Financial Globalization, Institutions and Economic Growth Impact on Financial Sector Development in Fragile Countries Using GMM Estimator. Journal of Business Economics and Finance, 10(1), 36-46. https://doi.org/10.17261/Pressacademia.2021.1382 Přejít k původnímu zdroji...
    34. IMF (2023a). Financial Development Index Database. [Retrieved 2023-09-10] Available at: https://data.imf.org/?sk=F8032E80-B36C-43B1-AC26-493C5B1CD33B&sId=1480712464593
    35. IMF (2023b). Available Datasets Listed Alphabetically. [Retrieved 2023-09-10] Available at: https://data.imf.org/?sk=388DFA60-1D26-4ADE-B505-A05A558D9A42&sId=1479329132316
    36. Karikari, J. A. (2010). Governance, Financial Liberalization, and Financial Development in Sub-Saharan Africa. Paper Presented at the African Development Bank's African Economic Conference.
    37. Katircioğlu, S., Zabolotnov, A. (2020). Role of Financial Development in Economic Globalization: Evidence from Global Panel. Applied Economics Letters, 27(5), 371-377. https://doi.org/10.1080/13504851.2019.1616058 Přejít k původnímu zdroji...
    38. Klein, M. W., Olivei, G. P. (2008). Capital Account Liberalization, Financial Depth, and Economic Growth. Journal of International Money and Finance, 27(6), 861-875. https://doi.org/10.1016/j.jimonfin.2008.05.002 Přejít k původnímu zdroji...
    39. KOF Swiss Economic Institute (2023). KOF Globalisation Index. [Retrieved 2023-09-10] Available at: https://kof.ethz.ch/en/forecasts-and-indicators/indicators/kof-globalisation-index.html
    40. Kose, M. A., Prasad, E., Rogoff, K., et al. (2009). Financial Globalization: A Reappraisal. IMF Staff Papers, 56(1), 8-62. https://doi.org/10.1057/imfsp.2008.36 Přejít k původnímu zdroji...
    41. Küçükaksoy, İ., Akalin, G. (2017). Fisher Hipotezi'nin Panel Veri Analizi ile Test Edilmesi: OECD Ülkeleri Uygulamasi. Hacettepe University Faculty of Economics and Administrative Sciences Journal, 35(1), 19-40. https://doi.org/10.17065/huniibf.303303 Přejít k původnímu zdroji...
    42. Levine, R., Zervos, S. (1998). Capital Control Liberalization and Stock Market Development. World Development, 26(7), 1169-1183. https://doi.org/10.1016/S0305-750X(98)00046-1 Přejít k původnímu zdroji...
    43. McKinnon, R. I. (1973). Money and Capital in Economic Development. Washington, D.C.: Brookings Institution.
    44. Nasreen, S., Pervez, P. (2017). Financial Development, Financial Liberalisation and Institutions Nexus in Selected Sample of Middle Income Countries. Papers and Proceedings, 241-258.
    45. Nasreen, S., Mahalik, M. K., Shahbaz, M., Abbas, Q. (2020). How Do Financial Globalization, Institutions and Economic Growth Impact Financial Sector Development in European Countries? Research in International Business and Finance, 54, 1-57. https://doi.org/10.1016/j.ribaf.2020.101247 Přejít k původnímu zdroji...
    46. Nguyen, C. P., Su, T. D. (2021). Financing the Economy: The Multidimensional Influences of Financial Development on Economic Complexity. Journal of International Development, 33(4), 644-684. https://doi.org/10.1002/jid.3541 Přejít k původnímu zdroji...
    47. Ozkok, Z. (2015). Financial Openness and Financial Development: An Analysis Using Indices. International Review of Applied Economics, 29(5), 620-649. https://doi.org/10.1080/02692171.2015.1054366 Přejít k původnímu zdroji...
    48. Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. IZA Discussion Paper No. 1240. https://doi.org/10.2139/ssrn.572504 Přejít k původnímu zdroji...
    49. Pesaran, M. H., Yamagata, T. (2008). Testing Slope Homogeneity in Large Panels. Econometrics, 142(1), 50-93. https://doi.org/10.1016/j.jeconom.2007.05.010 Přejít k původnímu zdroji...
    50. Pesaran, M. H., Ullah, A., Yamagata, T. (2008). A Bias-Adjusted LM Test of Error Cross-Section Independence. The Econometrics Journal, 11(1), 105-127. https://doi.org/10.1111/j.1368-423X.2007.00227.x Přejít k původnímu zdroji...
    51. Polat, M. (2018). Doğrudan Yabanci Sermaye Yatirimlarinin Borsa ve Reel Sektörde Firmalara Etkisi: Gelişmekte Olan Ülkeler Üzerine Eşbütünleşme ve Nedensellik Analizi. Bingol University Journal of Social Sciences Institute, 8(16), 509-526. https://doi.org/10.29029/busbed.426527 Přejít k původnímu zdroji...
    52. Polat, M., Tatli, H. (2019). Borsada Yatirim ve Güven Endeksleri İlişkisi: Gelişmiş Ülkeler Üzerine Kirilmali Eşbütünleşme Analizi. Journal of the Faculty of Economics and Administrative Sciences of Kafkas University, 10(19), 1-21. https://doi.org/10.9775/kauiibfd.2019.001 Přejít k původnímu zdroji...
    53. Quinn, D. P. (2003). Capital Account Liberalization and Financial Globalization, 1890-1999: A Synoptic View. International Journal of Finance & Economics, 8(3), 189-204. https://doi.org/10.1002/ijfe.209 Přejít k původnímu zdroji...
    54. Shaw, E. S. (1973). Financial Deepening in Economic Development. New York: Oxford University Press.
    55. Svirydzenka, K. (2016). Introducing a New Broad-based Index of Financial Development. IMF Working Paper No. 2016/005. https://doi.org/10.5089/9781513583709.001 Přejít k původnímu zdroji...
    56. Swamy, P. A. (1970). Efficient Inference in a Random Coefficient Regression Model. Econometrica, 38(2), 311-323. https://doi.org/10.2307/1913012 Přejít k původnímu zdroji...
    57. Taşdemir, F. (2023). Finansal Küreselleşme ve Büyüme: Finansal Kalkinma ve Yönetişimin Etkileri. Dünya Uygulamali Ekonomi Dergisi, 9(1), 99-111.
    58. Tesega, M. (2022). Does Financial Globalization Contribute to Financial Development in Developing Countries? Evidence from Africa. Heliyon, 8(10), 1-7. https://doi.org/10.1016/j.heliyon.2022.e10974 Přejít k původnímu zdroji...
    59. Tovar-García, E. D. (2012a). Financial Globalization and Financial Development in Latin America. Cuadernos de Economía, 31(57), 89-111.
    60. Tovar-García, E. D. (2012b). Financial Globalization and Financial Development in Transition Countries. Economía: teoría y práctica, 36, 155-178. https://doi.org/10.24275/ETYPUAM/NE/362012/Tovar Přejít k původnímu zdroji...
    61. WB (2023). World Development Indicators. [Retrieved 2023-09-10] Available at: https://databank.worldbank.org/source/world-development-indicators
    62. Westerlund, J. (2008). Panel Cointegration Tests of the Fisher Effect. Journal of Applied Econometrics, 23(2), 193-233. https://doi.org/10.1002/jae.967 Přejít k původnímu zdroji...
    63. Yaman Songur, D. (2017). Doğrudan Yabanci Yatirimlar ve Diş Ticaret'in Gayri Safi Yurtiçi Hasila Üzerine Etkisi: Avrasya Ülkeleri Örneği. Bulletin of Economic Theory and Analysis, 2(2), 117-133. Přejít k původnímu zdroji...
    64. Zhang, C., Zhu, Y., Lu, Z. (2015). Trade Openness, Financial Openness, and Financial Development in China. Journal of International Money and Finance, 59, 287-309. https://doi.org/10.1016/j.jimonfin.2015.07.010 Přejít k původnímu zdroji...

    Tento článek je publikován v režimu tzv. otevřeného přístupu k vědeckým informacím (Open Access), který je distribuován pod licencí Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), která umožňuje nekomerční distribuci, reprodukci a změny, pokud je původní dílo řádně ocitováno. Není povolena distribuce, reprodukce nebo změna, která není v souladu s podmínkami této licence.


    Zpět na obsah