Trade liberalization, capital account liberalization and the real effects of financial development

Matías Braun, Claudio Raddatz*

*Autor correspondiente de este trabajo

Resultado de la investigación: Contribución a una revistaArtículorevisión exhaustiva

28 Citas (Scopus)

Resumen

This paper provides evidence that international economic integration changes the real effect of domestic financial institutions. Using a cross-country panel we show that domestic financial development has a smaller effect on growth in countries that are open to trade and capital flows than among countries that are closed in both dimensions. We then use sectoral data to show that this decline in the importance of financial development can be explained by its irrelevance for tradable sectors in countries that are fully integrated to the world economy. We also explore the consequences of these findings for the sequencing of reform.

Idioma originalInglés
Páginas (desde-hasta)730-761
Número de páginas32
PublicaciónJournal of International Money and Finance
Volumen26
N.º5
DOI
EstadoPublicada - sept. 2007
Publicado de forma externa

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