The DOI matches its Crossref record; 40 of the 40 references it cites were found in a registry or an index.
International Financial Liberalization and Economic Growth
Abstract
This paper pulls together existing theory and evidence to assess whether international financial liberalization, by improving the functioning of domestic financial markets and banks, accelerates economic growth. The analysis suggests that the answer is “yes.” First, liberalizing restrictions on international portfolio flows tends to enhance stock market liquidity. n turn, enhanced stock market liquidity accelerates economic growth primarily by boosting productivity growth. Second, allowing greater foreign bank presence tends to enhance the efficiency of the domestic banking system. In turn, better‐developed banks spur economic growth primarily by accelerating productivity growth. Thus, international financial integration can promote economic development by encouraging improvements in the domestic financial system.
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Citations
Cites
Theory of the firm: Managerial behavior, agency costs and ownership structure
Jensen, M. C., & Meckling, W. H. (1976) · Journal of Financial Economics · doi:10.1016/0304-405x(76)90026-x · Cited by 71,491
Finance and Growth: Schumpeter Might Be Right
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Self-citationFinancial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis
Perron, P. (1989) · Econometrica · doi:10.2307/1913712 · Cited by 7,732
Financial Dependence and Growth
Rajan, R., & Zingales, L. (1996) · National Bureau of Economic Research · doi:10.3386/w5758 · Cited by 7,730
Financial Development and Economic Growth: Views and Agenda
Levine, R. E. (n.d.) · RePEc: Research Papers in Economics · Cited by 4,687
Self-citationFinancial intermediation and growth: Causality and causes
Levine, R., Loayza, N., & Beck, T. (2000) · Journal of Monetary Economics · doi:10.1016/s0304-3932(00)00017-9 · Cited by 4,414
Self-citationFinance and the sources of growth
Beck, T., Levine, R., & Loayza, N. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00072-6 · Cited by 3,711
Self-citationFinance, entrepreneurship and growth
King, R. G., & Levine, R. (1993) · Journal of Monetary Economics · doi:10.1016/0304-3932(93)90028-e · Cited by 3,550
Self-citationStock Markets, Banks, and Economic GrowthPreprint
Levine, R. E., & Zervos, S. (1996) · RePEc: Research Papers in Economics · Cited by 3,155
Self-citation
Cited by
LEUZ, C., & WYSOCKI, P. D. (2016) · Journal of Accounting Research · doi:10.1111/1475-679x.12115 · Cited by 1,760
Stock market liberalization and innovation
Moshirian, F., Tian, X., Zhang, B., & Zhang, W. (2021) · Journal of Financial Economics · doi:10.1016/j.jfineco.2020.08.018 · Cited by 409
Financial integration, productivity and capital accumulation
Bonfiglioli, A. (2008) · Journal of International Economics · doi:10.1016/j.jinteco.2008.08.001 · Cited by 339
Financial technology and the future of banking
Broby, D. (2021) · Financial Innovation · doi:10.1186/s40854-021-00264-y · Cited by 259
Choong, C.-K., Baharumshah, A. Z., Yusop, Z., & Habibullah, M. S. (2010) · Japan and the World Economy · doi:10.1016/j.japwor.2009.07.001 · Cited by 182
Metadata
- Authors
- Levine, R.
- Venue
- Review of International Economics
- Publisher
- Wiley
- Published
- 2001-11
- Volume
- 9
- Issue
- 4
- Pages
- 688-702
- ISSN
- 0965-7576 (ISSN-L)
- 1467-9396
- OpenAlex
- W2130555915
- Cited by
- 658
- References
- 40
- FWCI
- 31.71
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.