Financial Development Convergence: Evidence from Top and Bottom Globalised Developing Economies

被引：1
|
作者：
Zhao, Zuoxiang [1 ]
Han, Ding [2 ]
Pal, Shreya [3 ,4 ]
Mahalik, Mantu Kumar [3 ]
Gozgor, Giray [5 ,6 ,7 ]
机构：
[1] Chinese Acad Sci, Inst Sci & Dev, Beijing, Peoples R China
[2] Univ Int Business & Econ UIBE, Int Business Strategy Inst, Beijing, Peoples R China
[3] Indian Inst Technol, Dept Humanities & Social Sci, Kharagpur, India
[4] Christ Univ, Sch Business & Management, Bangaluru, Karnataka, India
[5] Univ Bradford, Sch Management, Richmond Rd, Bradford BD7 1DP, England
[6] Istanbul Medeniyet Univ, Fac Polit Sci, Istanbul, Turkiye
[7] Lebanese Amer Univ, Adnan Kassar Sch Business, Beirut, Lebanon
来源：
EMERGING MARKETS FINANCE AND TRADE | 2024年 / 60卷 / 08期
关键词：
Globalization; financial development; financial institutions; financial markets; convergence analysis; E44; F36; F65; GALTONS FALLACY; PANEL COINTEGRATION; SECTOR DEVELOPMENT; GROWTH NEXUS; UNIT-ROOT; LIBERALIZATION; TRANSITION; OPENNESS; MARKETS; MODELS;
D O I：
10.1080/1540496X.2023.2284300
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper investigates the pattern of the financial development convergence for the top (Europe and Central Asia) and the bottom (South Asia) globalized developing regions from 1984 to 2016. We employ the Philips-Sul club convergence approach to measure the financial development convergence's speed. The results validate the convergence of financial development in all countries, including the top and bottom of globalized developing regions. Interestingly, the speed of financial development convergence is less in the bottom globalized developing region than in the top globalized developing region. However, these results vary across developing regions in the case of financial institutions and financial markets. Therefore, solid financial market governance can provide a productive and efficient financial system, particularly in the bottom globalized economies.
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页码：1599 / 1622
页数：24
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