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International Financial Integration and Economic Growth

Author/Editor: Edison, Hali J. | Levine, Ross | Ricci, Luca Antonio | Sløk, Torsten
Authorized for Distribution: August 1, 2002
Electronic Access: Free Full Text (PDF file size is 1,091KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: This paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and also to assess whether this relationship depends on the level of economic development, financial development, legal system development, government corruption, and macroeconomic policies. Using a wide array of measures of international financial integration on 57 countries and an assortment of statistical methodologies, we are unable to reject the null hypothesis that international financial integration does not accelerate economic growth even when controlling for particular economic, financial, institutional, and policy characteristics.
 
Series: Working Paper No. 02/145
Subject(s): International financial system | Economic growth | Foreign investment | Private investment | Developing countries | Economic models
Author's keyword(s): International finance | economic growth | foreign direct investment | portfolio investment and developing countries
 
English  
    Published:   August 1, 2002        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA1452002   Pages:   30
    Price:   US$15.00
       
     
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