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L’intégration financière internationale :Une comparaison descriptive des effets sur les pays industrialisés et les pays émergents

Saadaoui, Zied (2007): L’intégration financière internationale :Une comparaison descriptive des effets sur les pays industrialisés et les pays émergents.

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Abstract

After reviewing the literature that identify and measure the effect of financial integration on the depth and the efficiency of financial markets in emerging countries, on capital flows towards these countries and finally on economic growth, this paper provides a descriptive analysis of the effect exerted by financial integration (liberalization of the banking sector and the removal of restrictions on foreign capital flows) on the banking sector and the stock market. For this purpose, we refer to several studies that identify the exact dates of financial liberalization in a sample of 32 countries (22 PE and 10 IP). This study aims to verify if economically advanced countries have benefited more from financial integration than emerging countries in order to develop their stock markets and create a balance between direct financing and indirect financing. Data analysis shows that liberalization of domestic financial system mostly benefited to the newly industrialized countries of the Southeast Asia and to developed countries in terms of stock market liquidity and bank credit volume.

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