Veysov, Alexander and Stolbov, Mikhail (2011): Do financial systems converge? A Comprehensive panel data approach and new evidence from a dataset for 102 countries.
This is the latest version of this item.
Download (332kB) | Preview
This paper is to investigate the existence of β- convergence and σ- convergence for financial institutional characteristics for the dataset of 102 countries from 1980 to 2009. The research is based on panel data econometric models and 10 financial depth indicators. The partial effects of corruption and financial openness are also to be estimated. The main conclusion is that the world exhibits steady financial development as well as β-convergence of financial depth indicators, the middle income countries converging relatively faster. Nevertheless the speed of convergence is not sufficient for the developing world to catch up quickly.
|Item Type:||MPRA Paper|
|Original Title:||Do financial systems converge? A Comprehensive panel data approach and new evidence from a dataset for 102 countries|
|English Title:||Do financial systems converge? A Comprehensive panel data approach and new evidence from a dataset for 102 countries|
|Keywords:||Financial convergence; empirical research; corruption; financial openness; financial depth|
|Subjects:||F - International Economics > F3 - International Finance > F30 - General
O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models ; Multiple Variables > C33 - Panel Data Models ; Spatio-temporal Models
G - Financial Economics > G2 - Financial Institutions and Services > G20 - General
|Depositing User:||Mikhail Stolbov|
|Date Deposited:||23 Jan 2012 19:25|
|Last Modified:||21 Feb 2016 00:18|
Angelos A. Antzoulatos, Ekaterini Panopoulou, and Chris Tsoumas, “Do Financial Systems Converge?” Review of International Economics, 19(1), 122–136, 2011DOI:10.1111/j.1467- 9396.2010.00936.x
Antzoulatos, Angelos A., John Thanopoulos, and Chris Tsoumas, “Financial System Structure and Change—1986–2005: Evidence from the OECD Countries,” Journal of Economic Integration 23 (2008):977–1001
Baumol W. J. (1986), “Productivity Growth, Convergence and Welfare: what the Long-Run Data Show”, American Economic Review, vol. 76, n. 5. 1072–1085.
Bianco, Magda, Andrea Gerali, and Riccardo Massaro, “Financial Systems across ‘Developed Economies’: Convergence or Path Dependence?” Research in Economics 51 (1997):303–31.
Di Giacinto V. and L. Esposito (2006), “Convergence of Financial Structures in Europe: an Application of Factoral Matrix Analysis”, in Bank of Italy, “Financial Accounts: History, methods, the Case of Italy and International Comparisons”, available at www.bancaditalia.it.
Do financial systems converge? New evidence from household financial assets in selected OECD countries. Giuseppe Bruno and Riccardo De Bonis, IFC Bulletin No 31
Jeffrey M. Wooldridge (2002)Econometric Analysis of Cross Section and Panel Data The MIT Press Cambridge, Massachusetts London, England.
Hartmann, A. Maddaloni, and S. Manganelli (2003), “The Euro Area Financial System: structure, Integration and Policy Initiatives”, ECB Working Paper, 230.
Phillips, Peter C. B. and Donggyu Sul, “Transition Modeling and Econometric Convergence Tests,” Econometrica 75 (2007a):1771–855.
Rajan, Raghuram and Luigi Zingales, “The Great Reversals: The Politics of Financial Development in the Twentieth Century,” Journal of Financial Economics 69 (2003):5–50.
Schmidt, Reinhard H.,Andreas Hackethal, and Marcell Tyrell, “Disintermediation and the Role of Banks in Europe: An International Comparison,” Journal of Financial Intermediation 8 (1999):36–67.
Stolbov M. Finansovyi rinok i economichesky rost: konturi problemi. - М.: Naychnaya kniga, 2008.- P. 201.
Thorsten Block, Financial Systems Innovations and Economic Performance // MERITInfonomics Research Memorandum Series, 2002
Thortsen Beck and Asli Demirgüç-Kunt, "Financial Institutions and Markets Across Countries and over Time: Data and Analysis", World Bank Policy Research Working Paper No. 4943, May 2009 (World Bank Financial Structure Database)
Available Versions of this Item
Do financial systems converge? A Comprehensive panel data approach and new evidence from a dataset for 102 countries. (deposited UNSPECIFIED)
- Do financial systems converge? A Comprehensive panel data approach and new evidence from a dataset for 102 countries. (deposited 23 Jan 2012 19:25) [Currently Displayed]