Thresholds in the process of international financial integration

• Published in: Journal of international money and finance Vol. 30; no. 1; pp. 147 - 179
• Main Authors: Ayhan Kose, M., Prasad, Eswar S., Taylor, Ashley D.
• Format: Journal Article
• Language: English
• Published: Kidlington Elsevier Ltd 01.02.2011; Elsevier; Elsevier Science Ltd
• Series: Journal of International Money and Finance
• Subjects: 1975-2004; Capital account liberalization; Economic theory; Financial Aspects of Economic Integration F360; Financial Crises G010; Financial crisis; Financial development; Financial integration; Financial openness; Financial openness Capital account liberalization Growth Threshold conditions Financial development Institutions Macroeconomic policies; Financial services; Financial systems; Finanzmarkt; Finanzmarktregulierung; Foreign investment; Globalisierung; Globalization; Growth; Institutionenökonomik; Institutions; Integration; International banking; International finance; International Financial Markets G150; International monetary relations; Internationaler Finanzmarkt; Macroeconomic policies; Marktintegration; Studies; Threshold conditions; Welt; Wirkungsanalyse; Macroeconomic policies; O4; Growth; Financial openness; Financial development; Capital account liberalization; Threshold conditions; F3; Institutions; F4

The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration. Indeed,...