The impact of financial development and globalization on economic growth

• Autor(a) principal: Lopes, Cátia Marisa Francisco
• Data de Publicação: 2018
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10400.6/10126
• topic: Crescimento Económico; Desenvolvimento Financeiro; Globalização; Painel Ardl; Domínio/Área Científica::Ciências Sociais::Economia e Gestão

This study examined the relationship between financial markets development, globalization dimensions on economic growth for a panel of 10 countries with a period 1980-2015. An ARDL bounds test approach is a suitable technique to examine effects the short-run and long-run. Our results point a one-directional relationship between banking sector development on economic growth, in elasticities the short-run and long-run. The variable that represents the stock market development affects more the economic growth in long-run elasticities. In relation to the KOF Globalization Index (updated in 2018), aggregated in de facto and de jure indicators, they demonstrated several types of statistically significance. The variables more significant in model are: de jure globalization political the long-run elasticities, and de facto financial globalization the short-run elasticities. These results help policy makers to better design policies to promote in their economies.