期刊
EMERGING MARKETS FINANCE AND TRADE
卷 -, 期 -, 页码 -出版社
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/1540496X.2023.2284300
关键词
Globalization; financial development; financial institutions; financial markets; convergence analysis; E44; F36; F65
This paper investigates the pattern of financial development convergence in globalized developing regions from 1984 to 2016, and finds that the bottom globalized developing region has a slower speed of financial development convergence, indicating the need for improved financial market governance to enhance efficiency.
This paper investigates the pattern of the financial development convergence for the top (Europe and Central Asia) and the bottom (South Asia) globalized developing regions from 1984 to 2016. We employ the Philips-Sul club convergence approach to measure the financial development convergence's speed. The results validate the convergence of financial development in all countries, including the top and bottom of globalized developing regions. Interestingly, the speed of financial development convergence is less in the bottom globalized developing region than in the top globalized developing region. However, these results vary across developing regions in the case of financial institutions and financial markets. Therefore, solid financial market governance can provide a productive and efficient financial system, particularly in the bottom globalized economies.
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