International Financial Integration and Economic Growth

Journal Issue

Volume/Issue:: 2002/145
Series:: IMF Working Papers
Author(s):: Torsten Sloek, Hali Edison, Luca Ricci, and Ross Levine
Publisher:: INTERNATIONAL MONETARY FUND
Published Date:: August 2002
DOI:: http://dx.doi.org/10.5089/9781451856552.001
ISBN:: 9781451856552
ISSN:: 1018-5941
Page:: 30

This paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and also to assess whether this relationship depends on the level of economic development, financial development, legal system development, government corruption, and macroeconomic policies. Using a wide array of measures of international financial integration on 57 countries and an assortment of statistical methodologies, we are unable to reject the hypothesis that international financial integration does not accelerate economic growth even when controlling for particular economic, financial, institutional, and policy characteristics.

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International Financial Integration and Economic Growth