International Financial Integration and Economic Growth

Hali J. Edison · Ross Eric Levine · LUCA ANTONIO RICCI · Torsten Mikkel Sløk

129 citations0/0 files storedNational Bureau of Economic Research

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Economic Growth and Productivity

Abstract

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 null 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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