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Article: Convergence in Financial Development and Growth
Title | Convergence in Financial Development and Growth |
---|---|
Authors | |
Keywords | Divergence in finance Economic convergence Financial inclusion G20 O11 O43 O47 |
Issue Date | 28-May-2024 |
Publisher | Springer |
Citation | Open Economies Review, 2024, v. 35, n. 4, p. 779-799 How to Cite? |
Abstract | We evaluate the cross-country convergence of financial development and its relationship with GDP growth. Financial inclusion variables have been widely converged across countries, and the catch-up effect of countries with poor financial coverage mainly drives the convergence. In contrast, financial development measures — including domestic credit, liability, mutual fund size, and stock market capitalization — have diverged since 1985 despite the absolute convergence in GDP and financial inclusion. The GDP growth rates strongly correlate with the change in financial development but not the improvement in financial inclusion. |
Persistent Identifier | http://hdl.handle.net/10722/348708 |
ISSN | 2023 Impact Factor: 1.5 2023 SCImago Journal Rankings: 0.478 |
DC Field | Value | Language |
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dc.contributor.author | He, Zhiheng | - |
dc.contributor.author | You, Yang | - |
dc.date.accessioned | 2024-10-14T00:30:04Z | - |
dc.date.available | 2024-10-14T00:30:04Z | - |
dc.date.issued | 2024-05-28 | - |
dc.identifier.citation | Open Economies Review, 2024, v. 35, n. 4, p. 779-799 | - |
dc.identifier.issn | 0923-7992 | - |
dc.identifier.uri | http://hdl.handle.net/10722/348708 | - |
dc.description.abstract | We evaluate the cross-country convergence of financial development and its relationship with GDP growth. Financial inclusion variables have been widely converged across countries, and the catch-up effect of countries with poor financial coverage mainly drives the convergence. In contrast, financial development measures — including domestic credit, liability, mutual fund size, and stock market capitalization — have diverged since 1985 despite the absolute convergence in GDP and financial inclusion. The GDP growth rates strongly correlate with the change in financial development but not the improvement in financial inclusion. | - |
dc.language | eng | - |
dc.publisher | Springer | - |
dc.relation.ispartof | Open Economies Review | - |
dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
dc.subject | Divergence in finance | - |
dc.subject | Economic convergence | - |
dc.subject | Financial inclusion | - |
dc.subject | G20 | - |
dc.subject | O11 | - |
dc.subject | O43 | - |
dc.subject | O47 | - |
dc.title | Convergence in Financial Development and Growth | - |
dc.type | Article | - |
dc.description.nature | published_or_final_version | - |
dc.identifier.doi | 10.1007/s11079-024-09767-4 | - |
dc.identifier.scopus | eid_2-s2.0-85194569413 | - |
dc.identifier.volume | 35 | - |
dc.identifier.issue | 4 | - |
dc.identifier.spage | 779 | - |
dc.identifier.epage | 799 | - |
dc.identifier.eissn | 1573-708X | - |
dc.identifier.issnl | 0923-7992 | - |