What matters for financial development? Capital controls, institutions, and interactions

被引：1361

作者：

Chinn, Menzie D.

Ito, Hiro

机构：

[1] Univ Wisconsin, Dept Econ, LaFollette Sch Publ Affairs, Madison, WI 53706 USA

[2] NBER, Cambridge, MA 02138 USA

[3] Portland State Univ, Portland, OR 97207 USA

来源：

JOURNAL OF DEVELOPMENT ECONOMICS | 2006年 / 81卷 / 01期

关键词：

financial development; capital controls; financial liberalization; legal institutions; sequence of liberalization;

D O I：

10.1016/j.jdeveco.2005.05.010

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate whether financial openness leads to financial development after controlling for the level of legal development using a panel encompassing 108 countries over the period 1980 to 2000. We also examine the issue of the optimal sequence of liberalization in both goods and financial markets. Our findings suggest that a higher level of financial openness spurs equity market development only if a threshold level of legal development has been attained. On the issue of sequencing, we find that trade openness is a prerequisite for capital account liberalization while banking system development is a precondition for equity market development. (c) 2005 Elsevier B.V. All rights reserved.

引用

页码：163 / 192

页数：30