skip to content
What matters for financial development? : capital controls, institutions, and interactions Preview this item
ClosePreview this item
Checking...

What matters for financial development? : capital controls, institutions, and interactions

Author: Menzie David Chinn; Hiro Ito; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2005.
Series: Working paper series (National Bureau of Economic Research), working paper no. 11370.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
"We extend our earlier work, focusing on the links between capital account liberalization, legal and institutional development, and financial development, especially that in equity markets. In a panel data analysis encompassing 108 countries and twenty years ranging from 1980 to 2000, we explore several dimensions of the financial sector. First, we test whether financial openness can lead to equity market  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

 

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Additional Physical Format: Print version:
Chinn, Menzie David.
What matters for financial development?.
Cambridge, Mass. : National Bureau of Economic Research, ©2005
(OCoLC)60643063
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Menzie David Chinn; Hiro Ito; National Bureau of Economic Research.
OCLC Number: 646984240
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (38, [5] pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 11370.
Responsibility: Menzie D. Chinn, Hiro Ito.

Abstract:

"We extend our earlier work, focusing on the links between capital account liberalization, legal and institutional development, and financial development, especially that in equity markets. In a panel data analysis encompassing 108 countries and twenty years ranging from 1980 to 2000, we explore several dimensions of the financial sector. First, we test whether financial openness can lead to equity market development when we control for the level of legal and institutional development. Then, we examine whether the opening of the goods sector is a precondition for financial opening. Finally, we investigate whether a well-developed banking sector is a precondition for financial liberalization to lead to equity market development and also whether bank and equity market development complements or substitutes. Our empirical results suggest that a higher level of financial openness contributes to the development of equity markets only if a threshold level of general legal systems and institutions is attained, which is more prevalent among emerging market countries. Among emerging market countries, a higher level of bureaucratic quality and law and order, as well as the lower levels of corruption, increases the effect of financial opening in fostering the development of equity markets. We also find that the finance-related legal/institutional variables do not enhance the effect of capital account opening as strongly as the general legal/institutional variables. In examining the issue of the sequencing, we find that the liberalization in cross-border goods transactions is found to be a precondition for capital account liberalization. Our findings also indicate that the development in the banking sector is a precondition for equity market development, and that the developments in these two types of financial markets have synergistic effects"--NBER website.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.

Similar Items

Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/646984240> # What matters for financial development? : capital controls, institutions, and interactions
    a schema:Book, schema:MediaObject, schema:CreativeWork ;
    library:oclcnum "646984240" ;
    library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/134011#Place/cambridge_mass> ; # Cambridge, Mass.
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    schema:about <http://id.worldcat.org/fast/925806> ; # Fiscal policy
    schema:about <http://dewey.info/class/330/> ;
    schema:about <http://id.loc.gov/authorities/subjects/sh2008102557> ; # Economic development--Econometric models
    schema:about <http://id.worldcat.org/fast/901797> ; # Economic development--Econometric models
    schema:bookFormat schema:EBook ;
    schema:contributor <http://viaf.org/viaf/127108210> ; # National Bureau of Economic Research.
    schema:contributor <http://experiment.worldcat.org/entity/work/data/134011#Person/ito_hiro> ; # Hiro Ito
    schema:copyrightYear "2005" ;
    schema:creator <http://experiment.worldcat.org/entity/work/data/134011#Person/chinn_menzie_david> ; # Menzie David Chinn
    schema:datePublished "2005" ;
    schema:description ""We extend our earlier work, focusing on the links between capital account liberalization, legal and institutional development, and financial development, especially that in equity markets. In a panel data analysis encompassing 108 countries and twenty years ranging from 1980 to 2000, we explore several dimensions of the financial sector. First, we test whether financial openness can lead to equity market development when we control for the level of legal and institutional development. Then, we examine whether the opening of the goods sector is a precondition for financial opening. Finally, we investigate whether a well-developed banking sector is a precondition for financial liberalization to lead to equity market development and also whether bank and equity market development complements or substitutes. Our empirical results suggest that a higher level of financial openness contributes to the development of equity markets only if a threshold level of general legal systems and institutions is attained, which is more prevalent among emerging market countries. Among emerging market countries, a higher level of bureaucratic quality and law and order, as well as the lower levels of corruption, increases the effect of financial opening in fostering the development of equity markets. We also find that the finance-related legal/institutional variables do not enhance the effect of capital account opening as strongly as the general legal/institutional variables. In examining the issue of the sequencing, we find that the liberalization in cross-border goods transactions is found to be a precondition for capital account liberalization. Our findings also indicate that the development in the banking sector is a precondition for equity market development, and that the developments in these two types of financial markets have synergistic effects"--NBER website."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/134011> ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/134011#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/134011#Series/nber_working_paper_series> ; # NBER working paper series ;
    schema:isSimilarTo <http://www.worldcat.org/oclc/60643063> ;
    schema:name "What matters for financial development? : capital controls, institutions, and interactions"@en ;
    schema:productID "646984240" ;
    schema:publication <http://www.worldcat.org/title/-/oclc/646984240#PublicationEvent/cambridge_mass_national_bureau_of_economic_research_2005> ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/134011#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
    schema:url <http://0-papers.nber.org.biblio.eui.eu/papers/> ;
    schema:url <http://papers.nber.org/papers/w11370> ;
    schema:url <http://catalog.hathitrust.org/api/volumes/oclc/60643063.html> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/646984240> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/134011#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
    schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/134011#Person/chinn_menzie_david> # Menzie David Chinn
    a schema:Person ;
    schema:familyName "Chinn" ;
    schema:givenName "Menzie David" ;
    schema:name "Menzie David Chinn" ;
    .

<http://experiment.worldcat.org/entity/work/data/134011#Person/ito_hiro> # Hiro Ito
    a schema:Person ;
    schema:familyName "Ito" ;
    schema:givenName "Hiro" ;
    schema:name "Hiro Ito" ;
    .

<http://experiment.worldcat.org/entity/work/data/134011#Place/cambridge_mass> # Cambridge, Mass.
    a schema:Place ;
    schema:name "Cambridge, Mass." ;
    .

<http://experiment.worldcat.org/entity/work/data/134011#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/646984240> ; # What matters for financial development? : capital controls, institutions, and interactions
    schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/134011#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/646984240> ; # What matters for financial development? : capital controls, institutions, and interactions
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://id.loc.gov/authorities/subjects/sh2008102557> # Economic development--Econometric models
    a schema:Intangible ;
    schema:name "Economic development--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/901797> # Economic development--Econometric models
    a schema:Intangible ;
    schema:name "Economic development--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/925806> # Fiscal policy
    a schema:Intangible ;
    schema:name "Fiscal policy"@en ;
    .

<http://viaf.org/viaf/127108210> # National Bureau of Economic Research.
    a schema:Organization ;
    schema:name "National Bureau of Economic Research." ;
    .

<http://www.worldcat.org/oclc/60643063>
    a schema:CreativeWork ;
    rdfs:label "What matters for financial development?." ;
    schema:description "Print version:" ;
    schema:isSimilarTo <http://www.worldcat.org/oclc/646984240> ; # What matters for financial development? : capital controls, institutions, and interactions
    .

<http://www.worldcat.org/title/-/oclc/646984240>
    a genont:InformationResource, genont:ContentTypeGenericResource ;
    schema:about <http://www.worldcat.org/oclc/646984240> ; # What matters for financial development? : capital controls, institutions, and interactions
    schema:dateModified "2016-11-10" ;
    void:inDataset <http://purl.oclc.org/dataset/WorldCat> ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.