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Journal article
Is globalization detrimental to financial development? Further evidence from a very large emerging economy with significant orientation towards policies
Applied economics, v 50(6), pp 574-595
01 Feb 2018
Featured in Collection : UN Sustainable Development Goals @ Drexel
Abstract
This study attempts to explore the relationship between globalization and financial development by endogenizing economic growth, population density, inflation and institutional quality for India during the period from 1971-2013. Using the more conclusivecombined cointegration method, the study provides evidence of cointegration among these variables. The long-run and short-run estimates from the ARDL model and causality tests, respectively, suggest that globalization in its all forms (political, social and economic) and its overall measure as well as inflation are detrimental to financial development, while economic growth and population density both promote financial development. Furthermore, the results also point out that institutional quality is not conducive to financial development in India, and there exists a feedback effect between financial development and inflation. Moreover, financial development is influenced by economic growth, institutional quality and population density.
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Details
- Title
- Is globalization detrimental to financial development? Further evidence from a very large emerging economy with significant orientation towards policies
- Creators
- Muhammad Shahbaz - Montpellier Business SchoolHrushikesh Mallick - Centre For Development StudiesMantu Kumar Mahalik - National Institute of Technology RourkelaShawkat Hammoudeh - Montpellier Business School
- Publication Details
- Applied economics, v 50(6), pp 574-595
- Publisher
- Routledge
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Economics (School of Economics)
- Web of Science ID
- WOS:000427199600001
- Scopus ID
- 2-s2.0-85020719129
- Other Identifier
- 991019167618404721
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- Collaboration types
- Domestic collaboration
- International collaboration
- Web of Science research areas
- Economics