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

@article{citeulike:901027, abstract = {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.}, author = {Chinn, Menzie D. and Ito, Hiro}, citeulike-article-id = {901027}, citeulike-linkout-0 = {http://dx.doi.org/10.1016/j.jdeveco.2005.05.010}, citeulike-linkout-1 = {http://www.sciencedirect.com/science/article/B6VBV-4HCMSW0-3/2/6079374c538256ecebfe152c9f4a91fc}, doi = {10.1016/j.jdeveco.2005.05.010}, journal = {Journal of Development Economics}, keywords = {bank, development, finance}, month = {October}, number = {1}, pages = {163--192}, posted-at = {2006-10-17 05:58:49}, priority = {2}, title = {What matters for financial development? Capital controls, institutions, and interactions}, url = {http://dx.doi.org/10.1016/j.jdeveco.2005.05.010}, volume = {81}, year = {2006} }

TY - JOUR ID - citeulike:901027 L3 - citeulike-article-id:901027 N2 - 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. IS - 1 JF - Journal of Development Economics EP - 192 TI - What matters for financial development? Capital controls, institutions, and interactions VL - 81 SP - 163 KW - bank KW - development KW - finance AU - Chinn, Menzie AU - Ito, Hiro PY - 2006/10// UR - http://dx.doi.org/10.1016/j.jdeveco.2005.05.010 ER -