會議論文
| 學年 | 101 |
|---|---|
| 學期 | 2 |
| 發表日期 | 2013-06-28 |
| 作品名稱 | Financial Liberalization and Growth: Does Institutional Effect Matter? |
| 作品名稱（其他語言） | |
| 著者 | Lin, Pei-chien; Cheng, Wei-Jen |
| 作品所屬單位 | 淡江大學產業經濟學系 |
| 出版者 | |
| 會議名稱 | Western Economic Association International 88th Annual Conference |
| 會議地點 | Seattle, USA |
| 摘要 | The positive growth effect of financial liberalization in the form of equity market openness or capital account openness has been well documented in the literature. In this paper, I will go further to investigate if the growth effect may be heterogeneous across countries at different stages of institutional development, such as the degrees of corruption, bureaucracy, and law and order. The results obtained suggest that after controlling for other determinants of growth, the positive growth effect of equity market openness disappeared after considering institutional effect. However, when considering the interaction between equity market openness and institutional factor, the result shows that an open equity market positively affects growth only after a country has achieved a certain degree of institutional development, and this institutional effect is especially important for less developed countries. This provides support to the view that there is an optimal sequencing for equity market liberalization. |
| 關鍵字 | Equity market liberalization; Financial liberalization; Capital account openness; Quality of institutions; growth |
| 語言 | en |
| 收錄於 | |
| 會議性質 | 國際 |
| 校內研討會地點 | |
| 研討會時間 | 20130628~20130702 |
| 通訊作者 | 林佩蒨 |
| 國別 | USA |
| 公開徵稿 | Y |
| 出版型式 | 紙本 |
| 出處 | |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/90619 ) |