Skip to main content

Advertisement

SpringerLink
Log in

Re-examining the finance–institutions–growth nexus: does financial integration matter?

  • Published:
Economic Change and Restructuring Aims and scope Submit manuscript

Abstract

This study examines whether financial integration affects the finance–institutions–growth nexus using a sample of 145 countries from 1995 to 2021. Financial globalization continues to be a dominant phenomenon, despite the concerns on contagion and capital flight issues. We argue that financial integration can potentially crowd out the positive growth effects from both financial development and institutions. Using a dynamic panel estimator to control for endogeneity and simultaneity and multidimensional measures of financial development, institutional quality, and financial integration, we find a nonlinear relationship. More specifically, financial integration is growth-enhancing up to a threshold. Additionally, we find the marginal effects of finance and institutions to be insignificant above this threshold.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

Notes

  1. Available at: https://data.imf.org/?sk=f8032e80-b36c-43b1-ac26-493c5b1cd33b.

  2. Available at: https://kof.ethz.ch/en/forecasts-and-indicators/indicators/kof-globalisation-index.html.

  3. Available at: https://www.imf.org/external/pubs/ft/wp/2016/wp1605.pdf.

  4. We calculate the threshold as such:\({\text{Threshold~level}}\left( {{\text{fint}}_{{{\text{it}}}} } \right) = \beta _{3} /\left( {2 \times \beta _{4} } \right)\) .

  5. We examine the marginal effects at 50% above and below the threshold arbitrarily.

  6. \(\frac{{\partial y_{{it}} }}{{\partial fd_{{it}}^{j} }} = \beta _{1} + \beta _{4} {\text{fint}}_{{it}} {\kern 1pt} {\kern 1pt} {\text{and}}{\kern 1pt} {\kern 1pt} \frac{{\partial y_{{it}} }}{{\partial ins_{{it}} }} = \beta _{2} + \beta _{4} {\text{fint}}_{{it}}\).

  7. While the system GMM model is an efficient estimator and reduce biased estimates, we report the Driscoll–Kraay estimator for comparative purposes.

References

  • Abdmoulah W, Jelili RB (2013) Access to finance thresholds and the finance-growth nexus. Econ Pap 32(4):522–534

    Article  Google Scholar 

  • Acemoglu D, Zilibotti F (1997) Was Prometheus unbound by chance? Risk, diversification, and growth. J Polit Econ 105(4):709–751

    Article  Google Scholar 

  • Agénor P, Pereira LA (2018a) Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination. BIS papers, No. 97 Retrieved from https://www.bis.org/publ/bppdf/bispap97.htm

  • Ahmad M (2019) Globalisation, Economic Growth, and Spillovers: A Spatial Analysis. Margin J Appl Econ Res 13(3):255–276

    Article  Google Scholar 

  • Ahmad M, Hall SG (2017) Trust-based social capital, economic growth and property rights: explaining the relationship. Int J Soc Econ 44(1):21–52

    Article  Google Scholar 

  • Ahmad M, Hall SG (2022) The growth effects of economic and political institutions: new evidence from spatial econometrics analysis using historical-based institutional matrix. Economic Change and Restructuring. https://doi.org/10.1007/s10644-022-09440-1

  • Ahmad M, Siong Hook L (2022) Financial development, institutions, and economic growth nexus: A spatial econometrics analysis using geographical and institutional proximities. MPRA Working Paper 114471

  • Alexiou C, Vogiazas S, Nellis JG (2018) Reassessing the relationship between the financial sector and economic growth: dynamic panel evidence. Int J Financ Econ 23(2):155–173

    Article  Google Scholar 

  • Aluko OA, Ibrahim M (2020) Institutions and the financial development–economic growth nexus in sub-Saharan Africa. Econ Notes 49(3):1–16

    Article  Google Scholar 

  • Appiah-Otoo I, Song N (2022) Finance-growth nexus: new insight from Ghana. Int J Financ Econ 27(3):2682–2723

    Article  Google Scholar 

  • Arcand JL, Berkes E, Panizza U (2015) Too much finance? J Econ Growth 20(2):105–148

    Article  Google Scholar 

  • Arellano M, Bover O (1995) Another look at the instrumental variable estimation of error-components models. J Econom 68(1):29–51

    Article  Google Scholar 

  • Arestis P, Demetriades PO, Luintel KB (2001) Financial development and economic growth: the role of stock markets. J Money Credit Bank 33(1):16–41

    Article  Google Scholar 

  • Asteriou D, Spanos K (2022) The mechanisms linking the finance-growth relationship in view of the financial crisis: an empirical investigation of the EU countries. J Econ Stud 49(7):1240–1268

    Article  Google Scholar 

  • Barro RJ (1991) Economic growth in a cross section of countries. Q J Econ 106(2):407–443

    Article  Google Scholar 

  • Beck T, Demirgüç-Kunt A, Levine R (2005) Law and firms’ access to finance. Am Law Econ Rev 7(1):211–252

    Article  Google Scholar 

  • Beck T, Degryse H, Kneer C (2014) Is more finance better? Disentangling intermediation and size effects of financial system. J Financ Stab 10:50–64

    Article  Google Scholar 

  • Bekaert G, Harvey CR, Lundblad C (2005) Does financial liberalization spur growth? J Financ Econ 77(1):3–55. https://doi.org/10.1016/j.jfineco.2004.05.007

  • Benayed W, Bougharriou N, Gabsi FB (2020) The threshold effect of political institutions on the finance-growth nexus: evidence from Sub-Saharan Africa. Economics Bulletin 40(3):1–11

    Google Scholar 

  • Benczúr P, Karagiannis S, Kvedaras V (2019) Finance and economic growth: financing structure and non-linear impact. J Macroecon. https://doi.org/10.1016/j.jmacro.2018.08.001

    Article  Google Scholar 

  • Berger EA, Butler AW, Hu E, Zekhnini M (2021) Financial integration and credit democratization: linking banking deregulation to economic growth. J Financ Intermed 45:100857

    Article  Google Scholar 

  • Bijlsma M, Kool C, Non M (2018) The effect of financial development on economic growth: a meta-analysis. Appl Econ 50(57):6128–6148

    Article  Google Scholar 

  • Bond SR, Hoeffler A. Temple JR (2001) GMM estimation of empirical growth models. SSRN 290522

  • Boyd JH, Smith BD (1992) Intermediation and the equilibrium allocation of investment capital. J Monet Econ 30(3):409–432

    Article  Google Scholar 

  • Breitenlechner M, Gächter M, Sindermann F (2015) The finance-growth nexus in crisis. Econ Lett 132:31–33

    Article  Google Scholar 

  • Bussière M, Schmidt J, Valla N (2018) International financial flows in the new normal: key patterns (and why we should care), pp 249–269. https://doi.org/10.1007/978-3-319-79075-6_13

  • Botev J, Égert B, Jawadi F (2019) The nonlinear relationship between economic growth and financial development: evidence from developing, emerging and advanced economies. Int Econ 160(July): 3–13

  • Campos NF, Coricelli F, Moretti L (2019) Institutional integration and economic growth in Europe. J Monet Econ 103:88–104

    Article  Google Scholar 

  • Cavallaro E, Villani I (2022) (2022) Beyond financial deepening: rethinking the finance-growth relationship in an uneven world. Econ Model 116:106009

    Article  Google Scholar 

  • Cheng CY, Chien MS, Lee CC (2021) (2021) ICT diffusion, financial development, and economic growth: an international cross-country analysis. Econ Model 94:662–671

    Article  Google Scholar 

  • Coeurdacier N, Rey H, Winant P (2020) Financial integration and growth in a risky world. J Monet Econ 112:1–21

    Article  Google Scholar 

  • Cull R, Xu LC (2003) Who gets credit? The behavior of bureaucrats and state banks in allocating credit to Chinese state-owned enterprises. J Dev Econ 71(2):533–559

    Article  Google Scholar 

  • Eichengreen B (2001) Capital Account Liberalization: what Do Cross-Country Studies Tell Us? The World Bank Economic Review 15(3):341–365. https://doi.org/10.1093/wber/15.3.341

  • Deidda L, Fattouh B (2002) Non-linearity between finance and growth. Econ Lett 74(3):339–345

    Article  Google Scholar 

  • Demetriades PO, Hussein KA (1996) Does financial development cause economic growth? Time-series evidence from 16 countries. J Dev Econ 51(2):387–411

    Article  Google Scholar 

  • Demetriades PO, Rewilak JM (2020) Recovering the finance-growth nexus. Econ Lett 196:109563. https://doi.org/10.1016/j.econlet.2020.109563

    Article  Google Scholar 

  • Dombi Á, Grigoriadis T (2020) State history and the finance-growth nexus: evidence from transition economies. Econ Syst 44(1):100738

    Article  Google Scholar 

  • Driscoll JC, Kraay AC (1998) Consistent covariance matrix estimation with spatially dependent panel data. Rev Econ Stat 80(4):549–560

    Article  Google Scholar 

  • Drukker DM (2003) Testing for serial correlation in linear panel-data models. Stata Journal 3(2):168–177

    Article  Google Scholar 

  • Edison HJ, Levine R, Ricci L, Sløk T (2002) International financial integration and economic growth. J Int Money Financ 21(6):749–776

    Article  Google Scholar 

  • Ehigiamusoe KU, Samsurijan MS (2021) What matters for finance-growth nexus? A critical survey of macroeconomic stability, institutions, financial and economic development. Int J Financ Econ 26(4):5302–5320

    Article  Google Scholar 

  • Ehigiamusoe KU, Lean HH, Lee CC (2019) Moderating effect of inflation on the finance–growth nexus: insights from West African countries. Empirical Economics 57(2):399–422

    Article  Google Scholar 

  • Ehrlich I, Lui FT (1999) Bureaucratic corruption and endogenous economic growth. J Polit Econ 107(6):270–293

    Article  Google Scholar 

  • Ergungor OE (2008) Financial system structure and economic growth: structure matters. Int Rev Econ Financ 17(2):292–305

    Article  Google Scholar 

  • Feenstra RC, Inklaar R, Timmer MP (2015) The next generation of the penn world table. Am Econ Rev 105(10):3150–3182

    Article  Google Scholar 

  • Fergusson L (2006) Institutions for financial development: what are they and where do they come from? J Econ Surv 20(1):27–43

    Article  Google Scholar 

  • Gehringer A (2013) Growth, productivity and capital accumulation: the effects of financial liberalization in the case of European integration. Int Rev Econ Financ 25:291–309

    Article  Google Scholar 

  • Goldsmith RW (1969) Financial structure and development. Yale University Press, New Haven, CT

    Google Scholar 

  • Grossman GM, Helpman E (1991) Trade, knowledge spillovers, and growth. Eur Econ Rev 35(2–3):517–526

    Article  Google Scholar 

  • Grossman GM, Helpman E (2015) Globalization and growth. Am Econ Rev 105(5):100–104

    Article  Google Scholar 

  • Gygli S, Haelg F, Potrafke N, Sturm JE (2019) The KOF globalisation index–revisited. Rev Int Organ 14(3):543–574

    Article  Google Scholar 

  • Haan JD, Lundström S, Strum J (2006) Market-oriented institutions and policies and economic growth: a critical survey. J Econ Surv 20(2):157–191

    Article  Google Scholar 

  • Haini H (2020) Examining the relationship between finance, institutions and economic growth: evidence from the ASEAN economies. Econ Chang Restruct 53(4):519–542

    Article  Google Scholar 

  • Haini H, Wei Loon P (2022) Examining the impact of government spending on the finance-growth nexus: evidence from post-communist economies. Post-Communist Econ 34(6):756–778

    Article  Google Scholar 

  • Haini (2019) Investigating growth determinants in China’s provinces: the role of spatial spillover. Doctoral Thesis, Loughborough University. https://repository.lboro.ac.uk/articles/thesis/Investigating_growth_determinants_in_China_s_provinces_the_role_of_spatial_spillovers/9204578/1

  • Hall SG, Ahmad M (2014) Revisiting the institutions–growth nexus in developing countries: the new evidence. N Z Econ Pap 48(3):301–312

    Google Scholar 

  • Herger N, Hodler R, Lobsiger M (2008) What determines financial development? Culture, institutions or trade. Rev World Econ 144(3):558–587

    Article  Google Scholar 

  • Hoffmann P, Kremer M, Zaharia S (2020) Financial integration in Europe through the lens of composite indicators. Econ Lett 194:109344. https://doi.org/10.1016/j.econlet.2020.109344

    Article  Google Scholar 

  • Hondroyiannis G, Lolos S, Papapetrou E (2005) Financial markets and economic growth in Greece, 1986–1999. J Int Finan Markets Inst Money 15(2):173–188

    Article  Google Scholar 

  • Human development data center, Various Years. United Nations development programme: Human Development Reports

  • Itaman RE (2022) The finance-growth nexus enigma: bringing in institutional context and the productiveness debate. J Econ Surv 36(2):504–527

    Article  Google Scholar 

  • Iwasaki I (2022) The finance-growth nexus in Latin America and the Caribbean: a meta-analytic perspective. World Dev 149:105692

    Article  Google Scholar 

  • Iwegbu O, Justine K, Borges Cardoso LC (2022) Regional financial integration, financial development and industrial sector growth in ECOWAS: does institution matter? Cogent Econ Financ 10(1):2050495

    Article  Google Scholar 

  • King RG, Levine R (1993) Finance and growth: Schumpeter might be right. Quart J Econ 108(3):717–737

    Article  Google Scholar 

  • Kireyev A, Leonidov A (2018) Network effects of international shocks and spillovers. Netw Spat Econ 18(4):805–836

    Article  Google Scholar 

  • Kremer S, Bick A, Nautz D (2013) Inflation and growth: new evidence from a dynamic panel threshold analysis. Empirical Economics 44(2):861–878

    Article  Google Scholar 

  • La Porta R, Lopez de Silanes F, Shleifer A, Vishny RW (1998) Law and finance. J Polit Econ 106(6):1113–1155

    Article  Google Scholar 

  • Law SH, Singh N (2014) Does too much finance harm economic growth? J Bank Financ 41(1):36–44

    Article  Google Scholar 

  • Levine R (1997) Financial development and economic growth: views and agenda. J Econ Lit 35(2):688–726. https://doi.org/10.11644/KIEP.JEAI.2003.7

    Google Scholar 

  • Levine R (2001) International financial liberalization and economic growth. Rev Int Econ 9:688–702

    Article  Google Scholar 

  • Levine O, Warusawitharana M (2021) Finance and productivity growth: firm-level evidence. J Monet Econ 117:91–107

    Article  Google Scholar 

  • Luintel KB, Khan M (1999) A quantitative reassessment of thefinance–growth nexus: evidence from a multivariate VAR. J Dev Econ 60(2):381–405. https://doi.org/10.1016/S0304-3878(99)00045-0

    Article  Google Scholar 

  • Levine R, Zervos S (1998) Stock markets, banks, and economic growth. Am Econ Rev 88(3):537–558

    Google Scholar 

  • Lin SC, Wu YC (2022) Finance in a more globalized economy. Emerg Markets Financ Trade 1–15

  • Masten AB, Coricelli F, Masten I (2008) Non-linear growth effects of financial development: does financial integration matter? J Int Money Financ 27(2):295–313

    Article  Google Scholar 

  • McNulty JE, Harper JT, Pennathur A (2007) Financial intermediation and the rule of law in the transitional economies of Central and Eastern Europe. Q Rev Econ Finance 47(1):55–68

    Article  Google Scholar 

  • Mendoza EG, Quadrini V (2019b) Unstable prosperity: how globalization made the world economy more volatile. No. 30832,NBER Working Paper

  • Mohamed Sghaier I (2022) The role of institutional quality in finance-growth nexus: evidence from North African Countries. J Knowl Econ 13(4):3472–3491

    Article  Google Scholar 

  • Montinari L, Stracca L (2016) Trade, finance or policies: what drives the cross-border spill-over of business cycles? J Macroecon 49:131–148

    Article  Google Scholar 

  • North DC (1987) Institutions, transaction costs and economic growth. Econ Inq 25(3):419–428

    Article  Google Scholar 

  • Olaniyi CO (2022) On the transmission mechanisms in the finance–growth nexus in Southern African countries: does institution matter? Econ Chang Restruct 55(1):153–191

    Article  Google Scholar 

  • Olaniyi CO, Adedokun A (2022) Finance-institution-growth trilogy: time-series insights from South Africa. Int J Emerg Mark 17(1):120–144

    Article  Google Scholar 

  • Olaniyi CO, Oladeji SI (2021) Moderating the effect of institutional quality on the finance–growth nexus: insights from West African countries. Econ Chang Restruct 54(1):43–74

    Article  Google Scholar 

  • Olaniyi CO, Oladeji SI (2022) Interplay between financial sector and institutional framework in the economic growth process of Kenya. J Public Aff 22(3):e2562

    Article  Google Scholar 

  • Peia O, Roszbach K (2015) Finance and growth: time series evidence on causality. J Financ Stab 19:105–118

    Article  Google Scholar 

  • Pesaran MH (2015) Testing weak cross-sectional dependence in large panels. Economet Rev 34(6–10):1089–1117

    Article  Google Scholar 

  • Plümper T, Martin CW (2003) Democracy, government spending, and economic growth: a political-economic explanation of the Barro-effect. Public Choice 117:27–50

    Article  Google Scholar 

  • Purewal K, Haini H (2022) Re-examining the effect of financial markets and institutions on economic growth: evidence from the OECD countries. Econ Chang Restruct 55(1):311–333

    Article  Google Scholar 

  • Raheem ID, Ajide KB, Vo XV (2021) The hype of social capital in the finance-growth nexus. Econ Notes 50(3):e12192

    Article  Google Scholar 

  • Rapp MS, Udoieva IA (2018) What matters in the finance–growth nexus of advanced economies? Evidence from OECD countries. Appl Econ 50(6):676–690

    Article  Google Scholar 

  • Redmond T, Nasir MA (2020) Role of natural resource abundance, international trade and financial development in the economic development of selected countries. Resour Policy 66:101591

    Article  Google Scholar 

  • Rioja F, Valev N (2004) Finance and the sources of growth at various stages of economic development. Econ Inq 42(1):127–140

    Article  Google Scholar 

  • Roodman D (2009) How to do xtabond2: an introduction to difference and system GMM in Stata. Stata J 9(1):86–136

    Article  Google Scholar 

  • Rousseau PL, Wachtel P (2002) Inflation thresholds and the finance-growth nexus. J Int Money Financ 21(6):777–793

    Article  Google Scholar 

  • Rousseau PL, Wachtel P (2011) What is happening to the impact of financial deepening on economic growth? Econ Inq 49(1):276–288

    Article  Google Scholar 

  • Schularick M, Steger TM (2010) Financial integration, investment, and economic growth: evidence from two eras of financial globalization. Rev Econ Stat 92(4):756–768

    Article  Google Scholar 

  • Schumpeter JA (1911) The theory of economic development: an inquiry into profits, capital, credit, interest and the business cycle. translated from german by redvers Opie (2008). New Brunswick (U.S.A) and London (U.K.): Transaction Publishers

  • Shan JZ, Morris AG, Sun F (2001) Financial development and economic growth: an egg-and-chicken problem? Rev Int Econ 9(3):443–454

    Article  Google Scholar 

  • Silva TC, Tabak BM, Laiz MT (2021) The finance-growth nexus: the role of banks. Econ Syst 45(1):100762

    Article  Google Scholar 

  • Solow RM (1956) A contribution to the theory of economic growth. Q J Econ 70(1):65–94

    Article  Google Scholar 

  • Song CQ, Chang CP, Gong Q (2021) Economic growth, corruption, and financial development: global evidence. Econ Model 94:822–830

    Article  Google Scholar 

  • Svirydzenka K (2016) Introducing a new broad-based index of financial development. International Monetary Fund IMF working papers WP/16/5 Washington, DC

  • Swamy V, Dharani M (2021) Thresholds in finance–growth nexus: evidence from G-7 economies. Aust Econ Pap 60(1):1–40

    Article  Google Scholar 

  • Taşdemir F (2022) International financial integration: too much? In Press, Borsa Istanbul Review

    Google Scholar 

  • Ugur M (2014) Corruption’s direct effects on per-capita income growth: a meta-analysis. J Econ Surv 28(3):472–490

    Article  Google Scholar 

  • World Development Indicators (Various Years) World Bank

  • World Governance Indicators (Various Years) World Bank

  • Yolcu Karadam D, Öcal N (2022) Analysis of distinct asymmetries in financial integration-growth nexus for industrial, emerging and developing countries. Int J Financ Econ 27(2):2326–2344

    Article  Google Scholar 

Download references

Acknowledgements

The authors acknowledge the direction of the editor, Professor George Hondroyiannis, and the suggestions provided by two anonymous referees.

Funding

This work is supported by the Universiti of Brunei Darussalam FIC Research Grant [UBD/RSCH/1.8/FICBF(b)/2021/022].

Author information

Authors and Affiliations

  1. School of Business and Economics, Universiti Brunei Darussalam, Bandar Seri Begawan, Brunei

    Hazwan Haini, Lutfi Abdul Razak & Pang Wei Loon

  2. Centre for Strategic and Policy Studies, Universiti Brunei Darussalam, Bandar Seri Begawan, Brunei

    Sufrizul Husseini

Authors
  1. Hazwan Haini
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Lutfi Abdul Razak
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Pang Wei Loon
    View author publications

    You can also search for this author in PubMed Google Scholar

  4. Sufrizul Husseini
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Hazwan Haini.

Ethics declarations

Conflict of interest

No potential conflict of interest was reported by the authors. The usual disclaimer applies. The literature review and methodology section are adapted from Haini (2019) available at: https://repository.lboro.ac.uk/articles/thesis/Investigating_growth_determinants_in_China_s_provinces_the_role_of_spatial_spillovers/9204578/1.

Additional information

Publisher's Note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Appendices

Appendix

A1: Country list

Albania, Algeria, Angola, Antigua and Barbuda, Argentina, Armenia, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Benin, Bhutan, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi, Cabo Verde, Cambodia, Cameroon, Canada, Central African Republic, Chad, Chile, China, Colombia, Comoros, Costa Rica, Cote d'Ivoire, Croatia, Cyprus, Czech Republic, Denmark, Dominican Republic, Ecuador, El Salvador, Equatorial Guinea, Estonia, Fiji, Finland, France, Gabon, Gambia, Georgia, Germany, Ghana, Greece, Guatemala, Guinea, Guinea-Bissau, Haiti, Honduras, Hong Kong SAR, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Jamaica, Japan, Jordan, Kazakhstan, Kenya, Kyrgyz Republic, Lao PDR, Latvia, Lebanon, Liberia, Libya, Lithuania, Luxembourg, Madagascar, Malaysia, Mali, Malta, Mauritania, Mauritius, Mexico, Moldova, Mongolia, Morocco, Mozambique, Namibia, Nepal, Netherlands, New Zealand, Nicaragua, Niger, Nigeria, Norway, Oman, Pakistan, Panama, Paraguay, Peru, Philippines, Poland, Portugal, Romania, Russian Federation, Rwanda, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sri Lanka, Sudan, Sweden, Switzerland, Tajikistan, Tanzania, Thailand, Togo, Tonga, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Vanuatu, Venezuela, Vietnam, and Zambia.

Rights and permissions

Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Haini, H., Razak, L.A., Wei Loon, P. et al. Re-examining the finance–institutions–growth nexus: does financial integration matter?. Econ Change Restruct 56, 1895–1924 (2023). https://doi.org/10.1007/s10644-023-09498-5

Download citation

  • Received:

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s10644-023-09498-5

Keywords

JEL Classification

Search

Navigation