|
|
|
|
||||
|
||||
Do Financial Systems Converge?Angelos A. AntzoulatosUniversity of Piraeus - Department of Banking and Financial Management Ekaterini PanopoulouUniversity of Piraeus - Department of Statistics and Insurance Science Chris TsoumasUniversity of Piraeus - Department of Banking and Financial Management May 5, 2010 Review of International Economics, Forthcoming Abstract: We apply the new panel convergence methodology developed by Phillips and Sul (Econometrica, 2007) on thirteen financial development indices from the World Bank’s Financial Development and Structure database, to test for financial system convergence across a large set of industrial and developing countries. Our results indicate that there is no convergence for either the financial systems as a whole or their major segments. Far from decreasing, the differences in the financial systems of the sample countries seemingly persist over time. These differences are more pronounced for the stock market segment and private credit by banks and less so for the bond market segment. Moreover, the convergent clubs for most indices transcend the distinction between industrial vs. developing countries.
Keywords: Financial system development, Structure, Convergence, Transition curve JEL Classification: G10, G20, C32, C33 Accepted Paper SeriesDate posted: June 4, 2009 ; Last revised: March 10, 2011Suggested CitationContact Information
|
|
||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo5 in 0.328 seconds
