Financial development convergence
Type :
Article
Publication Status :
published
Access :
restrictedAccess
Abstract
We show that credit levels relative to GDP and other measures for financial development tend to converge across countries over time. The results are obtained using a broad sample of countries over many years and controlling for the quality of country-level institutions, the efficiency of financial institutions, and a range of macroeconomic variables. While we find evidence for convergence in the broad sample, we show that it levels off when countries reach a medium level of financial development. At high levels of financial development, convergence slows down even more and becomes negligible.
Source :
Journal of Banking & Finance
Date :
2015-07
Volume :
56
Publisher :
Elsevier
URI
http://hdl.handle.net/10679/961http://www.sciencedirect.com/science/article/pii/S037842661500062X
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