ABSTRACT

In the last few decades, most of the emerging market economies (EMEs) have adopted financial liberalization. Evidence shows that the financial sectors/institutions in emerging economies were either underdeveloped or functioning with a lot of inefficiencies under inadequate regulation. The paper examines whether liberalization in the financial sector has led to financial development for a bunch of EMEs including BRICS. The paper differs from the existing literature in its approach of dealing with the measurements of financial development and considering financial liberalization as a gradual process. Panel regressions are estimated for 9 countries based on 22 years’ data for four aspects of financial development, viz. depth, efficiency, stability and competition. Results indicate that financial liberalization in terms of freedom in capital markets has a positive effect on financial depth and competition, whereas liberalization from government interference in the banks and other financial institutions has a positive impact on the stability of the financial sector. Trade openness has a role in enhancing the efficiency of the financial sector. Also, evidence suggests that capital account openness leads to increased depth and does not destabilize the financial sector. GDP, political stability, regulatory quality and government effectiveness are also important factors in influencing more than one aspect of financial development in a country.

摘要

在过去的几十年里，大多数新兴市场经济体（EMEs）都采取了金融自由化。证据表明，新兴经济体的金融部门/机构要么不发达，要么在监管不力的情况下运作效率低下。本文考察了金融部门的自由化是否导致了包括金砖国家在内的一系列新兴市场经济体的金融发展。本文与现有文献的不同之处在于其处理金融发展的衡量标准并将金融自由化视为一个渐进过程的方法。根据金融发展四个方面的 22 年数据，对 9 个国家的面板回归进行了估计，即。深度、效率、稳定性和竞争性。结果表明，在资本市场自由方面的金融自由化对金融深度和竞争有积极影响，而政府对银行和其他金融机构的干预对金融部门的稳定性有积极影响。贸易开放有助于提高金融部门的效率。此外，有证据表明，资本账户开放会导致深度增加，并且不会破坏金融部门的稳定。GDP、政治稳定性、监管质量和政府效率也是影响一国金融发展的不止一个方面的重要因素。而放开政府对银行和其他金融机构的干预对金融部门的稳定性有积极影响。贸易开放有助于提高金融部门的效率。此外，有证据表明资本账户开放会导致深度增加，并且不会破坏金融部门的稳定。GDP、政治稳定性、监管质量和政府效率也是影响一国金融发展的不止一个方面的重要因素。而放开政府对银行和其他金融机构的干预对金融部门的稳定性有积极影响。贸易开放有助于提高金融部门的效率。此外，有证据表明，资本账户开放会导致深度增加，并且不会破坏金融部门的稳定。GDP、政治稳定性、监管质量和政府效率也是影响一国金融发展的不止一个方面的重要因素。