The Relationship Between Financial Development and Openness: The Case of Group of 20
Journal Title: Journal of the Human and Social Science Researches - Year 2016, Vol 5, Issue 3
Abstract
In this study, the existence of effects of openness on financial development and additionally the presence of effects of financial development on the openness will be tested by using panel cointegration tests. The main objective of this study is determinating of the relationship between openness that measure of the degree of integration of the countries and financial development. Analysis are scheduled for G-20 countries with annual data covering the period 1981-2010. According to the analysis results, there is bidirectional interaction between openness and financial development. Although existing this relationship between the two variables, the effect of openness on financial development is bigger and statistically significant than the effect of financial development on the openness.
Authors and Affiliations
Emre BARUTÇU| emre_barutcu@hotmail.com, Ünal ARSLAN| Doç. Dr., M.K.Ü., İ.İ.B.F. İktisat Bölümü uarslan@mku.edu.tr
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