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Do Financial Systems Converge?

Antzoulatos, Angelos A., Panopoulou, Ekaterini, Tsoumas, Chris (2011) Do Financial Systems Converge? Review of International Economics, 19 (1). pp. 122-136. ISSN 0965-7576. (doi:10.1111/j.1467-9396.2010.00936.x) (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided) (KAR id:34609)

The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided.
Official URL:
http://dx.doi.org/10.1111/j.1467-9396.2010.00936.x

Abstract

We apply the new panel convergence methodology developed by Phillips and Sul (2007a) on 13 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 main segments. Far from decreasing, the differences in the financial systems of the sample countries seemingly persist or even increase 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 and bank deposits. Moreover, the convergent clubs for most indices

transcend the distinction industrial vs developing countries, as well as the distinction bank-based vs capital market-based financial systems.

Item Type: Article
DOI/Identification number: 10.1111/j.1467-9396.2010.00936.x
Subjects: H Social Sciences
H Social Sciences > H Social Sciences (General)
Divisions: Divisions > Kent Business School - Division > Kent Business School (do not use)
Depositing User: Catherine Norman
Date Deposited: 10 Jul 2013 16:00 UTC
Last Modified: 16 Nov 2021 10:11 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/34609 (The current URI for this page, for reference purposes)

University of Kent Author Information

Panopoulou, Ekaterini.

Creator's ORCID: https://orcid.org/0000-0001-5080-9965
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