Ouverture financière dans les pays émergents : mesure et analyse

This study aims to analyze the evolution of financial openness of emerging countries from 1970 to 1999. We analyze for different regions: Europe, Asia, Latin America and Africa, the evolution of the ratio of financial inflows and outflows to GDP. This value will be calculated using the database of the CEPII (Centre d’études prospectives et d’informations internationales) CHELEM, for which adjustments and restatements of flows in the balance of payments have been made in order to have consistent data flows across time and space. Our results show that for Europe and Latin America, increasing financial openness is the result of both foreign direct investment (FDI) and portfolio investment (PI). For Asia and Africa by cons, this increase is due to IP and FDI respectively. A second part, using panel data, we link financial openness to macroeconomic variables. The level of financial development, deregulation, trade liberalization and the GDP of industrialized countries have a positive impact on financial openness. Other variables such as political instability, the country's creditworthiness, the level of investment, exchange rate regime, fiscal policy, the development level are not significant.