that formal aspects of financial openness generate a strongly positive impact on economic growth and its sources …, productivity growth and capital accumulation. Moreover, there is evidence of a positive contribution to the process stemming from …

for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the … presumed growth benefits of financial integration. Indeed, a new literature proposes that the indirect benefits of financial … to attain before it can derive the indirect benefits and reduce the risks of financial openness. In this paper, we …

for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the … presumed growth benefits of financial integration. Indeed, a new literature proposes that the indirect benefits of financial … to attain before it can derive the indirect benefits and reduce the risks of financial openness. This paper develops a …