Efficiency in stock markets is essential for economic stability and growth. This study investigates the efficiency and herding behavior of the stock markets from the top economies of the world (known as G20 countries). We classify stock market indices using MSCI classification for the developed...

Purpose Extant literature indicates that increased product market diversification generates both positive and negative impact on firm performance. This inconclusive pattern hinders the decision-making of deploying a firm’s resources across different markets. This research aims to embed...

This paper provides compelling evidence that equity market liberalization, as the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality by promoting increased human capital accumulation. The authors examine...

La Banque de France a tenu, en partenariat avec la Ferdi, une conférence intitulée « Réussir l’intégration financière en Afrique » en mai 2014. Cette conférence a permis de mettre en lumière les différents enjeux de l’intégration financière croissante de l’Afrique, tant...

Este artículo examina el impacto de la globalización financiera sobre el desarrollo financiero en América Latina. Se elabora una prueba empírica con nuevos indicadores de globalización y desarrollo financieros, más cercanos al marco teórico y conceptual, y se emplea un modelo de datos de...

Most studies on examining the links between economic growth and FDI inflows have relied on the conventional GDP measure which has been argued as inadequate to provide clear insights on the macro sustainability of a country. Alternatively, the Genuine Savings (GS) indicator has been proposed as...

We study the roles of local financial development and foreign direct investment, and more importantly, their interaction with one another, in local capital allocation, based on Chinese industrial and regional data. Our main finding is that, although local financial development and FDI each...

The objective of this paper is to study the issue of convergence of financial systems through the lens of asset allocation. It examines β- and σ-convergence of the most important financial instruments: deposits, debt securities, shares and insurance products. The analysis is conducted on two...

Using industry-level data, this paper tries to explain why financial integration raised growth differentials between externally dependent and less dependent industries in European transition countries, but not in other developing or advanced countries in the years preceding the current crisis....