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Title:International financial liberalization and industry growth PDF Logo
Authors:Vlachos, Jonas
Waldenström, Daniel
Issue Date:2002
Series/Report no.:SSE/EFI Working Paper Series in Economics and Finance 513
Abstract:The growth effects of international financial liberalization and integration are investigated using the methodology and data developed by Rajan and Zingales (1998). The main result is that industries highly dependent on external financing do not experience higher growth in value added in countries with liberalized financial markets. Liberalization does, however, increase the growth rates of both production and firm creation among externally dependent industries - given that countries have reached a relatively high level of financial development. These results are consistent both with increased competition and increased outsourcing. Some preliminary evidence point towards the latter explanation.
Subjects:Financial liberalization
Financial integration
Economic growth
JEL:F30
G10
O40
Document Type:Working Paper
Appears in Collections:SSE/EFI Working Paper Series in Economics and Finance, EFI - The Economic Research Institute, Stockholm School of Economics

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