Resumen

TOVAR, Edgar Demetrio. Financial Globalization and Its Effects On Financial Development. Ens. polit. econ. [online]. 2011, vol.29, n.66, pp.80-127. ISSN 0120-4483.

This paper shows the empirical evidence about the nexus financial globalization-financial development, and the theoretical relationship between both, because this is important for the process of economic growth and development. A new empirical test is elaborated, with new indicators of financial globalization and financial development closer to theoretical and conceptual framework, and with a different inclusion of institutional variables. A dynamic panel data model is employed, the principal results indicate that financial globalization favors a financial system that improves its functions of corporate governance and to pool savings, but it damages the functions to provide information and to diversify risk.

Palabras clave : financial globalization; financial development; economic development; dynamic panel data; generalised method of moments.

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