Abstract

TOVAR GARCIA, Edgar Demetrio. FINANCIAL GLOBALIZATION AND FINANCIAL DEVELOPMENT IN LATIN AMERICA. Cuad. Econ. [online]. 2012, vol.31, n.spe57, pp.89-111. ISSN 0121-4772.

This paper examines the impact on financial development of financial globalization in Latin America. An empirical test is elaborated with new indicators of financial globalization and financial development, closer to theoretical and conceptual framework. A dynamic panel data model is employed; the principal results suggest, in general, that financial globalization has no positive and significant relationship with the process of growth and development of the financial system in Latin America, although, exerts corporate governance and encourages diversification of risk.

Keywords : financial globalization; financial development; dynamic panel data.

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