Financial integration and growth in the global economy

Abstract

(JEL F02, F~3)

European financial market dependence: An industry analysis

“…In particular, among the most important determinants of changes in dependence following the introduction of the Euro are the degree of alignment of national economies with the rest of the Euro area prior to 1999 (Bayoumi and Eichengreen, 1997), economic openness (Dornbusch et al, 1998;Hummels et al, 2001), industry structure (Walz, 1998), export specialization of national industries (Plümper and Graff, 2001), internationalization of industries (Forbes, 1993;Ferreira and Ferreira, 2006), prior export activity (Bun and Klaassen, 2007), relative financial and technological development (Walz, 1998;Guiso et al, 2004;Baele, 2005;Kim et al, 2005;Carrieri et al, 2007;Connor and Suurlaht, 2013), difficulties accessing bank loans (Rusek, 2004), and the degree of vertical specialization within each economy (Flam and Nordström, 2003). 31 Empirical studies that investigate European financial market dependence need to account for potentially time-varying country and industry effects.…”

Financial Integration and Economic Growth in the COMESA and SADC Regions

“…Free capital mobility across borders avails more funds and allows capital to find the highest rate of return. Moreover, liberalization of capital flows, a catalyst for financial integration, enhances market liquidity, which in turn boosts productivity while an increased presence of foreign firms including foreign banks enhances productivity via an increased efficiency of the domestic resource allocation with positive growth implications (Olaf, Menkhoff, & Suwanaporn, 2008;Fowowe, 2008;Bekaert, Harvey, & Lundblad, 2005;Rusek, 2004;Henry, 2003;Ross and Sava, 1996;Bekaert, 1995). In the capital market, international asset pricing models predict that liberalization leads to a drop in the cost of equity and debt capital through integration of segmented markets, which in turn facilitates investment and growth In addition, better corporate governance and investor protection arising from capital market liberalization promotes financial development and hence growth (Bekaert et al, 2005).…”

Comment estimer la valeur d'un réseau social ?

“…Ainsi, la mise en commun de la connaissance, sa capitalisation dans l'entreprise à travers le développement de réseaux, l'identification, la collecte, le traitement des informations sur les clients et pour les clients, sont désormais au coeur du processus de création de richesse et signeraient la naissance d'une « nouvelle économie », dite encore électronique (e-business, e-firms, e-communities), numérique (digital economy) et aussi la net-économie 4 (en se référant à l'économie de l'Internet). Rusek (2004) (1911) qui considère que la croissance économique n'est qu'une conséquence de l'innovation (Nouveaux produits, processus, marchés, fournisseurs et structures organisationnelles). Carlsson (2004), dans une perspective schumpetérienne, estime que l'Internet représente cette face novatrice de la nouvelle économie, formant un nouveau niveau de communication entre les différentes idées et différents acteurs de l'économie.…”