%0 Journal Article
%T Globalizaci¨®n financiera y sus efectos sobre el desarrollo financiero
%A Tovar
%A Edgar Demetrio
%J Ensayos sobre POL¨ªTICA ECON¨®MICA
%D 2011
%I Scientific Electronic Library Online
%X 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.
%K financial globalization
%K financial development
%K economic development
%K dynamic panel data
%K generalised method of moments.
%U http://www.scielo.org.co/scielo.php?script=sci_abstract&pid=S0120-44832011000300004&lng=en&nrm=iso&tlng=en