The paper aims to investigate empirically the effects of several types of financial restraints on financial development for the case of the Iran. Two hypotheses addressed and discussed in the context of the McKinnon/Shaw and the monopoly bank model. A conditional co-integration model has been employed to carry out the empirical investigations. The long and short-run analysis show that fin...

A milestone in European integration was achieved when the third and final stage of EMU began on January 1, 1999, with the introduction of the euro. This annex provides a progress report on several aspects of EMU: European financial market integration; implementation and performance of the EMU payments and securities settlement systems; the outlook for pan-European capital markets; banking syste...

Financial globalization, the integration of countries with the global financial system, has increased substantially since the 1970s and particularly with more force since the 1990s. In fact, the gold standard period of 1880-1914 saw a major wave of financial globalization, as cross-border capital flows surged, incorporating countries in the center and the periphery at that time into a worldwide...

Asia is on the rise with increasing significance in the global economy. In parallel, regional cooperation and integration is becoming stronger, bringing both benefits and costs. The region is diverse, and so are the challenges that must be overcome to achieve greater trade and financial integration. For trade, with the Doha Round stymied, what is the best route to take in untangling the noodle ...

We study whether financial openness facilitates the economic integration of formerly centrally planned economies with the EU-15. Two dimensions of economic integration are considered: cross-country convergence of per-capita incomes and bilateral trade in goods and services. We find that more financially open economies effectively catch-up faster and trade more with the EU-15. These integration-...

The research results which are presented in this paper aimed to verify the theory which claims that there is a significant relationship between financial market integration on international scale, financial development and economic growth. Our research focused not on the entire financial market but on the segment of equity securities (shares and investment certificates) and debt securities (cor...