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dc.contributor.authorBREZIGAR-MASTEN, Arjana
dc.contributor.authorCORICELLI, Fabrizio
dc.contributor.authorMASTEN, Igor
dc.date.accessioned2009-10-12T12:45:02Z
dc.date.available2009-10-12T12:45:02Z
dc.date.issued2009
dc.identifier.issn1028-3625
dc.identifier.urihttps://hdl.handle.net/1814/12673
dc.description.abstractThis paper provides an empirical analysis of the role of financial development and financial integration in the growth dynamics of transition countries. We focus on the role of financial integration in determining the impact of financial development on growth, distinguishing “normal times” from periods of financial crises. In addition to confirming the significant positive effect on growth exerted by financial development and financial integration, our estimates show that a higher degree of financial openness tends to reduce the contractionary effect of financial crises, by cushioning the effect on the domestic supply of credit. Consequently, the high reliance on international capital flows by transition countries does not necessarily increase their financial fragility. This implies that financial protectionism is a self-defeating policy, at least for transition countries.en
dc.format.mimetypeapplication/pdf
dc.language.isoenen
dc.relation.ispartofseriesEUI RSCASen
dc.relation.ispartofseries2009/49en
dc.relation.ispartofseriesPierre Werner Chair Programme on Monetary Unionen
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjecttransition economiesen
dc.subjectfinancial integrationen
dc.subjectfinancial crisesen
dc.subjecteconomic growthen
dc.subjectthreshold effectsen
dc.titleFinancial integration and financial development in transition economies: What happens during financial crises?en
dc.typeWorking Paperen
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