The role of macroeconomic factors in the formation of international financial centers / O papel dos fatores macroeconômicos na formação de centros financeiros internacionais

AUTOR(ES)
DATA DE PUBLICAÇÃO

2008

RESUMO

The objective of this study is to empirically analyze the influence of some macroeconomic factors on the international financial centers development. The factors tested were level of development and economic activity, economic stability, trade openness and taxation for twelve countries from 1988 to 2006. These variables were tested for three financial proxies: market capitalization, listed securities turnover and domestic credit volume. In this paper, we use two modeling approaches. In the first, a panel regression tests the variables significance when all countries are jointly analyzed. In the second, the test is done for each country separately through individual regressions. The first model results show that the factors tested are significant for the financial centers formation

ASSUNTO(S)

integração financeira centros financeiros internacionais financial integration internacional financial centers economia

ACESSO AO ARTIGO

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