{"title":"Do institutional quality and trade openness enhance the role of financial openness in Eastern European financial development?","authors":"Hyun-Jung Nam , Jonathan A. Batten , Doojin Ryu","doi":"10.1016/j.gfj.2024.101071","DOIUrl":null,"url":null,"abstract":"<div><div>This study examines the impact of financial openness on financial development and the moderating roles of institutional quality and trade openness in Eastern European countries over several decades. We focus on the period following the Berlin Wall (post-1989) and the transition from centrally planned to market-oriented economies after 1991. Financial openness promotes financial development, with institutional quality strengthening this effect, whereas trade openness weakens the positive impact of financial openness. Our results suggest that excessive openness may hinder financial development in Eastern Europe, highlighting the need for a balanced approach to financial globalization, particularly in transitioning economies.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101071"},"PeriodicalIF":5.5000,"publicationDate":"2024-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Global Finance Journal","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1044028324001431","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This study examines the impact of financial openness on financial development and the moderating roles of institutional quality and trade openness in Eastern European countries over several decades. We focus on the period following the Berlin Wall (post-1989) and the transition from centrally planned to market-oriented economies after 1991. Financial openness promotes financial development, with institutional quality strengthening this effect, whereas trade openness weakens the positive impact of financial openness. Our results suggest that excessive openness may hinder financial development in Eastern Europe, highlighting the need for a balanced approach to financial globalization, particularly in transitioning economies.
期刊介绍：
Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.
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