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Journal of Economic Integration 2016 September;31(3) :531-546.
Financial Integration – Growth Nexus
: A Quantile Regression Analysis

Saifuzzaman Ibrahim A.R Mazlina W.N.W Azman-Saini Muhammad Farhan Mahamad Zakaria 

Universiti Putra Malaysia, Serdang, Malaysia
Corresponding Author: Saifuzzaman Ibrahim ,Tel: +60 389467624, Fax: +60 389486188, Email:;
Copyright ©2016 Journal of Economic Integration
Our study aims to examine the role of economic development in moderating the relationship between international financial integration and economic growth, and we find that international financial integration has a positive impact on economic growth by and large. However, the growth impact of international financial integration does not exist in countries where economic development is too low or in highly developed countries. This suggests that policy makers, especially in developing countries, should ensure the presences of capabilities in order to gain from the financial market integration. The method involves a quantile regression technique on cross-sectional data of 73 countries.

JEL Classification
E44: Financial Markets and the Macroeconomy
F36: Financial Aspects of Economic Integration
F43: Economic Growth of Open Economies
G15: International Financial Markets
O50: General
Keywords: International Financial Integration | Economic Growth | Economic Development | Quantile Regression Analysis
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