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Journal of Economic Integration 2023 December;38(4) :628-645.
Impact of Financial Integration on Economic Development: A Dynamic Panel Quantile Regression Analysis

Abubakar Abdullahi1 Saifuzzaman Ibrahim2 Law Siong Hook2 Wan Azman Saini Wan Ngah 2

1Kaduna State University, Kaduna, Nigeria
2Universiti Putra Malaysia, Serdang, Selangor, Malaysia
Corresponding Author: Saifuzzaman Ibrahim ,Email:;
Copyright ©2023 Journal of Economic Integration
This paper investigated the impact of financial integration on economic development using the dynamic panel quantile estimator on a sample of 95 countries from 2004-2019. The results showed that the impact of financial integration on economic development varied across income levels. This study found that financial integration impacted economic development negatively in middle and high-income countries. However, financial integration did not significantly affect economic development in low-income countries.

JEL Classification
F36: Financial Aspects of Economic Integration
F63: Economic Development
O11: Macroeconomic Analyses of Economic Development
F62: Macroeconomic Impacts
C18: Methodological Issues: General
Keywords: Financial Integration | Economic Development | Dynamic Panel Quantile Regression | Income Quantiles
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