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Does Financial Integration Spur Economic Growth? New Evidence from the First Era of Financial Globalization
Does international financial integration boost economic growth? The question has been discussed controversially for a long time, and a large number of studies has been devoted to its empirical investigation. As of yet, robust evidence for a positive impact of capital market integration on economic growth is lacking, as documented by Edison et al. (2002). Using the same models and techniques as contemporary studies, the authors show that there was indeed a significant and robust growth effect of international financial integration in the first era of financial globalization.