Does Financial Globalization Enhance Economic Growth in Egypt | ||||
| مجلة البحوث التجارية | ||||
| Article 56, Volume 44, Issue 3, July 2022, Page 98-124 PDF (719.68 K) | ||||
| Document Type: تجاریة کل ما یتعلق بالعلوم التجاریة | ||||
| DOI: 10.21608/zcom.2021.87254.1067 | ||||
 View on SCiNiTO | ||||
| Authors | ||||
محمود احمد شعبان السيد شاهين  1; عصام السيد عبدالرؤوف2
| ||||
| 1کلية التجارة | ||||
| 2کلية التجارة جامعة الزقازيق | ||||
| Abstract | ||||
| This paper aims to estimate the impact of financial globalization on economic growth in Egypt during the period (1980-1980). the study used five different variables to express the level of financial globalization, which is the KAOPEN index as a de jure indicator for financial globalization, that is the officially announced restrictions and laws, the two indicators of foreign direct investment and foreign indirect investment were also used as de facto indicators for financial globalization, that is, actual capital flows. The study also used the most important controlling variables affecting the relationship of financial globalization with economic growth, namely, the terms of trade exchange, trade openness, the level of human capital accumulation, government spending, and finally the level of financial development. The study relied on the estimation on the co-integration using the boundary test method, which is based on the use of Autoregressive Distributed Delays (ARDL) model which is the most appropriate in this case based on the results of the stationary variables. The final results showed the fulfillment of the hypothesis of the study that financial globalization enhances economic growth in Egypt as we find a positive impact of de jure indicator of financial globalization on long-run economic growth. De facto indicators of financial globalization have confirmed the same result as we find a positive impact of foreign investment inflows on the long-run economic growth. For indirect foreign investments (foreign portfolios), we find a significant positive impact of foreign portfolio assets on long-run Egyptian economic growth. | ||||
| Keywords | ||||
| Financial Globalization; Financial liberalization; Economic growth | ||||
|
Statistics Article View: 160 PDF Download: 373 |
||||
