Does financial globalization still spur growth in emerging and developing countries? Considering exchange rates

Is Financial Globalization Polluting? – Symmetric and Asymmetric Effects of External Liabilities on CO2 Emissions in the MENA Region

“…In addition, besides their direct effect, FDI inflows may also impact CO2 emissions indirectly via economic growth (Xie et al, 2019). In fact, on the one hand, FDI and GDP growth are indisputably linked, with FDI influencing growth, as has been shown in numerous studies (e.g., Estrada et al, 2015;Trabelsi and Cherif, 2017;Gaies et al, 2020). On the other hand, the existing literature provides evidence of a directequally undisputedrelationship between growth and CO2 emissions (e.g., Sinha et al, 2017;Nabavi-Pelesaraei et al, 2018;Kaab et al, 2019).…”

“…In doing so, it appears that almost all previous studies have used FDI inflows as the sole indicator of financial globalization and CO2 emissions as the indicator of CO2 emissions. It is no secret that FDI inflows have a considerable effect on GDP growth (e.g., Estrada et al, 2015;Trabelsi and Cherif, 2017;Gaies et al, 2020). Beyond economic growth, scholars have also investigated other impacts of FDI inflows, including on the environment.…”

“…Second, as mentioned earlier, previous studies have focused on FDI as an indicator of financial globalization. They therefore neglect external debt and portfolio investment, which are the other two main components financial globalization (e.g., Estrada et al, 2015;Trabelsi and Cherif, 2017;Gaies et al, 2020). Considering FDI, external debt and portfolio investment liabilities, we go one step further than the existing literature, providing a more comprehensive analysis.…”

“…We explain this dependent variable by three indicators of financial globalization, which are external debt, FDI and portfolio investment liabilities, from the External Wealth of Nations database developed by Lane and Milesi-Ferretti (2018). These variables are commonly used in the literature on the link between financial globalization and growth (e.g., Estrada et al, 2015;Trabelsi and Cherif, 2017;Gaies et al, 2020) and they allow us to go one step further than previous studies which only consider FDI as a variable of financial globalization. As control variables, we consider GDP per capita, energy consumption and urban population, which are also extracted from the World Bank Open Data.…”

Global Research Trends in Financial Transactions

“…The main keywords used in the articles published in the research area by country are "financial management", "financial transaction tax", "financial services", "blockchain", "financial market", "financial crisis", "money laundering", "globalization", "financial data processing", "investments", "network security", "risk assessment", "tax system", "Tobin tax", "bitcoin", "data mining", "biometric", "electronic money", "cryptography", "game theory", "mathematical models", "artificial intelligence", and "financial regulation". The main terms of the articles on financial transactions relate primarily to the risk of global financial operations, security of money laundering, current and future credit mechanisms, auditing, the management of financial resources and the position of liquidity, and financial assistance to low-income countries [34,124,125]. Figure 7 shows the evolution of each group of countries during the period analyzed, 1935-2019.…”