Resumo

TOVAR GARCIA, Edgar. Consequences of financial globalization in financial system efficiency. Prob. Des [online]. 2011, vol.42, n.167, pp.147-174. ISSN 0301-7036.

This article deals theoretically and empirically with the financial globalization / financial system efficiency nexus. It presents a novel empirical test, while applying new indicators for financial globalization and the performance of the basic functions of the financial system. A dynamic model is employed with panel data, the main results of which suggest that financial globalization favors financial deepening. Regarding the efficiency in which domestic financial systems perform their basic functions, it can only be argued that financial globalization improves corporate control and facilitates the mobilization and amassing of saving, but that this is accompanied by volatility in consumption (it worsens the administration and diversification of risk) and greater bank concentration (it worsens the information on financial markets conditions).

Palavras-chave : Financial globalization; efficiency of the financial system; Dynamic Panel Data and Generalized Method of Moments Estimation.

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