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Theoretical and Applied Economics
No. 2 / 2024 (639), Summer

Nexus between global financial integration and economic growth: An ARDL approach

Mohammad Omar FARUK
University of Liège, Belgium

Abstract. Scholars propose that global financial integration can boost foreign investment, technology transfer, and economic development, yet it presents challenges like inflation & financial risks. This study explores factors such as FDI, ODA, foreign assets, and external debt, shaping a country's economic growth. Focused on Bangladesh, it employs the ARDL approach for connecting financial integration and economic growth. Findings show significant impacts, with ODA & foreign assets benefiting while external debt & FDI have negative effects. These insights aid policy formulation to optimize foreign capital inflows and mitigate adverse consequences, fostering economic growth, unveiling the relationship between financial openness and development.

Keywords: financial integration, globalization, economic development, ARDL model, external financing.

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016


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