Financial openness under scrutiny: Dimensions and effects on growth across levels of development

Mauro Ignacio  Romero Stéfani; María María Ibañez Martin; Mara Leticia Rojas

doi:10.52292/j.estudecon.2026.5151

Autores/as

Mauro Ignacio Romero Stéfani Universidad Nacional del Sur; Instituto de Investigaciones Económicas y Sociales del Sur (IIESS, UNS-CONICET), Argentina https://orcid.org/0009-0003-5363-4349
María María Ibañez Martin Universidad Nacional del Sur; Instituto de Investigaciones Económicas y Sociales del Sur (IIESS, UNS-CONICET), Argentina https://orcid.org/0000-0002-0476-1654
Mara Leticia Rojas Universidad Nacional del Sur; Instituto de Investigaciones Económicas y Sociales del Sur (IIESS, UNS-CONICET), Argentina https://orcid.org/0000-0002-8752-4362

DOI:

https://doi.org/10.52292/j.estudecon.2026.5151

Palabras clave:

Crecimiento económico, apertura financiera, dimensiones financieras, política económica

Resumen

Este trabajo examina los efectos heterogéneos de la apertura financiera sobre el crecimiento económico en 162 países entre 1970 y 2019, distinguiendo entre medidas de jure y de facto, y considerando economías de diferentes niveles de ingreso. A partir de estimaciones de panel con errores estándar robustos, el análisis muestra que la apertura financiera no garantiza el crecimiento y que sus efectos dependen de las características de cada país. La apertura financiera impulsa el crecimiento en las economías de ingresos medios, en particular a través de la inversión extranjera directa, pero tiene escaso impacto en los países de ingresos bajos y efectos decrecientes en los de ingresos altos. Estos resultados indican que los efectos de la apertura sobre el crecimiento están condicionados por factores vinculados al desarrollo, como la calidad institucional y la capacidad de absorción, lo que subraya la necesidad de políticas financieras específicas para cada contexto.

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