Hazem  Al Samman, Sulaiman  Mouselli, Chadi  Azmeh, 
    The Impact of Financial Liberalization on Economic Growth: The Indirect Link,
    International Business Management,
    Volume 11,Issue 6,
    2017,
    Pages 1289-1297,
    ISSN 1993-5250,
    ibm.2017.1289.1297,
    (https://makhillpublications.co/view-article.php?doi=ibm.2017.1289.1297)
    Abstract: This study investigates the impact of financial liberalization on economic growth through its effect
on the size and activity of the financial sector in a set of developing countries. We use the relative number and
share of Foreign banks as proxies for financial liberalization and liquid liabilities and claims on private sector
as share of GDP as proxies for the financial development. We find a negative real effect of the level of Foreign
banks entry on the size and activity of financial development. However, the effect of financial development on
economic growth is positive. This result contradicts the first component of Levine’s theory that Foreign bank’s
entry has positive effect on financial development but confirms the second component that financial
development has positive effect on economic growth. Our result is also consistent with Ghosh who finds that
a greater banking sector openness reduces economic growth in developing countries.
    Keywords: financial development;economic growth;Financial liberalization;developing countries;contradicts;Foreign