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The degree of financial liberalization and aggregated stock-return volatility in emerging markets Journal of Banking & Finance 34 509–521. https://doi. org/10.1016/j.jbankfin.2009.08.010Umutlu M. Altay-Salih A. & Akdeniz L. (2010) Does ADR listing affect the dynamics of volatility in emerging markets? (2010) Finance a Uver-Czech Journal of Economics and Finance 60 122-137.Valickova P. Havranek T. & Horvath R. (2015). Financial development and economic growth: A meta\u0002analysis Journal of Economic Surveys 29(3) 506–526. https://doi.org/10.1111/joes.12068World Bank (2018 December). World governance index. WGI Indicators. Retrieved from http://info.worl\u0002dbank.org/governance/wgi/index.aspx#doc.2630-548810.26650/ibr.2020.49.0040https://gcris.yasar.edu.tr/handle/123456789/10728We investigate the potential relation between financial openness and financial development for 27 emerging countries for the period between 1996 and 2016. We focus on three dimensions of financial openness: capital account openness trade openness and stock-market openness. In this study we propose alternative measures for capital account and trade openness. Moreover we offer capital flow and valuation-based measures for stock-market openness as a potential determinant of financial development. Our findings indicate that capital account openness and trade openness are the key drivers of financial development. These results are not sensitive to the use of alternative financial openness and financial development measures and are robust after being controlled for institutional quality and its components. Our results have implications for policymakers in emerging countries who try to increase the depth of their financial markets for an easier and cheaper access to funds.İngilizceİktisat-İşletme FinansArticle