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PurposeThe purpose of this paper is to test whether Australian female and male entrepreneurs differ in their growth aspirations and demand for finance; denial, discouragement and financial constraint rates; and sources of finance.Design/methodology/approachThis paper applies logistic regression techniques to data drawn from a comprehensive survey of Australian small‐ and medium‐sized businesses, which was conducted in 2010.FindingsAfter controlling for a wide range of firm, owner and risk characteristics, female entrepreneurs are found to have lower growth aspirations than males but do not differ in their demand for business finance. Gender does not influence the probability of reporting denial, discouragement or financial constraint. Females and males do not differ significantly in the types of finance that they use.Research limitations/implicationsThe online survey had a low response rate.Originality/valueFirst, the paper tests the proposition that gender mediates demand for finance whilst controlling for a wide range of firm, owner and risk variables. Second, the paper tests whether female entrepreneurs are more likely than males to be financially constrained, that is, to have foregone viable investment opportunities due to inadequate access to finance. In doing so, it endeavours to reconcile the financial discrimination and financial constraint literatures. Third, the paper tests whether gender produces its effects in interaction with owners' migration status.

Since the Asian financial crises, economists are more circumspect in their advocacy of financial globalization'. A new consensus emerged which contends that increased financial liberalization and capital account openness may only produce economic benefits when countries are open to trade and have good institutions and policies in place. This paper critically reviews this consensus, which we term the 'thresholds paradigm', through a survey of the available literature and a comparative case study of two African countries that have undertaken financial and capital account liberalization: Nigeria and Botswana. The paper argues that the thresholds paradigm leaves important theoretical and policy-related questions unresolved, in particular, the origins of good institutions and policies. Further, while at first glance the paradigm appears to capture the divergent outcomes of financial globalization policies in Nigeria and Botswana, a deeper investigation reveals important factors that are neglected and occluded. The paper concludes that economists need to be more methodologically ambidextrous and must integrate institutional factors in their theoretical frameworks in order to better understand the outcomes of 'financial globalization' and to provide useful policy advice to developing countries contemplating financial reforms in the future.