Demetriades, Panicos and Law, Siong Hook (2006) Finance, institutions and economic development. International Journal of Finance & Economics, 11 (3). pp. 245-260. ISSN 1076-9307
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Official URL: http://dx.doi.org/10.1002/ijfe.296
Abstract
Using data from 72 countries for the period 1978-2000, we find that financial development has larger effects on GDP per capita when the financial system is embedded within a sound institutional framework. Moreover, we find that financial development is most potent in middle-income countries, where its effects are particularly large when institutional quality is high. Importantly, we also find that in low-income countries the influence of financial development is at its weakest; in these countries, more finance without sound institutions may not succeed in delivering long-run economic benefits. Copyright © 2006 John Wiley & Sons, Ltd.
| Item Type: | Article |
|---|---|
| Keyword: | Economic development; Financial development; Institutional quality; Pooled mean group estimation; Finance; Gross Domestic Product; institutional framework |
| Subject: | Economic development |
| Subject: | Finance |
| Faculty or Institute: | Faculty of Economics and Management |
| Publisher: | John Wiley & Sons, Ltd |
| DOI Number: | 10.1002/ijfe.296 |
| ID Code: | 18296 |
| Deposited By: | Azwana Abdul Rahman |
| Deposited On: | 24 Oct 2011 22:25 |
| Last Modified: | 24 Oct 2011 22:25 |
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