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
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.
|Keyword:||Economic development; Financial development; Institutional quality; Pooled mean group estimation; Finance; Gross Domestic Product; institutional framework|
|Faculty or Institute:||Faculty of Economics and Management|
|Publisher:||John Wiley & Sons, Ltd|
|Deposited By:||Azwana Abdul Rahman|
|Deposited On:||24 Oct 2011 14:25|
|Last Modified:||24 Oct 2011 14:25|
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