Citation
Demetriades, Panicos and Law, Siong Hook
(2006)
Finance, institutions and economic development.
International Journal of Finance and Economics, 11 (3).
pp. 245-260.
ISSN 1076-9307
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.
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Official URL or Download Paper: http://dx.doi.org/10.1002/ijfe.296
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Additional Metadata
| Item Type: | Article |
|---|---|
| Subject: | Economic development |
| Subject: | Finance |
| Divisions: | Faculty of Economics and Management |
| DOI Number: | https://doi.org/10.1002/ijfe.296 |
| Publisher: | John Wiley & Sons, Ltd |
| Keywords: | Economic development; Financial development; Institutional quality; Pooled mean group estimation; Finance; Gross Domestic Product; institutional framework |
| Depositing User: | Azwana Abdul Rahman |
| Date Deposited: | 24 Oct 2011 14:25 |
| Last Modified: | 12 Nov 2015 07:45 |
| Altmetrics: | http://www.altmetric.com/details.php?domain=psasir.upm.edu.my&doi=10.1002/ijfe.296 |
| URI: | http://psasir.upm.edu.my/id/eprint/18296 |
| Statistic Details: | View Download Statistic |
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