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Finance, institutions and economic development


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 / Synopsis

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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Additional Metadata

Item Type: Article
Subject: Economic development
Subject: Finance
Divisions: Faculty of Economics and Management
DOI Number:
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
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