English, Article, Journal or magazine article edition: The Political Economy of Financial Development Sourafel Girma; Anja Shortland

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Bookmark: http://trove.nla.gov.au/version/34956
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Political Economy of Financial Development
Author
  • Sourafel Girma
  • Anja Shortland
Physical Description
  • preprint
Notes
  • RePEc:mmf:mmfc04:39
  • Political economy theories of financial development argue that in countries where a narrow elite controls political decisions, financial development may be obstructed to deny access to finance to potential competitors. We use panel data on developed and developing countries from 1975- 2000 to examine this hypothesis, as well as looking at the effect of regime stability on financial development. Our results show that the degree of democracy and political stability are significant explanatory factors in determining the speed of financial development. The banking sector benefits from regime stability and increasing democracy, while stock market capitalisation grows fastest in fully democratic regimes.
  • Financial markets; Financial Development; Politics; Law and Economics
  • RePEc:lec:leecon:04/​21
Language
  • English
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