Financial development, openness and institutions: evidence from panel data

Financial development, openness and institutions: evidence from panel data
Document type
Working Paper
Author(s)
Baltagi, Badhi H; Demetriades, Pancios O; Law, Siong Hook
Publisher
Birkbeck, University of London
Date of publication
27 May 2007
Series
Birckbeck World Economy and Finance Research Programme Working Papers
Subject(s)
Trends: economic, social and technology trends affecting business
Collection
Business and management
Material type
Reports

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Utilising four annual panel datasets and dynamic panel data estimation procedures, this paper finds that trade and financial openness, as well as economic institutions, are statistically important determinants of the variation in financial development across countries and over time since the 1980s. However, the paper finds mixed support for the hypothesis that the simultaneous opening of both trade and capital accounts is necessary to promote financial development in a contemporary setting. 

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