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FINANCIAL DEVELOPMENT and INSTITUTIONS: A LITERATURE REVIEW

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  • Sibel Bali Eryigit

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    (Uludag University)

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    Abstract

    Among the causes of differences in financial development, “institutions†have received considerable attention in recent years. In this context, the question of which institutions promote financial development seems particularly important. Therefore, the theories that explain the relationships between formal or informal institutions (law systems, trade openness, trust, social capital, political groups, etc.) and financial development have been introduced in recent literature. The aim of this paper is to present a general conceptual framework that will provide a better understanding the effects of institutional environment on the financial development.

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    Bibliographic Info

    Article provided by Anadolu University in its journal Anadolu University Journal of Social Sciences.

    Volume (Year): 10 (2010)
    Issue (Month): 2 (May)
    Pages: 111-122

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    Handle: RePEc:and:journl:v:10:y:2010:i:2:p:111-122

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    Related research

    Keywords: Financial Development; Institutions; Trade openness; Social capital; Trust; Law and Finance.;

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    References

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    1. Stulz, Rene M. & Williamson, Rohan, 2003. "Culture, openness, and finance," Journal of Financial Economics, Elsevier, vol. 70(3), pages 313-349, December.
    2. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
    3. James B. Ang & Warwick J. McKibbin, 2005. "Financial Liberalization, Financial Sector Development And Growth: Evidence From Malaysia," CAMA Working Papers 2005-05, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    4. Stephen Knack & Philip Keefer, 1995. "Institutions And Economic Performance: Cross-Country Tests Using Alternative Institutional Measures," Economics and Politics, Wiley Blackwell, vol. 7(3), pages 207-227, November.
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    6. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2004. "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development," Journal of Economic Growth, Springer, vol. 9(2), pages 131-165, 06.
    7. Leopoldo Fergusson, 2006. "Institutions for Financial Development: What are they and where do they come from?," Journal of Economic Surveys, Wiley Blackwell, vol. 20(1), pages 27-70, 02.
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    14. Grigorian, David A. & Martinez, Albert, 2000. "Industrial growth and the quality of institutions : what do (transition) economies have to gain from the Rule of Law?," Policy Research Working Paper Series 2475, The World Bank.
    15. Do, Quy-Toan & Levchenko, Andrei A., 2007. "Comparative advantage, demand for external finance, and financial development," Journal of Financial Economics, Elsevier, vol. 86(3), pages 796-834, December.
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    17. Mahoney, Paul G, 2001. "The Common Law and Economic Growth: Hayek Might Be Right," The Journal of Legal Studies, University of Chicago Press, vol. 30(2), pages 503-25, Part I Ju.
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