The political economy of financial development
AbstractPolitical 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 the effect of a country's democracy characteristics and regime change on financial development. Our results show that regime stability and democracy promote financial development, with additional benefits from fully democratic regimes. Copyright 2008 , Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 60 (2008)
Issue (Month): 4 (October)
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Other versions of this item:
- Sourafel Girma & Anja Shortland, 2004. "The Political Economy of Financial Development," Discussion Papers in Economics 04/21, Department of Economics, University of Leicester, revised Oct 2004.
- Sourafel Girma & Anja Shortland, 2004. "The Political Economy of Financial Development," Money Macro and Finance (MMF) Research Group Conference 2004 39, Money Macro and Finance Research Group.
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- K0 - Law and Economics - - General
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
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