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The Political Economy of Financial Development

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Author Info

  • Sourafel Girma

    (University of Leicester)

  • Anja Shortland

    (University of Leicester)

Abstract

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 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.

(This abstract was borrowed from another version of this item.)

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Bibliographic Info

Paper provided by Money Macro and Finance Research Group in its series Money Macro and Finance (MMF) Research Group Conference 2004 with number 39.

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Date of creation: 17 Sep 2004
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Handle: RePEc:mmf:mmfc04:39

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Web page: http://www.essex.ac.uk/afm/mmf/index.html

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Cited by:
  1. Law, Siong Hook & Azman-Saini, W.N.W., 2008. "The Quality of Institutions and Financial Development," MPRA Paper 12107, University Library of Munich, Germany.
  2. Melanie S. Milo, 2007. "Integrated Financial Supervision : An Institutional Perspective for the Philippines," Finance Working Papers 22667, East Asian Bureau of Economic Research.
  3. Milo, Melanie S., 2007. "Integrated Financial Supervision: an Institutional Perspective for the Philippines," Discussion Papers DP 2007-17, Philippine Institute for Development Studies.
  4. Sibel Bali Eryigit, 2010. "FINANCIAL DEVELOPMENT and INSTITUTIONS: A LITERATURE REVIEW," Anadolu University Journal of Social Sciences, Anadolu University, vol. 10(2), pages 111-122, May.
  5. Huang, Yongfu, 2010. "Political Institutions and Financial Development: An Empirical Study," World Development, Elsevier, vol. 38(12), pages 1667-1677, December.
  6. Paul Mizen & Serafeim Tsoukas, 2012. "What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia," Working Papers 2012_17, Business School - Economics, University of Glasgow.
  7. Thomas Marois, 2009. "Emerging Market Bank Rescues in an Era of Finance-Led Neoliberalism," Discussion Papers 09, Research on Money and Finance.
  8. Thorsten Beck & Samuel Munzele Maimbo, 2013. "Financial Sector Development in Africa : Opportunities and Challenges," World Bank Publications, The World Bank, number 11881, April.

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