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Financial development and prehistoric geographical isolation: global evidence

Author

Listed:
  • Kodila-Tedika, Oasis
  • Asongu, Simplice A.
  • Cinyabuguma, Matthias
  • Tchamyou, Vanessa S.

Abstract

Using cross-country differences in the degree of isolation before the advent of technologies in sea and air transportation, we assess the relationship between geographical isolation and financial development across the globe. We find that prehistoric geographical isolation has been beneficial to development because it has contributed to contemporary cross-country differences in financial intermediary development. The relationship is robust to alternative samples, different estimation techniques, outliers and varying conditioning information sets. The established positive relationship between geographical isolation and financial intermediary development does not significantly extend to stock market development.

Suggested Citation

  • Kodila-Tedika, Oasis & Asongu, Simplice A. & Cinyabuguma, Matthias & Tchamyou, Vanessa S., 2017. "Financial development and prehistoric geographical isolation: global evidence," Financial History Review, Cambridge University Press, vol. 24(3), pages 283-306, December.
    • Handle: RePEc:cup:fihrev:v:24:y:2017:i:03:p:283-306_00
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    Cited by:

    1. Oasis Kodila-Tedika & Simplice A. Asongu, 2022. "Tribalism and Finance," Journal of Interdisciplinary Economics, , vol. 34(2), pages 162-176, July.
    2. Bello K. Ajide, 2020. "Fragmentation and financial development in Sub-Saharan Africa Countries: the case of diversity debit versus diversity dividend theses," Economic Change and Restructuring, Springer, vol. 53(3), pages 379-428, August.
    3. Oasis Kodila-Tedika & Yi Duan & Boniface P. Yemba & Matthias Cinyabuguma, 2024. "On the empirics of geographic isolation and technology adoption," Applied Economics Letters, Taylor & Francis Journals, vol. 31(18), pages 1785-1790, October.

    More about this item

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • N7 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General

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