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Political institutions and financial cooperative development

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  • KHAFAGY, AMR

Abstract

This paper analyses the influence of political institutions on the development of financial cooperatives. It proposes a political economy theory where autocratic regimes deliberately oppose the development of a well-functioning financial cooperative sector to maintain their political influence, and prevent the formation of strong pressure groups that can threaten the current political status quo and reduce the governing elites’ economic benefits from underdeveloped and exclusive financial sector. Using panel data from 65 developing countries from 1995–2014, the results show that democracy, political rights and civil liberties promote financial cooperative development. These results are robust in controlling for endogeneity as well as other economic and institutional factors.

Suggested Citation

  • Khafagy, Amr, 2017. "Political institutions and financial cooperative development," Journal of Institutional Economics, Cambridge University Press, vol. 13(2), pages 467-498, June.
    • Handle: RePEc:cup:jinsec:v:13:y:2017:i:02:p:467-498_00
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    Cited by:

    1. Amr Khafagy, 2018. "Regulation, supervision and deposit insurance for financial cooperatives: an empirical investigation," Annals of Finance, Springer, vol. 14(2), pages 143-193, May.
    2. Bitar, Mohammad & Hassan, M. Kabir & Walker, Thomas, 2017. "Political systems and the financial soundness of Islamic banks," Journal of Financial Stability, Elsevier, vol. 31(C), pages 18-44.

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