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Financial Market Efficiency, Institutions and Growth: An international Econometric Analysis for 1997-2002

  • Piñeiro, J.
  • Khan, H.A.
  • Melikyan, D.N.
  • Tamazian, A.

The paper tests the hypothesis of a positive impact of democratization on growth, economic development and changes in well-being. We construct an empirical model to explain the impact of political institutions (democracy), economic institutions, financial market efficiency, scientific achievements and “financial or FDI” geography on growth. The empirical work based on a wide database including several indicators assessed by the authors support the hypothesis of decisive role of democratic political and efficient economic institutions in stimulating economic growth. The main results also highlight the importance of effective allocation of financial resources.

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File URL: http://www.usc.es/economet/reviews/aeid522.pdf
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Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

Volume (Year): 5 (2005)
Issue (Month): 2 ()
Pages:

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Handle: RePEc:eaa:aeinde:v:5:y:2005:i:2_2
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  1. Tavares, Jose & Wacziarg, Romain, 2001. "How democracy affects growth," European Economic Review, Elsevier, vol. 45(8), pages 1341-1378, August.
  2. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May.
  3. Stanley Fischer & Ratna Sahay, 2000. "The Transition Economies After Ten Years," IMF Working Papers 00/30, International Monetary Fund.
  4. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  5. Acemoglu, Daron & Johnson, Simon & Robinson, James A, 2004. "Institutions as the Fundamental Cause of Long-Run Growth," CEPR Discussion Papers 4458, C.E.P.R. Discussion Papers.
  6. Guisan, M.Carmen & Aguayo, Eva & Exposito, Pilar, 2001. "Economic growth and cycles: Cross-country models of education, industry and fertility and international comparisons," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 1(1), pages 9-37.
  7. Grossman, G.M. & Helpman, E., 1993. "Endogenous, Innovation in the Theory of Growth," Papers 165, Princeton, Woodrow Wilson School - Public and International Affairs.
  8. Evelyne Huber & Dietrich Rueschemeyer & John D. Stephens, 1993. "The Impact of Economic Development on Democracy," Journal of Economic Perspectives, American Economic Association, vol. 7(3), pages 71-86, Summer.
  9. Newey, Whitney K & West, Kenneth D, 1987. "A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix," Econometrica, Econometric Society, vol. 55(3), pages 703-08, May.
  10. Minier, Jenny A, 1998. " Democracy and Growth: Alternative Approaches," Journal of Economic Growth, Springer, vol. 3(3), pages 241-66, September.
  11. Levine, Ross & Zervos, Sara J, 1993. "What We Have Learned about Policy and Growth from Cross-Country Regressions?," American Economic Review, American Economic Association, vol. 83(2), pages 426-30, May.
  12. Stanley Fischer & Ratna Sahay, 2000. "The Transition Economies After Ten Years," NBER Working Papers 7664, National Bureau of Economic Research, Inc.
  13. Howard Pack, 1994. "Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcomings," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 55-72, Winter.
  14. John F. Helliwell, 1992. "Empirical Linkages Between Democracy and Economic Growth," NBER Working Papers 4066, National Bureau of Economic Research, Inc.
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