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Private Participation in Infrastructure and Financial Sector Development: Evidence from Developing Countries

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  • Tong Fu
  • Yi Liu

Abstract

This article studies whether private participation in infrastructure (PPI) investments promote financial sector development (FSD). With data from 62 developing countries over the period 1990–2013, we provide evidence of a positive and significant relationship between PPI investments and FSD, irrespective of different control variables, estimation methods and measures of FSD. With heterogeneity tests, we illustrate that the promotion effect is larger in emerging countries than in the other countries; however, the difference is marginal. We also identify that both civil and common legal origins have a comparative advantage than socialist legal origin for FSD.

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  • Tong Fu & Yi Liu, 2018. "Private Participation in Infrastructure and Financial Sector Development: Evidence from Developing Countries," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 54(1), pages 203-218, January.
    • Handle: RePEc:mes:emfitr:v:54:y:2018:i:1:p:203-218
    DOI: 10.1080/1540496X.2017.1300882
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    Cited by:

    1. Alshammari, Ahmad Alrazni & Alhabshi, Syed Musa & Saiti, Buerhan, 2019. "The impact of oil prices and the financial market on cost efficiency in the insurance and Takaful sectors: Evidence from a stochastic frontier analysis," Economic Systems, Elsevier, vol. 43(3).

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