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Openness, Institutions and Financial Development

Author

Listed:
  • Siong Hook Law
  • Panicos Demetriades

Abstract

[This paper is no longer available. It has been replaced by paper 07/5: Financial Development, Openness and Institutions: Evidence from Panel Data.] Using cross-country and dynamic panel data techniques on 43 developing countries during 1980 – 2000, we provide evidence which suggests that financial development is enhanced when a country’s borders are simultaneously open to both capital flows and trade. Our findings also suggest that institutional quality is a statistically significant independent determinant of financial development. Our findings are robust to alternative measures of financial and trade openness, as well as estimation method and sample period.

Suggested Citation

  • Siong Hook Law & Panicos Demetriades, 2005. "Openness, Institutions and Financial Development," Discussion Papers in Economics 05/8, Division of Economics, School of Business, University of Leicester.
    • Handle: RePEc:lec:leecon:05/8
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    JEL classification:

    • F19 - International Economics - - Trade - - - Other
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other

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