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Financial Development, Human Capital And Political Stability

  • J. François OUTREVILLE
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    In this paper we take a look at the empirical relationship between the level of financial development and socio-economic variables reflecting different levels of development in the light of the recent literature on the role of human capital in economic development. The empirical results, based on a cross-sectional analysis of 57 developing countries, indicate that human capital and socio-political stability are important factors explaining the level of financial development of these markets.

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    File URL: http://www.unctad.org/en/docs/dp_142.en.pdf
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    Paper provided by United Nations Conference on Trade and Development in its series UNCTAD Discussion Papers with number 142.

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    Date of creation: 1999
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    Handle: RePEc:unc:dispap:142
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    19. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 501-26, May.
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    24. Richard R. Nelson & Edmond S. Phelps, 1965. "Investment in Humans, Technological Diffusion and Economic Growth," Cowles Foundation Discussion Papers 189, Cowles Foundation for Research in Economics, Yale University.
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