NDLI: Financial Development, Economic Institutions and Policy - Panel Data Evidence

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Financial Development, Economic Institutions and Policy - Panel Data Evidence

Content Provider	Semantic Scholar
Author	Filippidis, Ioannis
Copyright Year	2013
Abstract	In recent years significant researches have been done to identify what are the determinants of financial development. This paper tries to explore the complex role of institutional quality, financial liberalization, trade openness and economic policy in banking sector and stock market development, using data from 44 countries during 1988-2007. In order to investigate the effect of institutions on bankbased and equity-based financial development, we employ dynamic panel techniques and more specifically, we employ the ‘system GMM’ estimator developed by Arellano and Bover (1995), and Blundell and Bond (1998), controlling for endogeneity among variables. In order to quantify the effect of institutions on financial development, we decompose institutions into economic, political and social institutions and especially for the economic dimension, we decompose into legal structure and government quality. The results demonstrate that: i) institutional quality can explain international differences in the level of banking sector and stock market development; ii) economic institutions and trade openness have a much stronger association with the banking sector development, while political institutions and financial openness have a closer link with stock market development; and iii) political choices - the degree of government intervention to the economy - deeply affect the development and operations of the financial system.
File Format	PDF HTM / HTML
Alternate Webpage(s)	http://mibes.teilar.gr/proceedings/2013/Filippidis.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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