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| Tekijä: | Girma, S. Shortland, A. |
| Otsikko: | The political economy of financial development |
| Lehti: | Oxford Economic Papers
2008 : OCT, VOL. 60:4, p. 567-596 |
| Asiasana: | political economy democracy models |
| Vapaa asiasana: | financial development |
| Kieli: | eng |
| Tiivistelmä: | It is argued by political economy theories of financial development (hereafter as: fin-dev.) that in countries with a narrow elite controlling political decisions, fin-dev. may be delayed to deny access to finance to potential competitors. Panel data on developed and developing countries is used from 1975 to 2000 to investigate the effect of a country's democracy characteristics and regime change on fin-dev. This paper's results show that regime stability and democracy promote fin-dev., with additional benefits from fully democratic regimes. |
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