Journal
ECONOMICS LETTERS
Volume 112, Issue 3, Pages 262-265Publisher
ELSEVIER SCIENCE SA
DOI: 10.1016/j.econlet.2011.05.012
Keywords
Democracy; Institutions; Financial development
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This paper examines whether democracy promotes financial development. While cross-section results show a positive association between democracy and bank development, this relationship disappears in panel regressions. The data also reveals that democracy is not positively related to stock market development. (C) 2011 Elsevier B.V. All rights reserved.
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