Journal
WORLD DEVELOPMENT
Volume 38, Issue 12, Pages 1667-1677Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.worlddev.2010.04.001
Keywords
political institutions; financial development; globalization; East Asia; Thailand
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This paper examines whether political institutional Improvement promotes financial development using a panel dataset of 90 developed and developing countries over 1960-99 The empirical evidence reveals a positive effect of institutional Improvement on financial development at least in the short run particularly for lower Income countries The preliminary evidence by a before-alter event study indicates that a democratic transformation is typically followed by an increase in financial development (C) 2010 Elsevier Ltd All rights reserved
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