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Financial Market Efficiency, Institutions and Growth: An international Econometric Analysis for 1997-2002

J. Piñeiro, H.A. Khan, D.N. Melikyan and Artur Tamazian ()
Authors registered in the RePEc Author Service: hassaan amin khan, Sr. () and Haider Khan ()

Applied Econometrics and International Development, 2005, vol. 5, issue 2

Abstract: The paper tests the hypothesis of a positive impact of democratization on growth, economic development and changes in well-being. We construct an empirical model to explain the impact of political institutions (democracy), economic institutions, financial market efficiency, scientific achievements and “financial or FDI” geography on growth. The empirical work based on a wide database including several indicators assessed by the authors support the hypothesis of decisive role of democratic political and efficient economic institutions in stimulating economic growth. The main results also highlight the importance of effective allocation of financial resources.

Keywords: Capabilities; Democracy; Development; Finance; Institutions; Growth. (search for similar items in EconPapers)
JEL-codes: I31 O11 O17 G21 (search for similar items in EconPapers)
Date: 2005
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