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Does democracy foster financial development? An empirical analysis

Benhua Yang

Economics Letters, 2011, vol. 112, issue 3, 262-265

Abstract: 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.

Keywords: Democracy; Institutions; Financial; development (search for similar items in EconPapers)
Date: 2011
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