Does democracy foster financial development? An empirical analysis
Economics Letters, 2011, vol. 112, issue 3, 262-265
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)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:112:y:2011:i:3:p:262-265
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