Financial system sophistication and unemployment around the world

Horst Feldmann

Applied Economics Letters, 2013, vol. 20, issue 16, 1491-1496

Abstract: Using data on 78 countries from 1984 to 2008 and a large number of controls, this article studies the unemployment effect of a major characteristic of the financial system: its level of sophistication, i.e. the variety of financial institutions and instruments available to the economy. It finds that a higher level of sophistication is likely to reduce unemployment. The magnitude of the estimated effect is moderate but noticeable.

Date: 2013
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DOI: 10.1080/13504851.2013.826868

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