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Financial Development, Openness and Institutions: Evidence from Panel Data

Badi Baltagi (), Panicos Demetriades () and Siong Hook Law ()

No 166, Money Macro and Finance (MMF) Research Group Conference 2006 from Money Macro and Finance Research Group

Abstract: Using dynamic panel data techniques and several data sets, we provide new evidence on the effects of openness and institutions on financial development. Our findings suggest that openness and institutions are potentially very important factors for different aspects of financial development. They do not however provide much support to the simultaneous openness hypothesis of Rajan and Zingales (2003), suggesting that a more nuanced openness or political economy story may be required to explain the variation of financial development across countries and over tim

Keywords: Financial development; Trade Openness; Financial Openness; Financial Liberalisation; Dynamic Panel Data Analysis (search for similar items in EconPapers)
JEL-codes: F19 G29 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-sea
Date: 2007-02-02
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http://repec.org/mmf2006/up.9895.1159524778.pdf (application/pdf)

Related works:
Working Paper: Financial Development, Openness and Institutions: Evidence from Panel Data (2007) Downloads
Working Paper: Financial Development, Openness and Institutions: Evidence from Panel Data (2007) Downloads
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