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Financial Development and Pre-historic Geographical Isolation: Global Evidence

Oasis Kodila-Tedika (), Simplice Asongu (), Matthias Cinyabuguma and Vanessa Tchamyou ()

MPRA Paper from University Library of Munich, Germany

Abstract: Using cross-country differences in the degree of isolation before the advent of technologies in sea and air transportation, we assess the relationship between geographic isolation and financial development across the globe. We find that pre-historic geographical isolation has been beneficial to development because it has contributed to contemporary cross-country differences in financial intermediary development. The relationship is robust to alternative samples, different estimation techniques, outliers and varying conditioning information sets. The established positive relationship between geographic isolation and financial intermediary development does not significantly extend to stock market development.

Keywords: Financial development; Isolation; Agglomeration; Globalization (search for similar items in EconPapers)
JEL-codes: F15 G15 N70 O16 O50 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fdg
Date: 2017-01-02, Revised 2017-09
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Published in Financial History Review 3.24(2017): pp. 283-306

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Related works:
Journal Article: Financial development and prehistoric geographical isolation: global evidence (2017) Downloads
Working Paper: Financial Development and Pre-historic Geographical Isolation: Global Evidence (2017) Downloads
Working Paper: Financial Development and Pre-historic Geographical Isolation: Global Evidence (2017) Downloads
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