Institutional Quality, Trade Openness, and Financial Development in Asia: An Empirical Investigation

Thai-Ha Le, Jungsuk Kim () and Minsoo Lee
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Jungsuk Kim: Sogang University

No 452, ADB Economics Working Paper Series from Asian Development Bank

Abstract: We examine the determinants of financial development in Asia and the Pacific from 1995 to 2011. To do so, we apply the dynamic generalized method of moments to a panel data set of 26 economies in the region. We find that better governance and institutional quality foster financial development in developing economies while economic growth and trade openness are key determinants of financial depth in developed economies.

Keywords: Asia and the Pacific; economic growth; financial development; governance and institutional quality; panel data analysis; trade openness (search for similar items in EconPapers)
JEL-codes: G10 G20 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2015-09-15
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:adbewp:0452

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