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Finance, institutions and economic development.
- Source :
- International Journal of Finance & Economics; Jul2006, Vol. 11 Issue 3, p245-260, 16p, 8 Charts
- Publication Year :
- 2006
-
Abstract
- Using data from 72 countries for the period 1978–2000, we find that financial development has larger effects on GDP per capita when the financial system is embedded within a sound institutional framework. Moreover, we find that financial development is most potent in middle-income countries, where its effects are particularly large when institutional quality is high. Importantly, we also find that in low-income countries the influence of financial development is at its weakest; in these countries, more finance without sound institutions may not succeed in delivering long-run economic benefits. Copyright © 2006 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 10769307
- Volume :
- 11
- Issue :
- 3
- Database :
- Complementary Index
- Journal :
- International Journal of Finance & Economics
- Publication Type :
- Academic Journal
- Accession number :
- 22107044
- Full Text :
- https://doi.org/10.1002/ijfe.296