The political economy of financial development
Abstract
Political economy theories of financial development argue that in countries where a narrow elite controls political decisions, financial development may be obstructed to deny access to finance to potential competitors. We use panel data on developed and developing countries from 1975-2000 to examine the effect of a country's democracy characteristics and regime change on financial development. Our results show that regime stability and democracy promote financial development, with additional benefits from fully democratic regimes. Copyright 2008 , Oxford University Press.
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Claims other papers make about this one
Each is checked against this paper’s own text: does it say what the citing paper says it does?
Various factors affect the relationship between financial inclusion and economic growth.
“In addition, several works indicated that there are various factors that affect the relationship between financial inclusion and economic growth, and hence this research considered some of these factors as control variables, which include inflation (Inf), financial stability as proxied by Z-Score (FS), technology as a factor of internet expansion (IU), exchange rate (EXR), real interest rate (RIR)”
From Financial Inclusion and Economic Growth in Sub-Saharan Africa—A Panel ARDL and Granger Non-Causality Approach (2023) · cites this paper as Girma and Shortland 2008
The Literature Review (p. 3) describes a two-way relationship between financial development and economic growth and discusses the real interest rate. The Data section (p. 7) examines factors affecting access to finance. The paper does not establish that the listed control variables affect the relationship between financial inclusion and growth; its analysis focuses on factors affecting financial development. (LLM, conf=0.83)
Experimental — accuracy not yet measured
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Cites
Arellano, M., & Bond, S. (1991) · The Review of Economic Studies · doi:10.2307/2297968 · Cited by 33,272 · see citing works
Institutions, Institutional Change and Economic Performance
Munger, M. C., & North, D. C. (1991) · Southern Economic Journal · doi:10.2307/1060065 · Cited by 25,224 · see citing works
Initial conditions and moment restrictions in dynamic panel data models
Blundell, R., & Bond, S. (1998) · Journal of Econometrics · doi:10.1016/s0304-4076(98)00009-8 · Cited by 22,571 · see citing works
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1998) · Journal of Political Economy · doi:10.1086/250042 · Cited by 18,025 · see citing works
Initial conditions and moment restrictions in dynamic panel data models
Blundell, R., & Bond, S. (1995) · Working Paper Series · doi:10.1920/wp.ifs.1995.9517 · Cited by 14,755 · see citing works
Large Sample Properties of Generalized Method of Moments Estimators
Hansen, L. P. (1982) · Econometrica · doi:10.2307/1912775 · Cited by 13,467 · see citing works
Legal Determinants of External Finance
LA PORTA, R., LOPEZ‐DE‐SILANES, F., SHLEIFER, A., & VISHNY, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb02727.x · Cited by 9,783 · see citing works
The colonial origins of comparative development: An empirical investigation
Acemoglu, D., Johnson, S., & Robinson, J. A. (2001) · American Economic Review · doi:10.1257/aer.91.5.1369 · Cited by 8,517 · see citing works
Instrumental Variables Regression with Weak Instruments
Staiger, D., & Stock, J. H. (1997) · Econometrica · doi:10.2307/2171753 · Cited by 7,081 · see citing works
Robust Regression and Outlier Detection
Piepel, G. F., Rousseeuw, P. J., & Leroy, A. M. (1989) · Technometrics · doi:10.2307/1268828 · Cited by 6,183 · see citing works
The Colonial Origins of Comparative Development: An Empirical Investigation: Reply
Acemoğlu, D., Johnson, S., & Robinson, J. A. (2012) · American Economic Review · doi:10.1257/aer.102.6.3077 · Cited by 6,050 · see citing works
Robust Regression and Outlier Detection
Rousseeuw, P. J., & Leroy, A. M. (1987) · Wiley Series in Probability and Statistics · doi:10.1002/0471725382 · Cited by 5,609 · see citing works
Frankel, J. A., & Romer, D. (1999) · American Economic Review · doi:10.1257/aer.89.3.379 · Cited by 5,593 · see citing works
The Twin Crises: The Causes of Banking and Balance-of-Payments Problems
Kaminsky, G., & Reinhart, C. (1999) · American Economic Review · doi:10.1257/aer.89.3.473 · Cited by 4,993 · see citing works
Dictatorship, Democracy, and Development
Olson, M. (1993) · American Political Science Review · doi:10.2307/2938736 · Cited by 3,789 · see citing works
Finance and the sources of growth
Beck, T., Levine, R., & Loayza, N. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00072-6 · Cited by 3,711 · see citing works
The great reversals: the politics of financial development in the twentieth century
Rajan, R. G., & Zingales, L. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00125-9 · Cited by 3,327 · see citing works
Schmitt, H. O. (1974) · American Journal of Agricultural Economics · doi:10.2307/1238641 · Cited by 3,032 · see citing works
Porta, R. L., López‐de‐Silanes, F., & Shleifer, A. (2002) · The Journal of Finance · doi:10.1111/1540-6261.00422 · Cited by 2,518 · see citing works
Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?
Hellmann, T. F., Murdock, K. C., & Stiglitz, J. E. (2000) · American Economic Review · doi:10.1257/aer.90.1.147 · Cited by 2,155 · see citing works
The Determinants of Banking Crises in Developing and Developed Countries
Demirgüç‐Kunt, A., & Detragiache, E. (1998) · Staff Papers · doi:10.2307/3867330 · Cited by 1,821 · see citing works
Culture, openness, and finance
Stulz, R. M., & Williamson, R. G. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00173-9 · Cited by 1,720 · see citing works
Does financial development cause economic growth? Time-series evidence from 16 countries
Demetriades, P. O., & Hussein, K. A. (1996) · Journal of Development Economics · doi:10.1016/s0304-3878(96)00421-x · Cited by 1,539 · see citing works
The Colonial Origins of Comparative Development: An Empirical Investigation
Acemoğlu, D., Johnson, S., & Robinson, J. A. (2000) · National Bureau of Economic Research · doi:10.3386/w7771 · Cited by 1,464 · see citing works
A New Database on Financial Development and Structure
Levine, R. E., & Beck, T. (1999) · World Bank policy research working paper · doi:10.1596/1813-9450-2146 · Cited by 1,295 · see citing works
Political Regimes and Economic Growth
Przeworski, A., Limongi, F., & Giner, S. (1995) · Palgrave Macmillan UK eBooks · doi:10.1007/978-1-349-24076-0_1 · Cited by 1,056 · see citing works
The Economics of Autocracy and Majority Rule: The Invisible Hand and the Use of Force
McGuire, M. C., & Olson, M. (1998) · Palgrave Macmillan UK eBooks · doi:10.1007/978-1-349-26284-7_3 · Cited by 1,024 · see citing works
Financial Development and Economic Growth: Assessing the Evidence
Arestis, P., & Demetriades, P. (1997) · The Economic Journal · doi:10.1111/1468-0297.00193 · Cited by 989 · see citing works
Political Regimes and Economic Growth
Przeworski, A., & Limongi, F. (1993) · The Journal of Economic Perspectives · doi:10.1257/jep.7.3.51 · Cited by 968 · see citing works
Beck, T., Demirgüç‐Kunt, A., & Levine, R. E. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00144-2 · Cited by 946 · see citing works
Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets
CETORELLI, N., & STRAHAN, P. E. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00841.x · Cited by 920 · see citing works
The Political Economy of Corporate Governance
Pagano, M., & Volpin, P. F. (2005) · American Economic Review · doi:10.1257/0002828054825646 · Cited by 838 · see citing works
Tavares, J., & Wacziarg, R. T. (2001) · European Economic Review · doi:10.1016/s0014-2921(00)00093-3 · Cited by 814 · see citing works
A Theory of Path Dependence in Corporate Ownership and Governance
Bebchuk, L. A., & Roe, M. J. (1999) · Stanford Law Review · doi:10.2307/1229459 · Cited by 723 · see citing works
Economic Backwardness in Political Perspective
Acemoğlu, D., & Robinson, J. A. (2006) · American Political Science Review · doi:10.1017/s0003055406062046 · Cited by 720 · see citing works
Political Losers as a Barrier to Economic Development
Acemoğlu, D., & Robinson, J. A. (2000) · American Economic Review · doi:10.1257/aer.90.2.126 · Cited by 513 · see citing works
Finance, Inequality, and Poverty: Cross-Country Evidence
Levine, R. E., Beck, T., & Demirgüç‐Kunt, A. (2004) · World Bank, Washington, DC eBooks · doi:10.1596/1813-9450-3338 · Cited by 462 · see citing works
Financial Systems, Industrial Structure, and Growth
Rajan, R. G. (2001) · Oxford Review of Economic Policy · doi:10.1093/oxrep/17.4.467 · Cited by 438 · see citing works
More on Finance and Growth: More Finance, More Growth?
Levine, R. E. (2003) · doi:10.20955/r.85.31-46 · Cited by 397 · see citing works
New tools and new tests in comparative political economy - the database of political institutionsPreprint
Beck, T., Clarke, G. R. G., Groff, A., Keefer, P. E., & Walsh, P. P. (2000) · RePEc: Research Papers in Economics · Cited by 360 · see citing works
The Political Economy of Capital Controls
Alesina, A., Grilli, V., & Milesi‐Ferretti, G. M. (1993) · National Bureau of Economic Research · doi:10.3386/w4353 · Cited by 314 · see citing works
Economic reform, democracy and growth during post-communist transition
Fidrmuc, J. (2003) · European Journal of Political Economy · doi:10.1016/s0176-2680(03)00010-7 · Cited by 297 · see citing works
Governing Stock Markets in Transition Economies: Lessons from China
Pistor, K., & Xu, C. (2005) · American Law and Economics Review · doi:10.1093/aler/ahi008 · Cited by 293 · see citing works
IN FAVOUR OF FINANCIAL LIBERALISATION*
Fry, M. J. (1997) · The Economic Journal · doi:10.1111/j.1468-0297.1997.tb00041.x · Cited by 288 · see citing works
Banking and Currency Crises: How Common are Twins?Preprint
Hutchison, M. M., & Glick, R. (2001) · SSRN Electronic Journal · doi:10.2139/ssrn.288723 · Cited by 272 · see citing works
The political economy of financial internationalization in the developing world
Haggard, S. M., & Maxfield, S. (1996) · International Organization · doi:10.1017/s0020818300001661 · Cited by 211 · see citing works
The Political Economy of Financial Internationalization in the Developing World
Haggard, S. M., & Maxfield, S. (1996) · Cambridge University Press eBooks · doi:10.1017/cbo9780511664168.010 · Cited by 206 · see citing works
Finance and Growth: What we Know and What we Need to Know
Demetriades, P. O., & Andrianova, S. (2004) · Palgrave Macmillan UK eBooks · doi:10.1057/9780230374270_2 · Cited by 195 · see citing works
Legal Theories of Financial Development
Beck, T. (2001) · Oxford Review of Economic Policy · doi:10.1093/oxrep/17.4.483 · Cited by 147 · see citing works
The Form of Property Rights: Oligarchic vs. Democratic Societies
Acemoğlu, D. (2003) · National Bureau of Economic Research · doi:10.3386/w10037 · Cited by 98 · see citing works
Law, Politics, and FinancePreprint
Beck, T., Demirgüç‐Kunt, A., & Levine, R. E. (2000) · RePEc: Research Papers in Economics · Cited by 89 · see citing works
Trade Liberalization and the Politics of Financial Development
Braun, M., & Raddatz, C. E. (2005) · World Bank, Washington, DC eBooks · doi:10.1596/1813-9450-3517 · Cited by 75 · see citing works
Taylor, A. M. (1998) · Journal of Development Economics · doi:10.1016/s0304-3878(98)00081-9 · Cited by 69 · see citing works
Politics, Investor Protection and CompetitionPreprint
Perotti, E. C., & Volpin, P. F. (2007) · SSRN Electronic Journal · doi:10.2139/ssrn.957783 · Cited by 56 · see citing works
A Proportional Hazard Model of Leadership Duration
Bienen, H., & van de Walle, N. (1992) · The Journal of Politics · doi:10.2307/2132307 · Cited by 52 · see citing works
The Form of Property Rights: Oligarchic Vs. Democratic SocietiesPreprint
Acemoğlu, D. (2003) · SSRN Electronic Journal · doi:10.2139/ssrn.457724 · Cited by 33 · see citing works
State banks, institutions and financial development
Andrianova, S., Demetriades, P. O., & Shortland, A. (2002) · Loughborough University Institutional Repository (Loughborough University) · Cited by 14 · see citing works
Self-citationMonarchy, Monopoly and Mercantilism: Brazil Versus the United States in the 1800s
Zanella, F. C., Ekelund, R. B., & Laband, D. N. (2003) · Public Choice · doi:10.1023/a:1024807728596 · Cited by 12 · see citing works
The Political Economy of Financial LiberalisationPreprint
Girma, S., & Shortland, A. (2005) · RePEc: Research Papers in Economics · Cited by 8 · see citing works
Self-citationNew Tools and New Tests in Comparative Political Economy: The Database of Political Institutions
Clarke, G., Beck, T., Groff, A., Keefer, P., & Walsh, P. (2000) · doi:10.1596/1813-9450-2283
Flagged first, then by citations
Research works printed but not linked: 3
- 2003, FEDERAL RESERVE BANK OF ST LOUIS REVIEW, 85, 31
- 1996, 34, 72
- 2005, The American economic review, 95, 1004
Cited by
Sorted by citations
Corporate governance in emerging markets: A survey
Claessens, S., & Yurtoğlu, B. B. (2012) · Emerging Markets Review · doi:10.1016/j.ememar.2012.03.002 · Cited by 1,190 · see citing works
Does too much finance harm economic growth?
Law, S. H., & Singh, N. (2014) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2013.12.020 · Cited by 789 · see citing works
Second generation fiscal federalism: The implications of fiscal incentives
Weingast, B. R. V. (2008) · Journal of Urban Economics · doi:10.1016/j.jue.2008.12.005 · Cited by 713 · see citing works
Do Natural Resource Revenues Hinder Financial Development? The Role of Political Institutions
Bhattacharyya, S., & Hodler, R. (2014) · World Development · doi:10.1016/j.worlddev.2013.12.003 · Cited by 360 · see citing works
Effects of financial development on energy consumption: The role of country risks
Chiu, Y., & Lee, C. (2020) · Energy Economics · doi:10.1016/j.eneco.2020.104833 · Cited by 287 · see citing works
Institutional quality, governance, and financial development
Law, S. H., & Ngah, W. A. S. W. (2012) · Economics of Governance · doi:10.1007/s10101-012-0112-z · Cited by 289 · see citing works
Zaidi, S. A. H., Wei, Z., Gedikli, A., Zafar, M. W., Hou, F., & Iftikhar, Y. (2019) · Resources Policy · doi:10.1016/j.resourpol.2019.101476 · Cited by 268 · see citing works
Dwumfour, R. A., & Ntow‐Gyamfi, M. (2018) · Resources Policy · doi:10.1016/j.resourpol.2018.08.012 · Cited by 272 · see citing works
Political Institutions and Financial Development: An Empirical Study
Huang, Y. (2010) · World Development · doi:10.1016/j.worlddev.2010.04.001 · Cited by 248 · see citing works
Political Institutions and Bank Risk-Taking Behavior
Ashraf, B. N. (2015) · Journal of Financial Stability · doi:10.1016/j.jfs.2017.01.004 · Cited by 208 · see citing works
Omri, A. (2019) · Journal of Business Research · doi:10.1016/j.jbusres.2019.11.027 · Cited by 193 · see citing works
Financial development and entrepreneurship
Dutta, N., & Meierrieks, D. (2021) · International Review of Economics & Finance · doi:10.1016/j.iref.2021.01.002 · Cited by 182 · see citing works
Trade openness, financial openness, and financial development in China
Zhang, C., Zhu, Y., & Lü, Z. (2015) · Journal of International Money and Finance · doi:10.1016/j.jimonfin.2015.07.010 · Cited by 168 · see citing works
Khan, M. A., Kong, D., Xiang, J., & Zhang, J. (2019) · Emerging Markets Finance and Trade · doi:10.1080/1540496x.2019.1588725 · Cited by 157 · see citing works
Institutional Quality and Financial Development: Evidence from Developing and Emerging Economies
Khan, H., Khan, S. B. A. L., & Fan, Z. (2020) · Global Business Review · doi:10.1177/0972150919892366 · Cited by 167 · see citing works
Bélaïd, F., Elsayed, A. H., & Omri, A. (2021) · Structural Change and Economic Dynamics · doi:10.1016/j.strueco.2021.03.011 · Cited by 150 · see citing works
Determinants of banking sector development: Evidence from Sub-Saharan African countries
Aluko, O. A., & Ajayi, M. A. (2017) · Borsa Istanbul Review · doi:10.1016/j.bir.2017.11.002 · Cited by 146 · see citing works
Institutional Determinants of Financial Development in MENA countries
Cherif, M., & Dreger, C. (2016) · Review of Development Economics · doi:10.1111/rode.12192 · Cited by 117 · see citing works
Determinants of Financial Development
Huang, Y. (2011) · Palgrave Macmillan UK eBooks · doi:10.1057/9780230302495 · Cited by 112 · see citing works
Does good governance moderate the financial development-CO2 emissions relationship?
Omri, A., Kahia, M., & Kahouli, B. (2021) · Environmental Science and Pollution Research · doi:10.1007/s11356-021-14014-1 · Cited by 92 · see citing works
The non-linear relationship between ICT diffusion and financial development
Chien, M.-S., Cheng, C., & Kurniawati, M. A. (2020) · Telecommunications Policy · doi:10.1016/j.telpol.2020.102023 · Cited by 90 · see citing works
The politics of financial development: The role of interest groups and government capabilities
Becerra, Ó., Cavallo, E. A., & Scartascini, C. (2011) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2011.10.017 · Cited by 89 · see citing works
Internet adoption and financial development in sub-Saharan Africa
Owusu‐Agyei, S., Okafor, G., Chijoke‐Mgbame, A. M., Ohalehi, P., & Hasan, F. (2020) · Technological Forecasting and Social Change · doi:10.1016/j.techfore.2020.120293 · Cited by 85 · see citing works
Cherif, M., & Gazdar, K. (2010) · International Journal of Banking and Finance · doi:10.32890/ijbf2010.7.1.8 · Cited by 82 · see citing works
Economic growth and insurance development: The role of institutional environments
Lee, C., Chang, C.-H., Arouri, M. E. H., & Lee, C. (2016) · Economic Modelling · doi:10.1016/j.econmod.2016.08.010 · Cited by 86 · see citing works
Shahbaz, M. Q., Bhattacharya, M., & Mahalik, M. K. (2017) · Applied Economics · doi:10.1080/00036846.2017.1383595 · Cited by 82 · see citing works
Explaining banking stability in Sub-Saharan Africa
Dwumfour, R. A. (2017) · Research in International Business and Finance · doi:10.1016/j.ribaf.2017.04.027 · Cited by 78 · see citing works
Shahbaz, M. Q., Mallick, H., Mahalik, M. K., & Hammoudeh, S. M. (2017) · Applied Economics · doi:10.1080/00036846.2017.1324615 · Cited by 77 · see citing works
Financial Development, Institutional Quality and Poverty Reduction: Worldwide Evidence
Kaidi, N., Mensi, S., & Amor, M. B. (2018) · Social Indicators Research · doi:10.1007/s11205-018-1836-0 · Cited by 77 · see citing works
Globalisation, Institutional Reforms and Financial Development in East Asian Economies
Law, S. H., Tan, H. B., & Azman‐Saini, W. N. W. (2014) · World Economy · doi:10.1111/twec.12168 · Cited by 68 · see citing works
A survey of the determinants of financial development
Voghouei, H., Azali, M., & Jamali, M. A. (2011) · Asian-Pacific Economic Literature · doi:10.1111/j.1467-8411.2011.01304.x · Cited by 65 · see citing works
Financial development and barriers to the cross-border diffusion of financial innovation
Ang, J. B., & Kumar, S. (2013) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2013.10.011 · Cited by 65 · see citing works
Olaniyi, C. O., Al‐Faryan, M. A. S., & Ogbaro, E. O. (2023) · International Journal of Finance & Economics · doi:10.1002/ijfe.2900 · Cited by 67 · see citing works
Corporate Governance and Development
Claessens, S., & Yurtoğlu, B. B. (2012) · International Finance Corporation, Washington, DC eBooks · doi:10.1596/26874 · Cited by 54 · see citing works
The effect of intelligence on financial development: A cross-country comparison
Kodila‐Tedika, O., & Asongu, S. A. (2015) · Intelligence · doi:10.1016/j.intell.2015.04.010 · Cited by 52 · see citing works
Kassi, D. F., Li, Y., & Zhankui, D. (2021) · International Journal of Finance & Economics · doi:10.1002/ijfe.2423 · Cited by 51 · see citing works
Democracy, Elite Bias, and Financial Development in Latin America
Menaldo, V., & Yoo, D. (2013) · World Politics · doi:10.1017/s0043887115000192 · Cited by 49 · see citing works
Is stock market sensitive to foreign capital inflows and economic growth?
Raza, S. A., Jawaid, S. T., Afshan, S., & Karim, M. Z. A. (2015) · Journal of Chinese Economic and Foreign Trade Studies · doi:10.1108/jcefts-03-2015-0012 · Cited by 48 · see citing works
Hadj, T. B., & Ghodbane, A. (2021) · Resources Policy · doi:10.1016/j.resourpol.2021.102169 · Cited by 46 · see citing works
Manasseh, C. O., Mathew, T. E., & Ogbuabor, J. E. (2017) · African Development Review · doi:10.1111/1467-8268.12256 · Cited by 46 · see citing works
Carbon dioxide emissions, financial development and political institutions
Kim, D., Wu, Y.-C., & Lin, S. (2021) · Economic Change and Restructuring · doi:10.1007/s10644-021-09331-x · Cited by 48 · see citing works
Mizen, P., & Tsoukas, S. (2014) · Oxford Economic Papers · doi:10.1093/oep/gpt005 · Cited by 40 · see citing works
A cross‐country study on the relationship between financial development and earnings management
Enomoto, M., Kimura, F., & Yamaguchi, T. (2017) · Journal of International Financial Management and Accounting · doi:10.1111/jifm.12078 · Cited by 49 · see citing works
What Matters for Financial Development and Stability?
Almarzoqi, R. M., Naceur, S. B., & Kotak, A. (2015) · IMF Working Paper · doi:10.2139/ssrn.2659531 · Cited by 41 · see citing works
The effect of institutional factors on financial deepening: evidence from 50 African countries
Sanga, B., & Aziakpono, M. J. (2022) · Journal of Business and Socio-economic Development · doi:10.1108/jbsed-12-2021-0175 · Cited by 40 · see citing works
Institutional structures and financial market development in Africa
Agyemang, O. S., Gatsi, J. G., Ansong, A., & McMillan, D. (2018) · Cogent Economics & Finance · doi:10.1080/23322039.2018.1488342 · Cited by 40 · see citing works
Why is stock market concentration bad for the economy?
Bae, K., Bailey, W. B., & Kang, J. (2021) · Journal of Financial Economics · doi:10.1016/j.jfineco.2021.01.002 · Cited by 39 · see citing works
Jima, M. D., & Makoni, P. L. (2023) · Journal of Risk and Financial Management · doi:10.3390/jrfm16060299 · Cited by 39 · see citing works
The Macroeconomic Determinants of Stock Market Development in Jordan
El-Nader, H. M., & Alraimony, A. D. (2013) · International Journal of Economics and Finance · doi:10.5539/ijef.v5n6p91 · Cited by 38 · see citing works
Financial development and governance: A panel data analysis incorporating cross-sectional dependence
Khalid, U., & Shafiullah, M. (2021) · Economic Systems · doi:10.1016/j.ecosys.2021.100855 · Cited by 37 · see citing works
THE QUALITY OF INSTITUTIONS AND FINANCIAL DEVELOPMENT
Law, S. H., & Ngah, W. A. S. W. (2008) · Munich Personal RePEc Archive (Ludwig Maximilian University of Munich) · Cited by 37 · see citing works
Ullah, W., Zubir, A. S. M., & Ariff, A. (2024) · Borsa Istanbul Review · doi:10.1016/j.bir.2024.04.015 · Cited by 48 · see citing works
Cui, W., Yang, Y., & Dai, J. (2023) · Environmental Science and Pollution Research · doi:10.1007/s11356-023-29907-6 · Cited by 35 · see citing works
Oil Rents, Institutions and Financial Development: Case Study of selected Oil Exporting Countries
Mahmood, H., Hosseini, S. M. S. A., & مغانی, ن. ر. ز. (2013) · Cited by 34 · see citing works
The politics of financial development
Rethel, L. (2020) · Routledge eBooks · doi:10.4324/9780429029004-2 · Cited by 33 · see citing works
Luo, Y., Zhang, C., & Zhu, Y. (2016) · Emerging Markets Finance and Trade · doi:10.1080/1540496x.2016.1186451 · Cited by 32 · see citing works
Political stability and financial development: An empirical investigation
Chletsos, M., & Σίντος, Α. (2024) · The Quarterly Review of Economics and Finance · doi:10.1016/j.qref.2024.02.003 · Cited by 31 · see citing works
Marois, T. (2010) · Review of International Political Economy · doi:10.1080/09692290903475474 · Cited by 29 · see citing works
Asutay, M., & Sidek, N. Z. M. (2020) · International Journal of Finance & Economics · doi:10.1002/ijfe.2011 · Cited by 30 · see citing works
Williams, K. (2018) · Journal of Economics and Business · doi:10.1016/j.jeconbus.2018.11.003 · Cited by 27 · see citing works
Number One Country, Number One Currency?1
Eichengreen, B. J. (2013) · World Economy · doi:10.1111/twec.12037 · Cited by 26 · see citing works
Does central banking promote financial development?
Tayssir, O., & Ouerghi, F. (2017) · Borsa Istanbul Review · doi:10.1016/j.bir.2017.09.001 · Cited by 26 · see citing works
Governance, financial development and China’s outward foreign direct investment
Gao, C., Wen, Y. L., & Yang, D. (2022) · PLoS ONE · doi:10.1371/journal.pone.0270581 · Cited by 27 · see citing works
Political regimes and stock market development
Francis, B. B., & Ofori, E. (2015) · Eurasian economic review : · doi:10.1007/s40822-015-0018-5 · Cited by 22 · see citing works
The quality of institutions and financial development in mena countries: An empirical investigation
Gazdar, K., & Cherif, M. (2014) · Risk Governance and Control Financial Markets & Institutions · doi:10.22495/rgcv4i4c1art1 · Cited by 22 · see citing works
Faheem, M. U., Chaudhry, I. S., & Hussain, S. (2021) · Review of Economics and Development Studies · doi:10.47067/reads.v7i2.343 · Cited by 22 · see citing works
Musa, S. U., & Ibrahim, M. G. (2014) · Research Journal of Finance and Accounting · Cited by 21 · see citing works
Mobile Money and Financial Inclusion: The Role of Institutional Quality
Bawuah, I. (2024) · Global Social Welfare · doi:10.1007/s40609-023-00325-3 · Cited by 23 · see citing works
Institutional Determinants of Financial Development in MENA CountriesPreprint
Cherif, M., & Dreger, C. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2519081 · Cited by 20 · see citing works
The Effect of Intelligence on Financial Development: A Cross-Country ComparisonPreprint
Kodila‐Tedika, O., & Asongu, S. A. (2015) · SSRN Electronic Journal · doi:10.2139/ssrn.2563768 · Cited by 20 · see citing works
What drives financial development? A Meta-regression analysis
Doucouliagos, H., de Haan, J., & Sturm, J. (2021) · Oxford Economic Papers · doi:10.1093/oep/gpab044 · Cited by 27 · see citing works
Political institutions and financial cooperative development
Khafagy, A. (2016) · Journal of Institutional Economics · doi:10.1017/s174413741600031x · Cited by 19 · see citing works
Financial Development, Endogenous Dependence on External Financing, and Trade
Choi, B. (2019) · Economica · doi:10.1111/ecca.12309 · Cited by 19 · see citing works
Energy indices: A risk factor or not in the financial sector
Adom, P. K. (2019) · Energy Strategy Reviews · doi:10.1016/j.esr.2019.01.005 · Cited by 18 · see citing works
Financial sector development, Inflation and Openness: A comparative panel study of ECOWAS and SADCPreprint
Mahawiya, S. (2015) · RePEc: Research Papers in Economics · Cited by 18 · see citing works
The Role of the Quality of Institutions in the Financial Development of CEMAC Countries
Kombo, P. G. B. N., & Koumou, G. B. (2021) · Modern Economy · doi:10.4236/me.2021.122023 · Cited by 17 · see citing works
Finance, institutions and human development: Evidence from developing countries
Filippidis, I., & Katrakilidis, C. (2015) · Economic Research-Ekonomska Istraživanja · doi:10.1080/1331677x.2015.1100839 · Cited by 17 · see citing works
Trade openness and financial development in sub‐Saharan Africa: The role of institutional structures
Abeka, M. J., Gatsi, J. G., Appiah, M. O., & Agyemang, O. S. (2021) · Thunderbird International Business Review · doi:10.1002/tie.22241 · Cited by 16 · see citing works
Socol, A., & Iuga, I. C. (2023) · International Journal of Finance & Economics · doi:10.1002/ijfe.2911 · Cited by 16 · see citing works
Karimu, A., & Marbuah, G. (2017) · Journal of Applied Economics · doi:10.1016/s1514-0326(17)30017-x · Cited by 16 · see citing works
Institutions and financial development: Comparative analysis of developed and developing economies
Lisbinski, F. C., & Burnquist, H. L. (2024) · EconomiA · doi:10.1108/econ-11-2023-0201 · Cited by 20 · see citing works
Akçay, S. (2018) · Turkish Studies · doi:10.1080/14683849.2018.1537752 · Cited by 15 · see citing works
Institutions, Trade, and the Political Economy of Financial Development
Hodler, R. (2011) · Journal of Institutional and Theoretical Economics JITE · doi:10.1628/093245611797215495 · Cited by 14 · see citing works
Governance and financial development: A cross-country analysis
Li, J., Maung, M. T., & Wilson, C. (2017) · Journal of International Financial Markets Institutions and Money · doi:10.1016/j.intfin.2017.09.020 · Cited by 13 · see citing works
Political stability, political rights and earnings management: some international evidence
Lemma, T., Lulseged, A. A., Mlilo, M., & Negash, M. (2019) · Accounting Research Journal · doi:10.1108/arj-11-2017-0182 · Cited by 13 · see citing works
Ghardallou, W. (2022) · Journal of the Knowledge Economy · doi:10.1007/s13132-022-00988-x · Cited by 12 · see citing works
Rahman, S. U., Faisal, F., Ali, A., Sulimany, H. G. H., & Bazhair, A. H. (2023) · Heliyon · doi:10.1016/j.heliyon.2023.e17791 · Cited by 12 · see citing works
Political Regimes and Stock Market Performance in Africa
Asongu, S. A., & Nwachukwu, J. C. (2016) · Political Studies Review · doi:10.1177/1478929916663217 · Cited by 12 · see citing works
Effectiveness of legal institutions in stock market development in sub-Saharan Africa
Aluko, O. A., & Azeez, B. A. (2018) · Economic Change and Restructuring · doi:10.1007/s10644-018-9233-x · Cited by 12 · see citing works
Does democratic transition spur financial development?
Ghardallou, W. (2016) · Journal of Financial Economic Policy · doi:10.1108/jfep-10-2015-0063 · Cited by 12 · see citing works
Correlates of poverty in Africa
Dwumfour, R. A., Agbloyor, E. K., & Abor, J. Y. (2017) · International Journal of Social Economics · doi:10.1108/ijse-12-2015-0319 · Cited by 11 · see citing works
Do Openness and Democracy Deepen Banking Sector in Sub-Saharan Africa?
Aluko, O. A., Fapetu, O., & Ibitoye, J. O. (2019) · Global Business Review · doi:10.1177/0972150918822422 · Cited by 10 · see citing works
Zhang, C., & Zhu, Y. (2019) · World Economy · doi:10.1111/twec.12828 · Cited by 10 · see citing works
Camilleri, S. J., & Falzon, J. M. (2013) · Island Studies Journal · doi:10.24043/isj.281 · Cited by 10 · see citing works
Political regimes and bank interest margins
Lavezzolo, S. (2020) · Economic Systems · doi:10.1016/j.ecosys.2020.100789 · Cited by 10 · see citing works
Political risk and banking sector performance in Nigeria
Obalade, A. A., Lawrence, B. S., & Akande, J. O. (2021) · Banks and Bank Systems · doi:10.21511/bbs.16(3).2021.01 · Cited by 10 · see citing works
The Politics of Financial Development: The Role of Interest Groups and Government Capabilities
Becerra, Ó., Cavallo, E. A., & Scartascini, C. (2010) · doi:10.18235/0010996 · Cited by 10 · see citing works
Ltaif, S. F. A., & Mihai‐Yiannaki, S. (2024) · Economies · doi:10.3390/economies12070183 · Cited by 9 · see citing works
Ding, Q., Bashir, U., & Chun-qiao, T. (2024) · Resources Policy · doi:10.1016/j.resourpol.2024.104672 · Cited by 9 · see citing works
Stock market development: a reflection of governance regulatory framework in Nigeria
Fagbemi, F., Adeosun, O. A., & Bello, K. M. (2021) · Journal of Capital Markets Studies · doi:10.1108/jcms-07-2021-0022 · Cited by 9 · see citing works
- Authors
- Girma, S., & Shortland, A.
- Affiliations
- University of Nottingham (GB)
- Brunel University of London (GB)
- Venue
- Oxford Economic Papers
- Publisher
- Oxford University Press (OUP)
- Published
- 2007-11-21
- Volume
- 60
- Issue
- 4
- Pages
- 567-596
- ISSN
- 0030-7653 (ISSN-L)
- 1464-3812
- OpenAlex
- W2042327195
- Semantic Scholar
- d8b497d71582bada818fff586b555bd6ee9cd4b7
- Cited by
- 203
- References
- 53
- Citations by year
- 2026: 8 · 2025: 14 · 2024: 24 · 2023: 19 · 2022: 12 · 2021: 19 · 2020: 12 · 2019: 10 · 2018: 9 · 2017: 12 · 2016: 12 · 2015: 15 · 2014: 7 · 2013: 12 · 2012: 3
- FWCI
- 6.48
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Oxford Economic Papers (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Social Sciences › Sociology and Political Science › Corruption and Economic Development
- Social Sciences › Economics, Econometrics and Finance › Finance › Global Financial Crisis and Policies
- Keywords
- financial development, democracy, regime stability, regime change, political economy of finance, elite control, access to finance, developing countries, developed countries
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
