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The political economy of financial development

Girma, S., Shortland, A.·2007·Oxford Economic Papers

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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.

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Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations
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Authors: Girma, S., & Shortland, A.
Affiliations: University of Nottingham (GB)
Brunel University of London (GB)
ORCID: Girma, S.
Shortland, A.
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
DOI: 10.1093/oep/gpm040
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

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The political economy of financial development

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