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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.
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“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
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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 1,275
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
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
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
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
Metadata
- 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
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