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Cited by 159Monetary Policy and Economic ImpactGlobal Financial Crisis and PoliciesFinance, Markets, and Regulation

The determinants of financial development: Institutions, openness and financial liberalisation

Law, Siong Hook, Habibullah, Muzafar Shah·2009·South African Journal of Economics
DOI 10.1111/j.1813-6982.2009.01201.x
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Abstract

Abstract This paper provides new evidence that sheds light on the influence of institutional quality, trade openness and financial liberalisation on financial market development, using data from 27 economies (the G‐7, Europe, East Asia and Latin America) during 1980‐2001. The dynamic panel data analysis results demonstrate that real income per capita and institutional quality are statistically significant determinants of banking sector development and capital market development. The trade openness, however, is more prominent in promoting capital market development. In terms of financial liberalisation, the empirical results suggest that domestic financial sector reforms tend to promote banking sector development, whereas stock market liberalisation is potent in delivering stock market development. Nevertheless, the financial liberalisation programmes are more responsive in developed economies.

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  • 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 Law and Habibullah 2009

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Authors
Law, S. H., & Habibullah, M. S.
Affiliations
Universiti Putra Malaysia (MY)
ORCID
Venue
South African Journal of Economics
Publisher
Wiley
Published
2009-03
Volume
77
Issue
1
Pages
45-58
ISSN
  • 0038-2280 (ISSN-L)
  • 1813-6982
DOI
10.1111/j.1813-6982.2009.01201.x
OpenAlex
W1997934641
Cited by
159
References
44
Citations by year
2026: 5 · 2025: 12 · 2024: 9 · 2023: 21 · 2022: 13 · 2021: 26 · 2020: 14 · 2019: 15 · 2018: 13 · 2017: 4 · 2016: 3 · 2015: 5 · 2014: 12 · 2013: 1 · 2012: 3
FWCI
4.85
Type
journal article
Language
en
Open access
closed
Licence
onlinelibrary.wiley.com/termsAndConditions#vor (vor, 30 d)
Locations
  • South African Journal of Economics (publishedVersion)
  • Universiti Putra Malaysia Institutional Repository (Universiti Putra Malaysia) (submittedVersion)
  • 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 › Economics, Econometrics and Finance › Finance › Global Financial Crisis and Policies
  • Social Sciences › Economics, Econometrics and Finance › Finance › Finance, Markets, and Regulation
Keywords
financial development, institutional quality, trade openness, financial liberalization, banking sector development, capital market development, financial sector reform, per capita income, developed countries

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