Determinants of Financial Development by Yongfu Huang (auth.)

By Yongfu Huang (auth.)

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While AREA is significant in Models 2 and 4, the standardized coefficient for it is rather small. For the policy variables, EXPPRIM is significant in Models 3 and 4, but not for Model 1. SDPI is significant in all relevant models, but the standardized coefficient for it is negligible. Three institutional variables, CIVLEG, KKM and PCI, are found to be significantly associated with FD in all relevant models. 5 standard deviation of the FD measure, and even stronger effects for PCI. In sum, on the one hand, the analyses above further confirm that institutions, policy and geography, taken as a group, jointly explain a substantial proportion of the variation in FD.

1997, 1998), Beck et al. (2003), Rajan and Zingales (2003) and Stulz and Williamson (2003) to mention a few. La Porta et al. (1997, 1998) have made a significant contribution to this topic with regard to the legal determinants of financial development. By applying the settler mortality hypothesis of Acemoglu et al. (2001) to financial development, Beck et al. (2003) address how institutions matter for financial development. The Rajan and Zingales (2003) interest groups theory argues that politics matter for financial development.

The final conclusions are then based on the intersection of the BMA and Gets results. 4 Empirical results (I): Overall financial development This section begins studying the determinants of various indices of financial development. The BMA and Gets methods are applied and compared in three different samples (the whole sample, the developing country sample and the La Porta sample) for each index. This section, the central contribution of this analysis, studies the determinants of overall financial development (FD).

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