By Yongfu Huang (auth.)
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Additional info for Determinants of Financial Development
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).