Journal Article

The political economy of financial development

Sourafel Girma and Anja Shortland

in Oxford Economic Papers

Volume 60, issue 4, pages 567-596
Published in print October 2008 | ISSN: 0030-7653
Published online September 2007 | e-ISSN: 1464-3812 | DOI: https://dx.doi.org/10.1093/oep/gpm040
The political economy of financial development

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  • Law and Economics
  • Financial Regulation
  • Capitalist Systems
  • Economic Development

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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.

Keywords: G18; K0; O16; P16

Journal Article.  11217 words.  Illustrated.

Subjects: Law and Economics ; Financial Regulation ; Capitalist Systems ; Economic Development

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