What drives financial development? : a meta-regression analysis

Chris Doucouliagos, Jakob de Haan, Jan-Egbert Sturm

This paper offers a meta-regression analysis of the literature on the drivers of financial development. Our results based on 1900 estimates suggest that institutional quality is positively correlated to both private sector credit and stock market capitalization (both as share of GDP). Domestic financial openness has a positive effect on both proxies for financial development, while trade openness seems only important for stock market capitalization. Inflation has an adverse effect on financial development, which is larger for stock market capitalization. Finally, we conclude that the literature has not yet robustly established that remittances and trust matter for financial development.

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Year of publication:	June 2020
Authors:	Doucouliagos, Chris ; Haan, Jakob de ; Sturm, Jan-Egbert
Publisher:	Munich, Germany : CESifo, Center for Economic Studies & Ifo Institute
Subject:	financial development \| meta-regression analysis \| law and finance \| institutional quality \| trade openness \| financial openness \| remittances \| trust \| Regressionsanalyse \| Regression analysis \| Welt \| World \| Meta-Analyse \| Meta-analysis \| Finanzmarktregulierung \| Financial market regulation \| Finanzsektor \| Financial sector \| Wirtschaftswachstum \| Economic growth \| Finanzmarkt \| Financial market \| Institutionelle Infrastruktur \| Institutional infrastructure \| Kapitalmobilität \| Capital mobility \| Handelsliberalisierung \| Trade liberalization

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Extent:	1 Online-Ressource (circa 69 Seiten) Illustrationen
Series:	CESifo working papers. - München : [Verlag nicht ermittelbar], ISSN 2364-1428, ZDB-ID 2065232-X. - Vol. no. 8356 (2020)
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/223428 [Handle]
Classification:	G21 - Banks; Other Depository Institutions; Mortgages ; N20 - Financial Markets and Institutions. General, International, or Comparative ; O16 - Financial Markets; Saving and Capital Investment ; O43 - Institutions and Growth ; P48 - Legal Institutions; Property Rights
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012229266