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http://hdl.handle.net/10419/63527
  

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dc.contributor.authorDemetriades, Panicos O.en_US
dc.contributor.authorAndrianova, Svetlanaen_US
dc.date.accessioned2012-09-21T09:44:44Z-
dc.date.available2012-09-21T09:44:44Z-
dc.date.issued2005en_US
dc.identifier.isbn9291907642en_US
dc.identifier.urihttp://hdl.handle.net/10419/63527-
dc.description.abstractDrawing on recent literature, the paper argues that institutions and political economy factors hold the key to understanding why some countries have succeeded in developing their financial systems while others have not. The paper also reviews new evidence which suggests that institutional quality may influence the effectiveness of financial development in delivering economic growth. These new findings highlight the possibility that poor countries may be stuck in a bad equilibrium, in which weak institutions inhibit growth both directly and indirectly, through under-developed, low-quality finance. In addition, the paper identifies a number of unanswered questions in the financial development literature, including the precise role of important institutions like law in finance, and the influence of geographical factors.en_US
dc.language.isoengen_US
dc.publisherUNU-WIDER Helsinkien_US
dc.relation.ispartofseriesResearch Paper, UNU-WIDER, United Nations University (UNU) 2005/76en_US
dc.subject.jelO16en_US
dc.subject.ddc330en_US
dc.subject.keywordfinancial developmenten_US
dc.subject.keywordgrowthen_US
dc.subject.keywordinstitutionsen_US
dc.subject.keywordbankingen_US
dc.subject.stwFinanzsektoren_US
dc.subject.stwKapitalmarktliberalisierungen_US
dc.subject.stwBankenpolitiken_US
dc.subject.stwPrivatisierungen_US
dc.titleSources and effectiveness of financial development: What we know and what we need to knowen_US
dc.typeWorking Paperen_US
dc.identifier.ppn509143768en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:WIDER Research Papers, United Nations University (UNU)

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