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dc.contributor.authorAddison, Tonyen
dc.contributor.authorChowdhury, Abdur R.en
dc.contributor.authorMurshed, S. Mansooben
dc.date.accessioned2011-12-14T09:40:43Z-
dc.date.available2011-12-14T09:40:43Z-
dc.date.issued2002-
dc.identifier.isbn9291902195en
dc.identifier.urihttp://hdl.handle.net/10419/52843-
dc.description.abstractFinancial development is vulnerable to social conflict. Conflict reduces the demand for domestic currency as a medium of exchange and a store of value. Conflict also leads to poor quality governance, including weak regulation of the financial system, thereby undermining the sustainability of financial institutions. Conflict therefore reduces the social return to financial liberalization and other financial-sector reforms. This paper presents a theoretical model integrating the effects of conflict and financial liberalization, and then tests the model on data for 79 countries. Using an explanatory variable that measures the intensity of conflict (from low to high) the results show that conflict significantly reduces financial development, and that this negative effect increases as conflict intensifies. The paper concludes that conflict reduction is essential if financial reform is to have its full benefit for development.en
dc.language.isoengen
dc.publisher|aThe United Nations University World Institute for Development Economics Research (UNU-WIDER) |cHelsinkien
dc.relation.ispartofseries|aWIDER Discussion Paper |x2002/48en
dc.subject.jelO16en
dc.subject.jelO23en
dc.subject.ddc330en
dc.subject.keywordfinancial developmenten
dc.subject.keywordconflicten
dc.subject.keywordfinancial regulationen
dc.subject.stwFinanzmarkten
dc.subject.stwKapitalmarktliberalisierungen
dc.subject.stwSozialer Konflikten
dc.subject.stwTheorieen
dc.subject.stwWelten
dc.titleBy how much does conflict reduce financial development?-
dc.typeWorking Paperen
dc.identifier.ppn350610746en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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