Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/173647 
Year of Publication: 
2017
Series/Report no.: 
AGDI Working Paper No. WP/17/041
Publisher: 
African Governance and Development Institute (AGDI), Yaoundé
Abstract: 
Using cross-country differences in the degree of isolation before the advent of technologies in sea and air transportation, we assess the relationship between geographic isolation and financial development across the globe. We find that pre-historic geographical isolation has been beneficial to development because it has contributed to contemporary cross-country differences in financial intermediary development. The relationship is robust to alternative samples, different estimation techniques, outliers and varying conditioning information sets. The established positive relationship between geographic isolation and financial intermediary development does not significantly extend to stock market development.
Subjects: 
Financial development
Isolation
Agglomeration
Globalization
JEL: 
F15
G15
N7
O16
O50
Document Type: 
Working Paper

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