Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/223428
Authors: 
Doucouliagos, Chris
de Haan, Jakob
Sturm, Jan-Egbert
Year of Publication: 
2020
Series/Report no.: 
CESifo Working Paper No. 8356
Abstract: 
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.
Subjects: 
financial development
meta-regression analysis
law and finance
institutional quality
trade openness
financial openness
remittances
trust
JEL: 
G21
N20
O16
O43
P48
Document Type: 
Working Paper

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