What Determines Financial Development? Culture, Institutions or Trade
收藏DataCite Commons2026-01-27 更新2026-05-03 收录
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https://www.openicpsr.org/openicpsr/project/244685/view
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资源简介：
This paper endeavours to determine in how far theories emphasising cultural values, dysfunctional institutions, or impediments to trade can explain the
vast differences in the size of financial systems across the globe. To account for endogeneity, an instrumental variables approach is pursued. For a cross-section of
countries, we find that trade openness and institutions constraining the political
elite from expropriating financiers tend to promote financial development. Conversely, there is only limited evidence that cultural beliefs and the cost of enforcing
financial contracts significantly hamper financial development.<br>
提供机构：
ICPSR - Interuniversity Consortium for Political and Social Research
创建时间：
2026-01-27
