Working Papers - details - WEF0022
WEF0022
Financial Development, Openness and Institutions: Evidence from Panel Data
Badi H Baltagi, Panicos O Demetriades, Siong Hook Law
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Abstract
Utilising four annual panel datasets and dynamic panel data estimation procedures we find that trade and financial openness, as well as economic institutions a
re statistically important determinants of the variation in financial development across countries and over time since the 1980s. However, we find mixed support for the hypothesis that the simultaneous opening of both trade and capital accounts is necessary to promote financial development in a contemporary setting.
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