Determinants of Financial DevelopmentA PDF version of this book is available for free in open access via the OAPEN Library platform, www.oapen.org. This book examines the emergence of both financial markets and carbon markets, and provides an in-depth investigation on the fundamental determinants of financial development. |
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allowing analysis Appendix Table approach AREA associated average bank Bond capital CCEP CDM credit flows chapter coefficients common common factors correlation cross section democracy democratic dependent variable determinants developing countries differences dummy economic effects Equation error estimates et al ETHNIC evidence examine exporting extent factors financial development findings FLit_1 geographic given global growth higher important improvement included increase indicators initial institutional interest lagged LATITUDE legal origin liberalization long-run mean measure ment method natural negative Note observations openness p-value panel political Porta positive possible posterior presents principal component private investment probabilities projects ratio reform regional REGSSA REGWENA reported respectively robust sample shocks significant spatial specific standard statistics structure suggests SYS-GMM trade unit values weighting whole World