Arbeitspapier
What Drives Financial Development? A Meta-Regression Analysis
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.
- Language
-
Englisch
- Bibliographic citation
-
Series: CESifo Working Paper ; No. 8356
- Classification
-
Wirtschaft
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Economic History: Financial Markets and Institutions: General, International, or Comparative
Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
Institutions and Growth
Other Economic Systems: Political Economy; Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
- Subject
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financial development
meta-regression analysis
law and finance
institutional quality
trade openness
financial openness
remittances
trust
- Event
-
Geistige Schöpfung
- (who)
-
Doucouliagos, Chris
de Haan, Jakob
Sturm, Jan-Egbert
- Event
-
Veröffentlichung
- (who)
-
Center for Economic Studies and Ifo Institute (CESifo)
- (where)
-
Munich
- (when)
-
2020
- Handle
- Last update
- 10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Doucouliagos, Chris
- de Haan, Jakob
- Sturm, Jan-Egbert
- Center for Economic Studies and Ifo Institute (CESifo)
Time of origin
- 2020
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