| Description |
1 online resource (42 pages) : illustrations (some color) |
| Series |
IMF working paper ; WP/10/210 |
|
IMF working paper ; WP/10/210.
|
| Contents |
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Motivation and Related Literature; Figure 1. Cross-country disparities in the ratio of credit to private sector to GDP (2005); III. Identifying Episodes of Financial Accelerations; A. Methodology; Figure 2. Types of acceleration episodes; B. Data and Descriptive Statistics; Table 1. Financial Deepening Episodes; Table 2a. Episodes of financial deepening -- Descriptive Statistics; Table 2b. Average Credit to GDP; Table 2c. Post-acceleration Credit/GDP of countries experiencing 10-year+ episodes |
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IV. Explaining Episodes of Financial AccelerationsA. Methodology; B. Data and Summary Statistics; Table 3 -- Correlation Matrix of Variables; Table 4. Predictability of Financial Acceleration Episodes; C. Empirical results; Table 5. Baseline Regressions; D. Robustness; Table 6. Political institutions: Quality of Institutions and Executive Constraints; Table 7. Robutsness test -- Legal origin; Table 8. Robustness test -- macro variables and polity; Table 9. Robustness test -- macro variables and duration of polity; V. Conclusions |
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Appendix I -- Overview of Episodes of Financial Deepening (1960 -- 2005)Appendix II -- Data Sources; References; Footnotes |
| Summary |
Only a minority of countries have succeeded in establishing a developed financial system, despite widespread financial liberalization. Confronted with this finding, the political institutions view claims that sustained financial deepening is most likely to take place in institutional environments where governments effectively impose constraints on their own powers in order to create trust. This paper identifies over 200 post-1960 episodes of accelerations in financial development in a large cross-section of countries. We find that the likelihood of an acceleration leading to sustained financial development increases greatly in environments that have high-quality political institutions |
| Bibliography |
Includes bibliographical references |
| Subject |
Finance -- Political aspects -- Econometric models
|
|
Economic development -- Political aspects -- Econometric models
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| Form |
Electronic book
|
| Author |
Verdier, Geneviève, 1973- author.
|
|
International Monetary Fund. African Department, issuing body.
|
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IMF Institute, issuing body.
|
| ISBN |
1283565536 |
|
9781283565530 |
|
1455281840 |
|
9781455281848 |
|
9781455205417 |
|
1455205419 |
|
