Have a personal or library account? Click to login
Analyzing the Role of Government Efficiency on Financial Development for OECD Countries Cover

Analyzing the Role of Government Efficiency on Financial Development for OECD Countries

Open Access
|Dec 2020

References

  1. ACEMOGLU, D., JOHNSON, S., ROBINSON, J. A. (2005). Institutions as a fundamental cause of long-run growth. Handbook of economic growth, 1, 385-472.10.1016/S1574-0684(05)01006-3
  2. ACEVES, S. R., AMATO, C. (2017). Government financial regulation and growth. Investigación económica, 76(299), 51-86. DOI: 10.1016/j.inveco.2016.09.00110.1016/j.inveco.2016.09.001
  3. ALONSO, J. A., GARCIMARTÍN, C. (2013). The determinants of institutional quality. More on the debate. Journal of International Development, 25(2), 206-226. DOI: 10.1002/jid.171010.1002/jid.1710
  4. AMOAH, B., ABOAGYE, A. Q., BOKPIN, G. A., OHENE-ASARE, K. (2018). Firm-Specific, Financial Development and Macroeconomic Determinants of Credit Union Lending. Journal of International Development, 30(7), 1203-1222. DOI: 10.1002/jid.337210.1002/jid.3372
  5. ANDRIANOVA, S., DEMETRIADES, P., SHORTLAND, A. (2008). Government ownership of banks, institutions, and financial development. Journal of development economics, 85(1-2), 218-252. DOI: 0.1016/j.jdeveco.2006.08.00210.1016/j.jdeveco.2006.08.002
  6. ASATRYAN, Z., DE WITTE, K. (2015). Direct democracy and local government efficiency. European Journal of Political Economy, 39, 58-66. DOI: 10.1016/j.ejpoleco.2015.04.00510.1016/j.ejpoleco.2015.04.005
  7. ASHRAF, B. N. (2018). Do trade and financial openness matter for financial development? Bank-level evidence from emerging market economies. Research in International Business and Finance, 44, 434-458.10.1016/j.ribaf.2017.07.115
  8. AYADI, R., ARBAK, E., NACEUR, S. B., DE GROEN, W. P. (2015). Determinants of financial development across the Mediterranean. In Economic and Social Development of the Southern and Eastern Mediterranean Countries (pp. 159-181). Springer, Cham.10.1007/978-3-319-11122-3_11
  9. BAHADIR, B., VALEV, N. (2015). Financial development convergence. Journal of Banking & Finance, 56, 61-71. DOI: 10.1016/j.jbankfin.2015.03.00110.1016/j.jbankfin.2015.03.001
  10. BALTAGI, B. (2008). Econometric analysis of panel data. John Wiley & Sons.
  11. BAYAR, Y. (2016). Financial Development and Unemployment in Emerging Market Economies. Scientific Annals of Economics and Business, 63(2), 237-245. DOI: 10.1515/saeb-2016-011910.1515/saeb-2016-0119
  12. BECK, R., GEORGIADIS, G., STRAUB, R. (2014). The finance and growth nexus revisited. Economics Letters, 124(3), 382-385. DOI: 10.1016/j.econlet.2014.06.02410.1016/j.econlet.2014.06.024
  13. BECK, T., DEGRYSE, H., KNEER, C. (2014). Is more finance better? Disentangling intermediation and size effects of financial systems. Journal of Financial Stability, 10, 50-64. DOI: 10.1016/j.jfs.2013.03.00510.1016/j.jfs.2013.03.005
  14. BECK, T., DEMIRGUC-KUNT, A., LEVINE, R. E. (2000). A New Database on Financial Development and Structure. World Bank Economic Review, 14, 597-605.10.1093/wber/14.3.597
  15. BENCZÚR, P., KARAGIANNIS, S., KVEDARAS, V. (in press 2018). Finance and economic growth: financing structure and non-linear impact. Journal of Macroeconomics. doi: 10.1016/j.jmacro.2018.08.00110.1016/j.jmacro.2018.08.001
  16. BERGMAN, U. M., HUTCHISON, M. M., JENSEN, S. E. H. (2016). Promoting sustainable public finances in the European Union: The role of fiscal rules and government efficiency. European Journal of Political Economy, 44, 1-19. 10.1016/j.ejpoleco.2016.04.00510.1016/j.ejpoleco.2016.04.005
  17. CHARRON, N., LAPUENTE, V. (2013). Why do some regions in Europe have a higher quality of government?. The Journal of Politics, 75(3), 567-582. DOI: 10.1017/S002238161300051010.1017/S0022381613000510
  18. CHINN, M. D., ITO, H. (2006). What matters for financial development? Capital controls, institutions, and interactions. Journal of development economics, 81(1), 163-192. DOI: 10.1016/j.jdeveco.2005.05.01010.1016/j.jdeveco.2005.05.010
  19. CHEN, G., CHEN, S. (2016). Financial development, labor participation, and employment in urban China. Emerging Markets Finance and Trade, 52(3), 754-764.10.1080/1540496X.2016.1116285
  20. CHERIF, M., DREGER, C. (2016). Institutional determinants of financial development in MENA countries. Review of Development Economics, 20(3), 670-680. DOI: 10.1111/rode.1219210.1111/rode.12192
  21. CIEŚLIK, A., GOCZEK, Ł. (2018). Control of corruption, international investment, and economic growth–Evidence from panel data. World Development, 103, 323-335. DOI: 10.1016/j.worlddev.2017.10.02810.1016/j.worlddev.2017.10.028
  22. COORAY, A. (2011). The role of the government in financial sector development. Economic Modelling, 28(3), 928-938. DOI: 10.1016/j.econmod.2010.11.00110.1016/j.econmod.2010.11.001
  23. D’AGOSTINO, G., DUNNE, J. P., PIERONI, L. (2016). Government spending, corruption, and economic growth. World Development, 84, 190-205. DOI: 10.1016/j.worlddev.2016.03.01110.1016/j.worlddev.2016.03.011
  24. DUTTA, N., SOBEL, R. S. (2018). Entrepreneurship and human capital: The role of financial development. International Review of Economics & Finance, 57, 319-332. DOI: 10.1016/j.iref.2018.01.02010.1016/j.iref.2018.01.020
  25. DE KOKER, L., JENTZSCH, N. (2013). Financial inclusion and financial integrity: Aligned incentives? World development, 44, 267-280.10.1016/j.worlddev.2012.11.002
  26. DEVLIN, J. F. (2005). A detailed study of financial exclusion in the UK. Journal of Consumer Policy, 28(1), 75-108. DOI: 10.1007/s10603-004-7313-y10.1007/s10603-004-7313-y
  27. DUCTOR, L., GRECHYNA, D. (2015). Financial development, real sector, and economic growth. International Review of Economics & Finance, 37, 393-405. DOI: 10.1016/j.iref.2015.01.00110.1016/j.iref.2015.01.001
  28. DURUSU-CIFTCI, D., ISPIR, M. S., YETKINER, H. (2017). Financial development and economic growth: Some theory and more evidence. Journal of Policy Modeling, 39(2), 290-306. DOI: 10.1016/j.jpolmod.2016.08.00110.1016/j.jpolmod.2016.08.001
  29. FIDRMUC, J., SCHARLER, J. (2013). Financial development and the magnitude of business cycle fluctuations in OECD countries. Applied Economics Letters, 20(6), 530-533. DOI: 10.1080/13504851.2012.71805510.1080/13504851.2012.718055
  30. FERNÁNDEZ, A., TAMAYO, C. E. (2017). From institutions to financial development and growth: What are the links?. Journal of Economic Surveys, 31(1), 17-57. DOI: 10.1111/joes.1213210.1111/joes.12132
  31. FREUND, C., SPATAFORA, N. (2008). Remittances, transaction costs, and informality. Journal of development economics, 86(2), 356-366. DOI: 10.1016/j.jdeveco.2007.09.00210.1016/j.jdeveco.2007.09.002
  32. GAZDAR, K., CHERIF, M. (2015). Institutions and the finance–growth nexus: Empirical evidence from MENA countries. Borsa Istanbul Review, 15(3), 137-160. DOI: 10.1016/j.bir.2015.06.00110.1016/j.bir.2015.06.001
  33. GUPTA, S., PATTILLO, C. A., WAGH, S. (2009). Effect of remittances on poverty and financial development in Sub-Saharan Africa. World development, 37(1), 104-115. DOI: 10.1016/j.worlddev.2008.05.00710.1016/j.worlddev.2008.05.007
  34. HAHN, F. R. (2003). Financial Development and Macroeconomic Volatility. Evidence from OECD Countries (No. 198). WIFO Working Papers.
  35. HAMDI, K. (2015). The determinants of financial development: Empirical evidence from developed and developing countries. Applied Economics and Finance, 2(4), 1-9. DOI: 10.11114/aef.v2i4.89410.11114/aef.v2i4.894
  36. HALLERBERG, M., STRAUCH, R., VON HAGEN, J. (2007). The design of fiscal rules and forms of governance in European Union countries. European Journal of Political Economy, 23(2), 338-359. DOI: 10.1016/j.ejpoleco.2006.11.00510.1016/j.ejpoleco.2006.11.005
  37. HAUNER, D., KYOBE, A. (2010). Determinants of government efficiency. World Development, 38(11), 1527-1542. DOI: 10.1016/j.worlddev.2010.04.00410.1016/j.worlddev.2010.04.004
  38. HAUSMAN, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the econometric society, 1251-1271. DOI: 10.2307/191382710.2307/1913827
  39. HEYLEN, F., HOEBEECK, A., BUYSE, T. (2013). Government efficiency, institutions, and the effects of fiscal consolidation on public debt. European Journal of Political Economy, 31, 40-59. DOI: 10.1016/j.ejpoleco.2013.03.00110.1016/j.ejpoleco.2013.03.001
  40. HUANG, Y. (2010). Determinants of financial development. Basingstoke: Palgrave Macmillan.10.26530/OAPEN_392749
  41. IBRAHIM, M., SARE, Y. A. (2018). Determinants of financial development in Africa: How robust is the interactive effect of trade openness and human capital?. Economic Analysis and Policy, 60, 18-26. DOI: 10.1016/j.eap.2018.09.00210.1016/j.eap.2018.09.002
  42. JAUCH, S., WATZKA, S. (2016). Financial development and income inequality: A panel data approach. Empirical Economics, 51(1), 291-314. DOI: 10.1007/s00181-015-1008-x10.1007/s00181-015-1008-x
  43. JETTER, M., AGUDELO, A. M., HASSAN, A. R. (2015). The effect of democracy on corruption: Income is key. World Development, 74, 286-304. DOI: 10.1016/j.worlddev.2015.05.01610.1016/j.worlddev.2015.05.016
  44. JETTER, M., PARMETER, C. F. (2018). Sorting through global corruption determinants: Institutions and education matter–Not culture. World Development, 109, 279-294. DOI: 10.1016/j.worlddev.2018.05.01310.1016/j.worlddev.2018.05.013
  45. KAUFMANN, D., KRAAY, A., MASTRUZZI, M. (2003). Governance matters III: Governance indicators for 1996–2002. The World Bank.10.1596/1813-9450-3106
  46. KILINC, D., SEVEN, U., YETKINER, H. (2017). Financial development convergence: New evidence for the EU. Central Bank Review, 17(2), 47-54.10.1016/j.cbrev.2017.05.002
  47. KUMAR, N. (2013). Financial inclusion and its determinants: evidence from India. Journal of Financial Economic Policy, 5(1), 4-19. DOI: 10.1108/1757638131131775410.1108/17576381311317754
  48. LAW, S. H., SINGH, N. (2014). Does too much finance harm economic growth?. Journal of Banking & Finance, 41, 36-44. DOI: 10.1016/j.jbankfin.2013.12.02010.1016/j.jbankfin.2013.12.020
  49. LEIBOVICI, F. (2018). Financial development and international trade, FRB St. Louis Working Paper No. 2018-15.10.20955/es.2018.13
  50. LEVINE, R. (1999). Financial development and economic growth: views and agenda. The World Bank10.1596/1813-9450-1678
  51. LEVINE, R. (2005). Finance and growth: theory and evidence. Handbook of economic growth, 1, 865-934. DOI: 10.1016/S1574-0684(05)01012-910.1016/S1574-0684(05)01012-9
  52. LU, X., GUO, K., DONG, Z., WANG, X. (2017). Financial development and relationship evolvement among money supply, economic growth, and inflation: a comparative study from the US and China. Applied Economics, 49(10), 1032-1045. DOI: 10.1080/00036846.2016.121077610.1080/00036846.2016.1210776
  53. MISHI, S., VACU, N. P., CHIPOTE, P. (2014). Impact of financial literacy in optimising financial inclusion in rural South Africa: Case study of the Eastern Cape Province (October 18th, 2018). Retrieved from, https://econrsa.org/system/files/workshops/papers/2012/mishi-financialliteracy.pdf
  54. MENYAH, K., NAZLIOGLU, S., WOLDE-RUFAEL, Y. (2014). Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach. Economic Modelling, 37, 386-394. DOI: 10.1016/j.econmod.2013.11.04410.1016/j.econmod.2013.11.044
  55. MUYE, I. M., MUYE, I. Y. (2017). Testing for causality among globalization, institution and financial development: Further evidence from three economic blocs. Borsa Istanbul Review, 17(2), 117-132. DOI: 10.1016/j.bir.2016.10.00110.1016/j.bir.2016.10.001
  56. NACEUR, S. B., CHERIF, M., KANDIL, M. (2014). What drives the development of the MENA financial sector?. Borsa Istanbul Review, 14(4), 212-223. DOI: 10.1016/j.bir.2014.09.00210.1016/j.bir.2014.09.002
  57. NAEEM, K., LI, M. C. (2019). Corporate investment efficiency: The role of financial development in firms with financing constraints and agency issues in OECD non-financial firms. International Review of Financial Analysis, 62, 53-68. DOI: 10.1016/j.irfa.2019.01.00310.1016/j.irfa.2019.01.003
  58. NANDRU, P., BYRAM, A., RENTALA, S. (2016). Determinants of financial inclusion: Evidence from account ownership and use of banking services. International Journal of Entrepreneurship and Development Studies, 4(2), 141-155.
  59. NG, D. (2006). The impact of corruption on financial markets. Managerial Finance, 32(10), 822-836. DOI: 10.1108/0307435071068831410.1108/03074350710688314
  60. OLUWATOBI, S., EFOBI, U., OLURINOLA, I., ALEGE, P. (2015). Innovation in Africa: Why institutions matter. South African Journal of Economics, 83(3), 390-410. DOI: 10.1111/saje.1207110.1111/saje.12071
  61. PRADHAN, R. P., ARVIN, M. B., BAHMANI, S. (2018). Are innovation and financial development causative factors in economic growth? Evidence from a panel Granger causality test. Technological Forecasting and Social Change, 132, 130-142. DOI: 10.1016/j.techfore.2018.01.02410.1016/j.techfore.2018.01.024
  62. RAZA, S. H., SHAHZADI, H., AKRAM, M. (2014). Exploring the determinants of financial development (using panel data on developed and developing countries). Journal of finance and economics, 2(5), 166-172. DOI: 10.12691/jfe-2-5-610.12691/jfe-2-5-6
  63. RUIZ, J. L. (2018). Financial development, institutional investors, and economic growth. International Review of Economics & Finance, 54, 218-224. DOI: 10.1016/j.iref.2017.08.00910.1016/j.iref.2017.08.009
  64. SAHA, S., GOUNDER, R., SU, J. J. (2009). The interaction effect of economic freedom and democracy on corruption: A panel cross-country analysis. Economics Letters, 105(2), 173-176. DOI: 10.1016/j.econlet.2009.07.01010.1016/j.econlet.2009.07.010
  65. SANFILIPPO-AZOFRA, S., TORRE-OLMO, B., CANTERO-SAIZ, M., López-Gutiérrez, C. (2018). Financial development and the bank lending channel in developing countries. Journal of Macroeconomics, 55, 215-234. DOI: 10.1016/j.jmacro.2017.10.00910.1016/j.jmacro.2017.10.009
  66. SARMA, M., PAIS, J. (2011). Financial inclusion and development. Journal of international development, 23(5), 613-628. DOI: 10.1002/jid.169810.1002/jid.1698
  67. SCHUMPETER, J. (1911). The theory of economic development. Harvard Economic Studies. Vol. XLVI.
  68. SHAHBAZ, M., BHATTACHARYA, M., KUMAR, M. (2017). Financial Development, Industrialisation, Urbanisation and the Role of Institutions: A comparative analysis between India and China. University Library of Munich, Germany, 81609.
  69. SOUMARÉ, I., TCHANA TCHANA, F., KENGNE, T. M. (2016). Analysis of the determinants of financial inclusion in Central and West Africa. Transnational Corporations Review, 8(4), 231-249. DOI: 10.1080/19186444.2016.126576310.1080/19186444.2016.1265763
  70. STERN, D. I. (2004). The rise and fall of the environmental Kuznets curve. World development, 32(8), 1419-1439. DOI: 10.1016/j.worlddev.2004.03.00410.1016/j.worlddev.2004.03.004
  71. TAYSSIR, O., FERYEL, O. (2018). Does central banking promote financial development?. Borsa Istanbul Review, 18(1), 52-75. DOI: 10.1016/j.bir.2017.09.00110.1016/j.bir.2017.09.001
  72. WANG, Y., CHENG, L., WANG, H., LI, L. (2014). Institutional quality, financial development and OFDI. Pacific Science Review, 16(2), 127-132. DOI: 10.1016/j.pscr.2014.08.02310.1016/j.pscr.2014.08.023
  73. WORLD BANK (2018). Global Financial Development Report 2017/2018: Bankers without Borders. Washington, DC: World Bank. doi:10.1596/978-1-4648-1148-7.10.1596/978-1-4648-1148-7
  74. WORLD BANK (2019). The Worldwide Governance Indicators (WGI). https://info.worldbank.org/governance/wgi/
DOI: https://doi.org/10.2478/revecp-2020-0022 | Journal eISSN: 1804-1663 | Journal ISSN: 1213-2446
Language: English
Page range: 445 - 469
Submitted on: Jan 10, 2020
Accepted on: Sep 24, 2020
Published on: Dec 17, 2020
Published by: Mendel University in Brno
In partnership with: Paradigm Publishing Services
Publication frequency: 2 issues per year

© 2020 Aysel Amir, Korhan K. Gokmenoglu, published by Mendel University in Brno
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.