Financial market efficiency, institutions and growthAn international econometric analysis for 1997 - 2002

  1. Juan Piñeiro
  2. Haider A. Khan
  3. Davit N. Melikyan
  4. Artur Tamazian
Revista:
Applied econometrics and international development

ISSN: 1578-4487

Ano de publicación: 2005

Volume: 5

Número: 2

Páxinas: 27-52

Tipo: Artigo

DIALNET GOOGLE SCHOLAR lock_openAcceso aberto editor

Outras publicacións en: Applied econometrics and international development

Resumo

The paper tests the hypothesis of a positive impact of democratization on growth, economic development and changes in well-being. We construct an empirical model to explain the impact of political institutions (democracy), economic institutions, financial market efficiency, scientific achievements and “financial or FDI” geography on growth. The empirical work based on a wide database including several indicators assessed by the authors support the hypothesis of decisive role of democratic political and efficient economic institutions in stimulating economic growth. The main results also highlight the importance of effective allocation of financial resources.

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