Determinants of Financial Development by Yongfu Huang (auth.)

By Yongfu Huang (auth.)

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This captures the minimum distance from the three capital-goods-supplying centres in the world (USA, Japan and the EU, the centre of the latter represented by Belgium). The study uses the logarithm of the minimum distance from the three capital-goods-supplying centres plus one. These variables might be highly correlated with external trade and manufacturing, since lack of access to coasts or rivers navigable to the ocean and geographic remoteness constitute natural disadvantages to external trade.

Given no rejection of the mis-specification tests, the Gets analysis for the whole sample yields a subset inclusive of three “other” variables (GDP90, POP90 and EURFRAC), two geographic variables (LATITUDE and AREA), one policy variable (SDTT ) and three institutional variables (CIVLEG, KKM and PCI). Both the BMA and Gets analyses on the whole sample unanimously suggest that three “other” variables (GDP90, POP90 and EURFRAC), one geographic variable (AREA) and three institutional variables (CIVLEG, KKM and PCI) are the main determinants for FD.

4 Stock Market Capitalization (MCAP), the size index, is the ratio of the value of listed domestic shares to GDP. Total Value Traded (TVT ), as an indicator to measure market activity, is the ratio of the value of domestic shares traded on domestic exchanges to GDP, and can be used to gauge market liquidity on an economy-wide basis. Turnover Ratio (TOR) is the ratio of the value of domestic share transactions on domestic exchanges to the total value of listed domestic shares. A high value of the turnover ratio will indicate a more liquid (and potentially more efficient) equity market.

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