Law, regulation and institutions for financial development: Evidence from India
This paper revisits the "finance-growth" thesis from the perspective of the determinants of financial sector growth such as legal and institutional developments and financial regulation in the Indian context. With the help of newly constructed indices of procedural law, regulation and institutional development, within a multivariate VAR framework, Granger causality tests and policy simulations are employed to investigate the long run causal relationships between the determinants and the financial sector. The results show that legal and institutional developments and financial deregulation cause financial sector growth with a considerable feedback and further finance causes economic growth.
Year of publication: |
2010
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Authors: | Rathinam, Francis Xavier ; Raja, Angara V. |
Published in: |
Emerging Markets Review. - Elsevier, ISSN 1566-0141. - Vol. 11.2010, 2, p. 106-118
|
Publisher: |
Elsevier |
Keywords: | Law and finance Economic growth Enforcement of law Granger causality India |
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