Utilising four annual panel datasets and dynamic panel data estimation procedures we find that trade and financial openness, as well as economic institutions are statistically important determinants of the variation in financial development across countries and over time since the 1980s....

Using data from 72 countries for the period 1978-2000, we find that financial development has larger effects on growth when the financial system is embedded within a sound institutional framework. This is particularly true for poor countries, where more finance without sound institutions is...

[This paper is no longer available. It has been replaced by paper 07/5: Financial Development, Openness and Institutions: Evidence from Panel Data.] Using cross-country and dynamic panel data techniques on 43 developing countries during 1980 – 2000, we provide evidence which suggests that...

This paper proposes a new statistical procedure which aims at providing robust estimates of volatility around official liberalisation dates, by using data driven techniques to identify the number and timing of structural breaks in the variance dynamics of stock market returns. The paper...