This research seeks to identify the factors that account for the variation in development levels across nations by focusing on the institutional components of development, especially the effects of financial market development on economic and political development. I argue that financial market...

Purpose – This paper aims to investigate the integrational properties of real GDP for 125 countries . Design/methodology/approach – The paper applies the Kwiatkowski et al. univariate test and a KPSS-type univariate test that accounts for multiple structural breaks – a test procedure...