Despite the importance of the financial system and quality of institutions to the attainment of economic development goals, the mediating role of institutions in how finance influences the development of the industrial sector across countries has not been given adequate attention in the...

Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...

Low cost financing in establishing economical development is very important. At this point, financial intermediaries provide great contributions to economic development by eliminating asymetrical information problem between lender and borrower. It is possible to see capital market in...