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While it is clear that financial depth and economic diversity are prerequisites for the realisation of growth and development objectives, heterogeneous factors that determines financial development remains imperfectly understood. This ambiguity in the structural relations between varied...
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-variant (such as well-established institutions and their prominent role in devising property rights and policies) gives more … emphasis towards shaping a country's long-run economic growth than time-invariant exogenous attributes (like geography …
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