Purpose - The study extends the debate on finance versus institutions in the promotion of investment documented by … investment, notably: political, economic and institutional governances. Financial indicators of depth, allocation efficiency … governance as a better determinant of private investment than financial intermediary development. Moreover, the evidence of …

the relationships between various components of property rights institutions and private investment, notably: political … correlate of private investment than financial intermediary development. The interaction of finance and governance is not … significant in potentially promoting private investment, perhaps due to substantially documented surplus liquidity issues in …