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 dynamic panel data techniques and data from 43 developing countries during 1980-2001, we provide evidence which suggests that openness and institutions are important determinants of financial development. Openness, in terms of trade and capital flows, is particularly potent in promoting...

This study examines the dynamic effects of financial deepening on income distribution of 35 developing countries during the past two decades of 1980-2000. For this purpose, three existing alternative hypotheses concerning the finance-inequality nexus are tested based on the newly assembled...