The paper attempts to empirically determine the causal relationship between the stock price and the exchange rate in the Philippines. Having established the stationarity condition of each series using Augmented Dickey-Fuller (ADF), Phillip-Perron (PP) and mean stationary (KPSS) unit root tests,...

This study examines the effect of family ownership structure on capital market development in four Association of Southeast Asian Nations (ASEAN) countries, namely, Thailand, Malaysia, Indonesia, and the Philippines using panel data analysis. The results indicate that greater family influence in...

Concentration on banking industry may have long-lasting implication on financial market development. Some argue that concentration in the credit market introduces inefficiencies that would harm a firm's access to credit, thus hindering growth. On the other hand, some recent studies point out...

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...

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 data from 72 countries for the period 1978-2000, we find that financial development has larger effects on growth when the financial system is embedded within a sound institutional framework. This is particularly true for poor countries, where more finance without sound institutions is...

This article examines the effect of openness on financial development pertaining to the Rajan and Zingales (2003) hypothesis, namely that simultaneous openness of trade and capital flows has a positive influence on financial development.They hypothesise that when a country's borders are open to...

This paper attempts to provide a probable answer to a longstanding resource curse puzzle; i.e., why resource-rich nations grow at a slower rate compared with less fortunate ones. Using an innovative threshold estimation technique, the empirical results reveal that there is a threshold effect in...

This paper examines the impact of trade openness and capital flows on financial development in developing countries using a dynamic panel GMM estimation technique. The empirical results reveal that trade openness and capital flows are statistically significant determinants of financial...