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Title |
The Effect of Political Stability and Financial Liberalization on Financial Growth of Developing Countries with High Income |
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Author |
Khaled Ahmadzadeh, Shahla Samadipour, Ahmad Mohammadi |
| Citation |
Vol. 25 No. 8 pp. 27-32 |
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Abstract |
Financial development is referred to a situation where financial services are enhanced by financial institutions and if these institutions have sufficient efficiency, they transfer capital from depositors to those who receive loans. Therefore, resources are directed toward productive investments and lead to optimal allocation of resources. Generally, there are many factors that affect the financial development which can be divided into two categories of economic and non-economic factors. Using descriptive and analytical method, this study aimed to investigate political stability and financial liberalization during 1996-2013 in developing countries with dynamic panel method. The index of interest for liberalization was capital account restriction. The results showed that political stability and financial liberalization have significant positive effect on financial development that is consistent with theoretical and empirical expectations. |
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Keywords |
financial liberalization, dynamic panel, financial development, political stability |
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