Law, regulation and institutions for financial development: Evidence from India

被引：20

作者：

Rathinam, Francis Xavier ^{[1
]}

Raja, Angara V. ^{[2
]}

机构：

[1] Indian Council Res Int Econ Relat ICRIER, Bangalore, Karnataka, India

[2] Univ Hyderabad, Dept Econ, Hyderabad 500134, Andhra Pradesh, India

来源：

EMERGING MARKETS REVIEW | 2010年 / 11卷 / 02期

关键词：

Law and finance; Economic growth; Enforcement of law; Granger causality; India; NUMERICAL DISTRIBUTION-FUNCTIONS; ECONOMIC-GROWTH; TIME-SERIES; UNIT-ROOT; COINTEGRATION; TESTS; HYPOTHESIS; CAUSALITY; COUNTRIES; MODELS;

D O I：

10.1016/j.ememar.2010.01.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper revisits the "finance-growth" thesis from the perspective of the determinants of financial sector growth such as legal and institutional developments and financial regulation in the Indian context. With the help of newly constructed indices of procedural law, regulation and institutional development, within a multivariate VAR framework, Granger causality tests and policy simulations are employed to investigate the long run causal relationships between the determinants and the financial sector. The results show that legal and institutional developments and financial deregulation cause financial sector growth with a considerable feedback and further finance causes economic growth. (C) 2010 Elsevier B.V. All rights reserved.

引用

页码：106 / 118

页数：13

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