Institutional governance and financial sector development: Panel evidence from Asian economies

Nazima Ellahi · Adiqa Kausar Kiani · Qaisar Ali Malik · Raazia Gul

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Abstract

Current study aims to investigate the impact of institutional governance (GOV), trade openness (TOPEN), real output (RGDP), economic freedom (EFR), inflation rate (INFR) and real output growth on financial sector development (FSD) of selected Asian economies. A consolidated financial sector development index, representing banking sector and stock market is generated using Principal Component Analysis (PCA). The study conducted data analysis by applying panel estimation method of Generalized Method of Moments (GMM), and showed that trade openness, and real output moderate the financial development (FSD) through its positive interaction with institutional governance (GOV). The findings highlight that governance is an important and crucial driver of financial sector development and stock market development in four selected Asian economies.

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References

1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1995Another look at the instrumental variable estimation of error-components models 2019American Economic Review 1997Legal Determinants of External Finance 1988Estimating Vector Autoregressions with Panel Data 1996Stock Markets, Banks, and Economic Growth 1999Financial Development and Economic Growth: Views and Agenda 2005What matters for financial development? Capital controls, institutions, and interactions

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