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        Historical Institutional Determinants of Financial System Development in Africa

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        Author
        Emenalo, Chukwunonye O.
        Gagliardi, Francesca
        Hodgson, Geoffrey
        Attention
        2299/19995
        Abstract
        The literature on the determinants of cross-country variation in financial system development identifies historical institutional factors, mostly rooted in colonial effects, as key causes. Using a sample of 39 African former European colonies for 2006-11, this paper investigates the extent to which the historical institutional determinants identified by legal origins, disease endowment, religion-based and ethnic fractionalisation theories explain current differences in financial system development across Africa. While most existing research focuses only on one financial system development dimension, namely financial system depth, this article considers also financial system access. The results do not support any of the above theories when depth measures are used, while three of them (legal origins, disease endowment and ethnic fractionalisation theories) are validated when using access measures. This suggests that in Africa financial system depth and access do not have common historical institutional determinants, pointing to the need for greater fine tuning of prevalent theories and empirical measures.
        Publication date
        2018-04-01
        Published in
        Journal of Institutional Economics
        Published version
        https://doi.org/10.1017/S1744137417000042
        Other links
        http://hdl.handle.net/2299/19995
        Relations
        Hertfordshire Business School
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