Financial deepening and innovation: The role of political institutions

Financial deepening and innovation: The role of political institutions •Panel data from 74 countries spanning 1970–2010 is employed.•An examination of how political democracy affects financial development and innovation is conducted.•The enhancing effect of bank market deepening on innovation emerges when political institutions are sufficiently democratic.•The enhancing effect of stock market deepening on innovation requires a lower level of political democracy.•Increasing the state’s openness and competitiveness in executive recruitment for leaders is the main channel. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png World Development Elsevier

Financial deepening and innovation: The role of political institutions

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Publisher
Elsevier
Copyright
Copyright © 2018 Elsevier Ltd
ISSN
0305-750X
eISSN
1873-5991
D.O.I.
10.1016/j.worlddev.2018.02.022
Publisher site
See Article on Publisher Site

Abstract

•Panel data from 74 countries spanning 1970–2010 is employed.•An examination of how political democracy affects financial development and innovation is conducted.•The enhancing effect of bank market deepening on innovation emerges when political institutions are sufficiently democratic.•The enhancing effect of stock market deepening on innovation requires a lower level of political democracy.•Increasing the state’s openness and competitiveness in executive recruitment for leaders is the main channel.

Journal

World DevelopmentElsevier

Published: Sep 1, 2018

References

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