Do financial development and political institutions act as substitutes or complements?

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2020-12-09 DOI:10.1080/13600818.2020.1849593

Luisa R. Blanco, Nabamita Dutta

引用次数: 1

Abstract

ABSTRACT This paper examines the interactive impact of financial development and political institutions on a specific development outcome: gross domestic investment. We explore whether financial development and political institutions act as substitutes or complements in the context of domestic investment. Using data from the period 1975–2017 for 131 countries to construct annual and five-year interval panels, we employ Fixed Effect (FE) and Dynamic Panel estimators (System GMM) to test our hypothesis. We find a significant interactive impact of political institutions and financial development on domestic investment. More specifically, we find a substitution effect among these factors. In the presence of inefficient institutions, financial development mitigates the negative impact of political institutions on domestic investment, and vice-versa.

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金融发展和政治机构的作用是替代还是互补?

本文考察了金融发展和政治制度对一个特定发展结果的互动影响:国内投资总额。我们探讨了在国内投资的背景下，金融发展和政治制度是互为替代还是互为补充。利用1975-2017年131个国家的数据构建年度和五年间隔面板，我们使用固定效应(FE)和动态面板估计器(System GMM)来检验我们的假设。我们发现政治制度和金融发展对国内投资有显著的互动影响。更具体地说，我们发现这些因素之间存在替代效应。在缺乏效率的制度存在的情况下，金融发展减轻了政治制度对国内投资的负面影响，反之亦然。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.