金融发展和政治机构的作用是替代还是互补?

IF 1.4 Q3 DEVELOPMENT STUDIES

Oxford Development Studies Pub Date : 2020-12-09 DOI:10.1080/13600818.2020.1849593

Luisa R. Blanco, Nabamita Dutta

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引用次数: 1

摘要

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。

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

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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来源期刊

Oxford Development Studies DEVELOPMENT STUDIES-

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： Oxford Development Studies is a multidisciplinary academic journal aimed at the student, research and policy-making community, which provides a forum for rigorous and critical analysis of conventional theories and policy issues in all aspects of development, and aims to contribute to new approaches. It covers a number of disciplines related to development, including economics, history, politics, anthropology and sociology, and will publish quantitative papers as well as surveys of literature.