Causal inference of financial development and institutional quality across the globe

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dc.authoridalola, andrew/0000-0001-5355-3707
dc.contributor.authorUzar, Umut
dc.contributor.authorEyuboglu, Kemal
dc.contributor.authorAkdag, Saffet
dc.contributor.authorAlola, Andrew Adewale
dc.date.accessioned2025-03-17T12:25:58Z
dc.date.available2025-03-17T12:25:58Z
dc.date.issued2023
dc.departmentTarsus Üniversitesi
dc.description.abstractThe world has experienced increased integration of economic activities in the last decades, thus necessitating the unending examination of the responsible factors. In this case, the causal connection between institutional quality and financial development in 102 countries during the period 1990-2016 is examined. Beyond examining this relationship for the entire countries, the countries are further divided into four different income groups (low-income, lower-middle income, upper-middle income, and high-income countries). By employing empirical method that accounts for country-specific factors in the panel, the result of the study demonstrates bidirectional causality between institutional quality and financial development in the whole panel. In terms of country-income groups, the evidence of the study designates that there is two-way causality between institutional quality and financial development in upper-middle income and high-income countries. Moreover, no causality relationship is found in low-income and lower-middle income countries. These results provide policy guide on the effective way of promoting foreign direct investment across the globe.(c) 2023 The Author(s). Published by Elsevier B.V. THis is an open access article under the CC BY license (http://creativecommons.org/license/by/4.0/)
dc.identifier.doi10.1016/j.physa.2023.129035
dc.identifier.issn0378-4371
dc.identifier.issn1873-2119
dc.identifier.scopus2-s2.0-85172456540
dc.identifier.scopusqualityQ1
dc.identifier.urihttps://doi.org/10.1016/j.physa.2023.129035
dc.identifier.urihttps://hdl.handle.net/20.500.13099/1973
dc.identifier.volume626
dc.identifier.wosWOS:001144825500001
dc.identifier.wosqualityQ2
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherElsevier
dc.relation.ispartofPhysica A-Statistical Mechanics and Its Applications
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_WOS_20250316
dc.subjectFinancial markets
dc.subjectFinancial development
dc.subjectInstitutions
dc.subjectCausality analysis
dc.subjectGlobal evidence
dc.titleCausal inference of financial development and institutional quality across the globe
dc.typeArticle

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