Finnish paper investigates key factors in financial development
Data points to rule of law and economic development are key factors, paper argues
A working paper published by the Bank of Finland attempts to use statistical methods to isolate the factors that are most important to the financial development of nations.
In Financial development, rule of law and wealth inequality: Bayesian model averaging evidence, Roman Horvath, Eva Horvatova and Maria Siranova use Bayesian model averaging to test competing theories of what best aids the development of a country’s financial sector.
The authors apply these methods to a dataset of 80
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