Why do some countries suffer from backward financial institutions and weak corporate governance rules? We show that, even if, overall, the economy would benefit corporate governance reforms, not all the agents would stand to gain from the improvement. In particular, entrepreneurs and firms that...

Political economy theories of financial development argue that in countries where a narrow elite controls political decisions, financial development may be obstructed to deny access to finance to potential competitors. We use panel data on developed and developing countries from 1975- 2000 to...

This study aims to predict the effects of financial development and Trade openness on the German energy consumption. To ensure this, the study used time series data from 1970- 2013. Following to this, the Zivot-Andrew structural break unit root test, the Bayer-Hank combined cointegration test,...

"Although a number of African countries have made efforts to implement various financial sector reforms, many countries have not fully implemented the requisite reforms required for sustainable development. Instead, they have focused mainly on bank-based financial reforms, thereby neglecting...

There are varied findings on how the remittances, financial development and economic growth relationship works. Some studies find that in countries with low financial development, remittance inflows may have a higher impact on economic growth by serving as a substitute for inefficient or...

This paper attempts to build up a Heckscher-Ohlin-Samuelson model of production and trade where capital is introduced outside the production process as a financial capital or credit as per the classical Ricardian wage fund framework. Stock of credit or financial capital as past savings, finances...