TY  - BOOK
AU  - Almarzoqi,Raja
AU  - Ben Naceur,Sami
AU  - Kotak,Akshay
TI  - What Matters for Financial Development and Stability?
T2  - IMF Working Papers; Working Paper
SN  - 1513501178 :
SN  - 1018-5941
PY  - 2015///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Benchmarks
KW  - imf
KW  - Economy
KW  - Financial Development
KW  - Financial Markets and the Macroeconomy
KW  - Financial Possibility Frontier
KW  - General
KW  - Congo, Democratic Republic of the
KW  - Georgia
KW  - Hong Kong Special Administrative Region of China
KW  - Nicaragua
N2  - This study aims to identify policies that influence the development of financial institutions as measured across three dimensions: depth, efficiency, and stability. Applying the concept of the financial possibility frontier, developed by Beck & Feyen (2013) and formalized by Barajas et al (2013a), we determine key policy variables affecting the gap between actual levels of development and benchmarks predicted by structural variables. Our dynamic panel estimation shows that inflation, trade openness, institutional quality, and banking crises significantly affect financial development. Our analysis also helps identify potential complementarities and trade-offs for policy makers, based on the effect of the policy variables across the different dimensions of financial development
UR  - http://elibrary.imf.org/view/IMF001/22715-9781513501178/22715-9781513501178/22715-9781513501178.xml
UR  - http://www.imfbookstore.org/IMFORG/9781513501178
ER  -