Do Transparency and Anti-Monopoly Policies Matter for Financial Development? Evidence from a Panel ARDL-PMG Approach

References

• Abubakar, A., & Kassim, S. (2018). Institutional and macroeconomic determinants of financial development in the OIC countries. Global Business and Economics Review, 20(4), 410–424.
   Google Scholar
• Agyemang, O. S., Gatsi, J. G., & Ansong, A. (2018). Institutional structures and financial market development in Africa. Cogent Economics & Finance, 6(1), 1488342.
   Web of Science ®Google Scholar
• Akerlof, G. A. (1978). The market for “lemons”: Quality uncertainty and the market mechanism. In Uncertainty in economics (pp. 235–251). Academic Press.
   Google Scholar
• Alomari, M. W., Marashdeh, Z., & Bashayreh, A. G. (2019). Contribution of financial market development in competitiveness growth. Cogent Economics & Finance, 7(1), 1622483.
   Web of Science ®Google Scholar
• Álvarez, R., & Bertin, M. J. (2016). Banking competition and firm-level financial constraints in Latin America. Emerging Markets Review, 28, 89–104.
   Web of Science ®Google Scholar
• Aluko, O. A., & Ibrahim, M. (2020). On the macroeconomic determinants of financial institutions development in sub-Saharan Africa. International Review of Economics, 67, 69–85.
   Google Scholar
• Arora, R. (2017). Government intervention and financial sector development. In G. Giorgioni (Eds.), Development finance (pp. 53–78). London: Palgrave Macmillan. https://doi.org/https://doi.org/10.1057/978-1-137-58032-0_3
   Google Scholar
• Asongu, S. A., Nwachukwu, J. C., & Tchamyou, V. S. (2016). Information asymmetry and financial development dynamics in Africa. Review of Development Finance, 6(2), 126–138.
   Web of Science ®Google Scholar
• Batuo, M., Mlambo, K., & Asongu, S. (2018). Linkages between financial development, financial instability, financial liberalization and economic growth in Africa. Research in International Business and Finance, 45, 168–179.
   Web of Science ®Google Scholar
• Berger, A. N., & Hannan, T. H. (1998). The efficiency cost of market power in the banking industry: A test of the “quiet life” and related hypotheses. Review of Economics and Statistics, 80(3), 454–465.
   Web of Science ®Google Scholar
• Blair, R. D., & Harrison, J. L. (2010). Monopsony in law and economics. New York, NY: Cambridge University Press.
   Google Scholar
• Baland, J., Bourguignon, F., Platteau, J., & Verdier, T. (Eds.). (2020). The Handbook of Economic Development and Institutions. Princeton, Oxford: Princeton University Press.
   Google Scholar
• Cherif, M., & Dreger, C. (2016). Institutional determinants of financial development in MENA countries. Review of Development Economics, 20(3), 670–680.
   Web of Science ®Google Scholar
• De Simone, E., Bonasia, M., Gaeta, G. L., & Cicatiello, L. (2019). The effect of fiscal transparency on government spending efficiency. Journal of Economic Studies, 46(7), 1365–1379.
   Web of Science ®Google Scholar
• Durusu-Ciftci, D., Ispir, M. S., & Yetkiner, H. (2017). Financial development and economic growth: Some theory and more evidence. Journal of Policy Modeling, 39(2), 290–306.
   Web of Science ®Google Scholar
• Eberhardt, M. (2012). Estimating panel time-series models with heterogeneous slopes. The Stata Journal, 12(1), 61–71.
   Web of Science ®Google Scholar
• Ehigiamusoe, K. U., Lean, H. H., & Chan, J. H. (2020). Influence of macroeconomic stability on financial development in developing economies: Evidence from West African region. The Singapore Economic Review, 65(4), 837–856.
   Web of Science ®Google Scholar
• Eichengreen, B., & Leblang, D. (2003). Capital account liberalization and growth: Was Mr. Mahathir right? International Journal of Finance & Economics, 8(3), 205–224.
   Web of Science ®Google Scholar
• Erdoğan, S., Yıldırım, D. Ç., & Gedikli, A. (2020). Natural resource abundance, financial development and economic growth: An investigation on Next-11 countries. Resources Policy, 65, 101559.
   Web of Science ®Google Scholar
• Fisher, R. A. (1992). Statistical Methods for Research Workers. In S. Kotz, & N. L. Johnson (Eds.), Breakthroughs in Statistics. Springer Series in Statistics (Perspectives in Statistics). New York, NY: Springer. https://doi.org/https://doi.org/10.1007/978-1-4612-4380-9_6
   Google Scholar
• Garcia, V. F., & Liu, L. (1999). Macroeconomic determinants of stock market development. Journal of Applied Economics, 2(1), 29–59.
   Google Scholar
• Gonzalo, J. (1993). Cointegration and aggregation. Research in Economics, 47(3), 281–291.
   Google Scholar
• Hayakawa, K., & Qi, M. (2020). Further results on the weak instruments problem of the system GMM estimator in dynamic panel data models. Oxford Bulletin of Economics and Statistics, 82(2), 453–481.
   Web of Science ®Google Scholar
• Huang, Y. S., Li, M., & Chen, C. R. (2019). Financial market development, market transparency, and IPO performance. Pacific-Basin Finance Journal, 55, 63–81.
   Web of Science ®Google Scholar
• Ibrahim, M., & Sare, Y. A. (2018). Determinants of financial development in Africa: How robust is the interactive effect of trade openness and human capital? Economic Analysis and Policy, 60, 18–26.
   Web of Science ®Google Scholar
• Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74.
   Web of Science ®Google Scholar
• Ingrams, A. (2017). Managing governance complexity and knowledge networks in transparency initiatives: The case of police open data. Local Government Studies, 43(3), 364–387.
   Web of Science ®Google Scholar
• Kasman, A., & Carvallo, O. (2014). Financial stability, competition and efficiency in Latin American and Caribbean banking. Journal of Applied Economics, 17(2), 301–324.
   Web of Science ®Google Scholar
• Khan, H. H., Ghafoor, A., Qureshi, F., & Rehman, I. U. (2018). Bank competition, financial development and growth of financially dependent industries: Fresh evidence from China. Global Economic Review, 47(2), 108–134.
   Web of Science ®Google Scholar
• Kidwell, D., Blackwell, D. W., Whidbee, D. A., & Sias, R. W. (2016). Financial institutions, markets, and money (12th ed.). Wiley: The U.S.
   Google Scholar
• Kim, S. J., & Wu, E. (2008). Sovereign credit ratings, capital flows and financial sector development in emerging markets. Emerging Markets Review, 9(1), 17–39.
   Google Scholar
• Klein, T. J., Lambertz, C., & Stahl, K. O. (2016). Market transparency, adverse selection, and moral hazard. Journal of Political Economy, 124(6), 1677–1713.
   Web of Science ®Google Scholar
• Le, T. H., Kim, J., & Lee, M. (2016). Institutional quality, trade openness, and financial sector development in Asia: An empirical investigation. Emerging Markets Finance and Trade, 52(5), 1047–1059.
   Web of Science ®Google Scholar
• Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1–24.
   Web of Science ®Google Scholar
• Lippi, M. (1988). On the dynamic shape of aggregated error correction models. Journal of Economic Dynamics and Control,12(2–3), 561–585.
   Web of Science ®Google Scholar
• Maddala, G. S., & Wu, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and Statistics, 61(S1), 631–652.
   Google Scholar
• Madura, J. (2020). Financial markets & institutions. Boston, MA: Cengage learning.
   Google Scholar
• Michener, G. (2019). Gauging the impact of transparency policies. Public Administration Review, 79(1), 136–139.
   Web of Science ®Google Scholar
• Montes, G. C., Bastos, J. C. A., & de Oliveira, A. J. (2019). Fiscal transparency, government effectiveness and government spending efficiency: Some international evidence based on panel data approach. Economic Modelling, 79, 211–225.
   Web of Science ®Google Scholar
• Mukhtarov, S., Humbatova, S., Seyfullayev, I., & Kalbiyev, Y. (2020). The effect of financial development on energy consumption in the case of Kazakhstan. Journal of Applied Economics, 23(1), 75–88.
   Web of Science ®Google Scholar
• Noll, R. G. (2004). Buyer power and economic policy. Antitrust LJ, 72, 589.
   Web of Science ®Google Scholar
• Noman, A. H. M., Gee, C. S., & Isa, C. R. (2018). Does bank regulation matter on the relationship between competition and financial stability? Evidence from Southeast Asian countries. Pacific-Basin Finance Journal, 48, 144–161.
   Web of Science ®Google Scholar
• Otchere, I., Soumaré, I., & Yourougou, P. (2016). FDI and financial market development in Africa. The World Economy, 39(5), 651–678.
   Web of Science ®Google Scholar
• Ouma, S., Odongo, T., & Were, M. (2017). Mobile financial services and financial inclusion: Is it a boon for savings mobilization? Review of Development Finance, 7(1), 29–35.
   Web of Science ®Google Scholar
• Owen, A. L., & Pereira, J. M. (2018). Bank concentration, competition, and financial inclusion. Review of Development Finance, 8(1), 1–17.
   Web of Science ®Google Scholar
• Pesaran, M. H. (1997). The role of economic theory in modelling the long run. The Economic Journal, 107(440), 178–191.
   Web of Science ®Google Scholar
• Pesaran, M. H., & Shin, Y. (1999). An autoregressive distributed lag modelling approach to cointegration analysis. In S. Storm (Ed.), Econometrics and economic theory in the 20th century: The Ragnar Frisch centennial symposium, chapter 11. Cambridge: Cambridge University Press.
   Google Scholar
• Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of applied econometrics, 16(3), 289–326.
   Web of Science ®Google Scholar
• Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94(446), 621–634.
   Web of Science ®Google Scholar
• Pesaran, M. H., & Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics, 68(1), 79–113.
   Web of Science ®Google Scholar
• Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50–93.
   Web of Science ®Google Scholar
• Pham, T. T. T., Nguyen, T. V. H., & Nguyen, K. (2019). Does bank competition promote financial inclusion? A cross-country evidence. Applied Economics Letters, 26(13), 1133–1137.
   Web of Science ®Google Scholar
• Phan, H. T. M., Daly, K., & Akhter, S. (2016). Bank efficiency in emerging Asian countries. Research in International Business and Finance, 38, 517–530.
   Web of Science ®Google Scholar
• Phillips, P. C., & Hansen, B. E. (1990). Statistical inference in instrumental variables regression with I (1) processes. The Review of Economic Studies, 57(1), 99–125.
   Web of Science ®Google Scholar
• Pradhan, R. P., Arvin, M. B., Hall, J. H., & Nair, M. (2016). Innovation, financial development and economic growth in Eurozone countries. Applied Economics Letters, 23(16), 1141–1144.
   Web of Science ®Google Scholar
• Qaqaya, H., & Lipimile, G. (2008). The effects of anti-competitive business practices on developing countries and their development prospects. Geneva, CH: United Nations Conference on Trade and Development.
   Google Scholar
• Relly, J. E., & Sabharwal, M. (2009). Perceptions of transparency of government policy-making: A cross-national study. Government Information Quarterly, 26(1), 148–157.
   Web of Science ®Google Scholar
• Roberts, M. A. (2017). A non-monotonic relationship between public debt and economic growth: The effect of financial monopsony. The BE Journal of Macroeconomics, 17(2), 20150157.
   Web of Science ®Google Scholar
• Rodan, G. (2004). Transparency and authoritarian rule in Southeast Asia: Singapore and Malaysia. London, UK: Routledge.
   Google Scholar
• Roodman, D. (2009). A short note on the theme of too many instruments. Oxford Bulletin of Economics and Statistics, 71(1), 135–158.
   Web of Science ®Google Scholar
• Shahbaz, M., Bhattacharya, M., & Mahalik, M. K. (2018). Financial development, industrialization, the role of institutions and government: A comparative analysis between India and China. Applied Economics, 50(17), 1952–1977.
   Web of Science ®Google Scholar
• Sumanjeet, S. (2015). Institutions, transparency, and economic growth. Emerging Economy Studies, 1(2), 188–210.
   Google Scholar
• Vasylieva, T., Lyeonov, S., Lyulyov, O., & Kyrychenko, K. (2018). Macroeconomic stability and its impact on the economic growth of the country. Montenegrin Journal of Economics, 14(1), 159–170.
   Web of Science ®Google Scholar
• Yang, F. (2019). The impact of financial development on economic growth in middle-income countries. Journal of International Financial Markets, Institutions and Money, 59, 74–89.
   Web of Science ®Google Scholar