Determinants of Financial Development by Yongfu Huang (auth.)

By Yongfu Huang (auth.)

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3 Geographic variables To examine the role of geography, this study takes six regional dummies from the GDN for East Asian and Pacific countries (REGEAP), Middle Eastern and North African countries (REGMENA), Western European and North American countries (REGWENA), South Asian countries (REGSA), Sub-Saharan African countries (REGSSA) and Latin American and Caribbean countries (REGLAC), respectively. It also uses the following two geographic variables from the GDN. The landlocked variable (LANDLOCK) is a dummy variable that takes the value of 1 if the country has no coastal access to the ocean, and 0 otherwise.

The BMA and Gets analyses on the whole sample suggest that RELIGION is significantly related to FDEFF.

The posterior inclusion probability (PIP) for any particular variable is the sum of the posterior model probabilities for all of the models including that variable. The higher the posterior probability for a particular variable, the more robust that determinant for financial development appears to be. 2 General-to-specific approach The Gets modelling strategy starts from the most general unrestricted model (GUM), which is assumed to characterize the essential datagenerating process (DGP), applies standard testing procedures to eliminate statistically insignificant variables and ends up with a “congruent” final model, which should be free of significant mis-specification.

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