By Yongfu Huang (auth.)
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Extra info for Determinants of Financial Development
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.