Economic freedom, inclusive growth, and financial development: A heterogeneous panel analysis of developing countries.

ABSTRACT: The effective and efficient management of financial systems and resources fosters a socioeconomic climate conducive to technological and innovative advancement, thereby fostering long-term economic growth. The study used panel data from 72 countries classified as less financially developed between 2009 and 2017 to examine the role of economic freedom and inclusive growth in financial development. For the long-run estimations, we utilised the linear dynamic panel GMM-IV estimator, panel corrected standard errors (PCSE) linear regression method, and contemporaneous correlation estimator, a generalised least squares method. Our analyses indicate that economic liberty, inclusive growth, and capital stock significantly contribute to financial development in a positive manner. Moreover, inclusiv

SUBMITTER: Yang Z 

PROVIDER: S-EPMC10335674 | biostudies-literature | 2023

REPOSITORIES: biostudies-literature