What Determines Financial Development in the Former Soviet Union Countries: Remittances, Institutions, or Human Capital?
|Author:||Mgr. Victoria Plešinger Lozinschi|
|Year:||2010 - summer|
|Leaders:|| PhDr. Pavel Vacek Ph.D.
|Work type:|| Masters
|Awards and prizes:|
|Abstract:||This paper is an attempt to find out the determinants of the financial deepening in a panel of 15 Former Soviet Union countries and Mongolia. The explanatory variables are good institutions, human capital and remittances. The main results of the model are: (1) Remittances do influence positively financial deepening in this set of data when using random effects models; (2) Human Capital has a negative impact when using fixed effects; (3) Institutions do not have any impact; (3) Russia does not behave differently than other countries in this model; (4) Natural endowments of hydrocarbon do not influence the relationships between financial deepening and the three explanatory variables.|