TY - JOUR
T1 - Financial system sophistication and unemployment around the world
AU - Feldmann, H
PY - 2013
Y1 - 2013
N2 - Using data on 78 countries from 1984 to 2008 and a large number of controls, this article studies the unemployment effect of a major characteristic of the financial system: its level of sophistication, i.e. the variety of financial institutions and instruments available to the economy. It finds that a higher level of sophistication is likely to reduce unemployment. The magnitude of the estimated effect is moderate but noticeable.
AB - Using data on 78 countries from 1984 to 2008 and a large number of controls, this article studies the unemployment effect of a major characteristic of the financial system: its level of sophistication, i.e. the variety of financial institutions and instruments available to the economy. It finds that a higher level of sophistication is likely to reduce unemployment. The magnitude of the estimated effect is moderate but noticeable.
UR - http://www.scopus.com/inward/record.url?scp=84883369703&partnerID=8YFLogxK
UR - http://dx.doi.org/10.1080/13504851.2013.826868
U2 - 10.1080/13504851.2013.826868
DO - 10.1080/13504851.2013.826868
M3 - Article
SN - 1350-4851
VL - 20
SP - 1491
EP - 1496
JO - Applied Economics Letters
JF - Applied Economics Letters
IS - 16
ER -