Abstract
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.
| Original language | English |
|---|---|
| Pages (from-to) | 1491-1496 |
| Number of pages | 6 |
| Journal | Applied Economics Letters |
| Volume | 20 |
| Issue number | 16 |
| DOIs | |
| Publication status | Published - 2013 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 8 Decent Work and Economic Growth
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