Variables

Authors

Expected-sign

Financial Development Indicators

M2/GDP

Bodjongo & Juliot (2012)

Indicators of institutional quality

Quality of regulation

+

Control of corruption

Cherif & Gazdar (2010)

−

Rule and law

La Porta et al., 1998

+

Political stability

Roe & Siegel (2009)

+

Real GDP per capita

Law & Azman-Saini (2008)

+

Trade openness

Rajan & Zingales, 2003

+