By Yongfu Huang (auth.)
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The t-values are reported in brackets. 1. The standardized coefﬁcients show the change of a standard deviation of FD due to a one standard deviation change in a variable for those other than initial GDP and population, binary variables. ∗ , ∗∗ and ∗∗∗ signiﬁcant at 10%, 5% and 1%, respectively. 36 Determinants of Financial Development found signiﬁcant in every model. The regional dummy REGEAP is signiﬁcant in all relevant models, showing that the East Asian and Paciﬁc countries are positively associated with higher FD.
Total Value Traded (TVT ), as an indicator to measure market activity, is the ratio of the value of domestic shares traded on domestic exchanges to GDP, and can be used to gauge market liquidity on an economy-wide basis. Turnover Ratio (TOR) is the ratio of the value of domestic share transactions on domestic exchanges to the total value of listed domestic shares. A high value of the turnover ratio will indicate a more liquid (and potentially more efﬁcient) equity market. The data are obtained from the World Bank’s Financial Structure and Economic Development Database (2008) and averaged over 1990–2001.
If a union made up of mutually encompassing and un-dominated models results, PcGets employs the BIC to select the unique ﬁnal model. The third stage is the post-search evaluation. At this stage PcGets uses post-selection reliability checks to evaluate the signiﬁcance of variables in the ﬁnal model selected in two overlapping subsamples. Obviously, the choice of critical values for pre-selection, selection encompassing tests and subsample post-selection is important for the success of the PcGets algorithm.