The results of the recovery of the financial system after the global crisis of the early 21st century: a longitudinal comparison. An allegory of the great depression (part 2)

This paper examines the context of governance and financial institutions and their relationship with various aspects of the country’s financial system before and after the crisis. The results of the study using a regression model with fixed effects for panel data and a comparative perspective are summarized, longitudinal trends in the functioning of financial systems are evaluated. Modeling allows us to explore how the level of development of 118 countries and conditions related to political stability, the quality of regulation and the rule of law could affect the results of the financial system. The relationships obtained were not consistent across all variables of the financial system results, but the results also indicate that political stability and the rule of law do affect financial depth and efficiency, respectively, as indirect indicators of the financial system results.