@misc{oai:iuj.repo.nii.ac.jp:00000991,
 author = {Kurukulasuriya Dinesh Udana Devindra Fernando and Kurukulasuriya Dinesh Udana Devindra Fernando},
 month = {2022-10-24, 2022-10-24},
 note = {2022, International Political Economy (IPE) tries to interpret the complex contemporary environment,
its interrelated and interactions between markets, states and international
actors at different levels. Economic liberalism has mainly shaped the contemporary
economic system, which argues for the limited role of the state in the relationship with
the market. The failures and externalities of the free-market system have paved the
way for institutionalism, which proposes minimising transaction costs, strong property
rights and enabling the proper contract enforcement. Most studies on institutions
in respect of the finance–growth relationship in neoclassical contexts are inconclusive
and inconsistent. This study explores the institutional spillover on financial development
and economic growth. The variables of good governance indicators for institutions
and financial development index to measure financial development and per
capita GDP for economic growth are mainly used in this study. The first objective
is explored analysing the panel data of 152 countries for the period 2002–2019 using
spatial econometric modelling to explore the spatial spillover of the institutions on the
finance–growth nexus. Results indicate that financial development and institutions of
surrounding countries create a reverse spatial spillover impact on local countries. The
second objective is achieved by employing global panel data from 181 countries for the
years 2002–2018 using simultaneous equation modelling. The financial market and its
moderation of economic growth indicate a spillover behaviour. The third objective
is achieved by the analysis in the Sri Lankan context using the data from 1990–2019
by time-series modelling and provincial data from 2013–2019 for nine provinces using
spatial econometrics, including the inclusive growth to compare the institutional
impact on economic growth. Results find that the mediator impact of institutions on
inclusive growth and moderation impact of institutions with financial development on
economic growth is adverse. Further, provincial analysis indicates that fiscal decentralisation
had no significant impact on economic growth and inclusive growth. Results
concluded that global governance is a positive-sum game; monitoring and governance
structures have failed at the international level in relation to separate states. To prevent
institutional failure at the state level, good governance and links with the global
governance structure could energise local institutions.},
 title = {The Institutional Spillover, Financial Development and Economic Growth : International Political Economy Perspectives},
 year = {},
 yomi = {Kurukulasuriya Dinesh Udana Devindra Fernando}
}