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Only a minority of countries have succeeded in establishing a developed financial system, despite widespread financial liberalization. Confronted with this finding, the political institutions view claims that sustained financial deepening is most likely to take place in institutional environments where governments effectively impose constraints on their own powers in order to create trust. This paper identifies over 200 post-1960 episodes of accelerations in financial development in a large cross-section of countries. We find that the likelihood of an acceleration leading to sustained financial development increases greatly in environments that have high-quality political institutions.

Banks and Banking --- Finance: General --- Financial Risk Management --- Money and Monetary Policy --- Public Finance --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: Government Policy and Regulation --- Economic History: Financial Markets and Institutions: General, International, or Comparative --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Financial Markets and the Macroeconomy --- Taxation, Subsidies, and Revenue: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Crises --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Finance --- Public finance & taxation --- Monetary economics --- Economic & financial crises & disasters --- Banking --- Financial sector development --- Legal support in revenue administration --- Credit --- Financial crises --- Financial markets --- Revenue administration --- Money --- Credit booms --- Financial services industry --- Revenue --- Banks and banking --- Russian Federation