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Over the last two decades, emerging markets have received much attention due to their substantial development. This study investigates the quality of financial institutions, and the innovative technological environment stimulated financial development in various (22) emerging markets from 2006 to 2017. The analyses are based on distinctive competitiveness pillars, and additional control variables from the World Economic Forum's reports and the World Bank's Development Indicators. Another novelty of this research is its investigation of the moderation effect of the quality of institutions on innovation and IC technologies. The empirical findings of linear and dynamic regressions (generalised method of moments) affirm that the interaction of innovation and technology with well-functioning institutions can accelerate the development of financial markets. Additionally, this study offers a few policy implications, so that these economies can improve competitiveness, in order to make emerging financial markets attractive and sustain their development in the long run.
Khan et al. (Mon,) studied this question.