D. Acemoglu, Constitutions, politics and economics: A review essay on Persson and Tabellini's the Economic Effects of Constitutions, Journal of Economic Literature, vol.43, pp.1025-1048, 2005.
DOI : 10.3386/w11235

D. Acemoglu and S. Johnson, Unbundling Institutions, Journal of Political Economy, vol.113, issue.5, pp.949-995, 2005.
DOI : 10.1086/432166

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.218.1044

D. Acemoglu, S. Johnson, and J. A. Robinson, The Colonial Origins of Comparative Development: An Empirical Investigation, American Economic Review, vol.91, issue.5, pp.1369-1401, 2001.
DOI : 10.1257/aer.91.5.1369

D. Acemoglu, S. Johnson, and J. A. Robinson, Institutions as the fundamental cause of long-run growth, p.10481, 2004.
DOI : 10.3386/w10481

T. Beck, A. Demirgüç-kunt, and R. Levine, Law and finance: why does legal origin matter?, Journal of Comparative Economics, vol.31, issue.4, pp.653-675, 2003.
DOI : 10.1016/j.jce.2003.08.001

T. Beck, A. Demirgüç-kunt, and R. Levine, Finance, inequality and the poor, Journal of Economic Growth, vol.80, issue.1, pp.27-49, 2007.
DOI : 10.1007/s10887-007-9010-6

R. Blundell and S. Bond, Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, vol.87, issue.1, pp.115-143, 1998.
DOI : 10.1016/S0304-4076(98)00009-8

M. D. Bordo and P. L. Rousseau, Legal-political factors and the historical evolution of the finance-growth link, European Review of Economic History, vol.10, issue.3, pp.421-444, 2006.
DOI : 10.1017/S136149160600181X

N. Bormann and M. Golder, Democratic electoral systems around the world, Electoral Studies, vol.32, pp.1946-2011360, 2013.

A. Boudriga and W. Ghardallou, Democracy and financial development: Does the institutional quality matter. Unpublished manuscript, 2012.

G. Brennan and J. M. Buchanan, The power to Tax: Analytical Foundations of a Fiscal Constitution, 1980.

T. Breusch, M. B. Ward, H. T. Nguyen, and T. , On the Fixed-Effects Vector Decomposition, Political Analysis, vol.136, issue.02, pp.165-169, 2011.
DOI : 10.2307/1911060

E. Caldeira, Does the System of Allocation of Intergovernmental Transfers in Senegal Eliminate Politically Motivated Targeting?, Journal of African Economies, vol.21, issue.2, pp.167-191, 2012.
DOI : 10.1093/jae/ejr037

URL : https://hal.archives-ouvertes.fr/halshs-00576508

E. Caldeira, M. Foucault, and G. Rota-graziosi, Does decentralization facilitate access to povertyrelated services? Evidence from Benin, 2012.
URL : https://hal.archives-ouvertes.fr/halshs-00707598

J. A. Cheibub, J. Gandhi, and J. R. Vreeland, Democracy and dictatorship revisited, Public Choice, vol.76, issue.1, pp.67-101, 2009.
DOI : 10.1007/s11127-009-9491-2

M. D. Chinn and H. Ito, What matters for financial development? Capital controls, institutions, and interactions, Journal of Development Economics, vol.81, issue.1, pp.163-192, 2006.
DOI : 10.1016/j.jdeveco.2005.05.010

M. Cihak, A. Demirgüç-kunt, E. Feyen, and R. Levine, Benchmarking financial systems around the world, World Bank Policy Research Working Paper, p.6175, 2012.
DOI : 10.1596/1813-9450-6175

A. Demirgüç-kunt and R. Levine, Finance et opportunité économique, Revue d'Economie du Développement, vol.22, pp.5-29, 2008.

J. Gerring, S. C. Thacker, and C. Moreno, Centripetal Democratic Governance: A Theory and Global Inquiry, American Political Science Review, vol.49, issue.04, pp.567-581, 2005.
DOI : 10.1111/1468-0343.00066

J. Gerring, S. C. Thacker, and C. Moreno, Are Parliamentary Systems Better?, Comparative Political Studies, vol.13, issue.4, pp.327-359, 2009.
DOI : 10.1177/0010414008325573

F. Giavazzi and G. Tabellini, Economic and political liberalizations, Journal of Monetary Economics, vol.52, issue.7, pp.1297-1330, 2005.
DOI : 10.1016/j.jmoneco.2005.05.002

S. Girma and A. Shortland, The political economy of financial development, Oxford Economic Papers, vol.60, issue.4, pp.567-596, 2008.
DOI : 10.1093/oep/gpm040

W. Greene, Fixed Effects Vector Decomposition: A Magical Solution to the Problem of Time-Invariant Variables in Fixed Effects Models?, Political Analysis, vol.2, issue.02, pp.135-146, 2011.
DOI : 10.1007/s10290-009-0011-8

S. Guillaumont-jeanneney and K. Kpodar, Financial development and poverty reduction: Can there be a benefit without a cost? The Journal of Development Studies, pp.143-163, 2011.

S. Haber and E. Perotti, The political economy of financial systems, Tinbergen Institute Discussion Papers, p.45, 2008.

J. A. Haussman and W. E. Taylor, Panel Data and Unobservable Individual Effects, Econometrica, vol.49, issue.6, pp.1377-1398, 1981.
DOI : 10.2307/1911406

F. A. Hayek, Economic conditions of inter-state federalism, Individualism and Economic Order, pp.255-281, 1939.

B. Hayo and S. Voigt, Explaining de facto judicial independence, International Review of Law and Economics, vol.27, issue.3, pp.269-290, 2007.
DOI : 10.1016/j.irle.2007.07.004

F. Heinemann, S. Osterloh, and A. Kalb, Sovereign risk premia: The link between fiscal rules and stability culture, Journal of International Money and Finance, vol.41, pp.110-127, 2014.
DOI : 10.1016/j.jimonfin.2013.11.002

W. J. Henisz, The Institutional Environment for Economic Growth, Economics and Politics, vol.12, issue.1, pp.1-31, 2000.
DOI : 10.1111/1468-0343.00066

W. J. Henisz, Political Institutions and Policy Volatility, Economics and Politics, vol.149, issue.1, pp.1-27, 2004.
DOI : 10.1086/261660

Y. Huang, Political Institutions and Financial Development: An Empirical Study, World Development, vol.38, issue.12, pp.1667-1677, 2010.
DOI : 10.1016/j.worlddev.2010.04.001

R. G. King and R. Levine, Finance and Growth: Schumpeter Might Be Right, The Quarterly Journal of Economics, vol.108, issue.3, pp.717-737, 1993.
DOI : 10.2307/2118406

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.312.1744

R. Laporta, F. Lopez-de-silanes, and A. Shleifer, Law and Finance, Journal of Political Economy, vol.106, issue.6, pp.1113-1155, 1998.
DOI : 10.1086/250042

R. Levine, Financial development and economic growth: Views and agenda, Journal of Economic Litterature, vol.35, pp.688-726, 1997.
DOI : 10.1596/1813-9450-1678

A. Lijphart, Negotiation democracy versus consensus democracy: Parallel conclusions and recommendations, European Journal of Political Research, vol.35, issue.4, pp.107-113, 2002.
DOI : 10.1111/1475-6765.00005

M. G. Marshall, K. Jaggers, and T. R. Gurr, Political regime characteristics and transitions, pp.1800-2010, 2011.

Y. Mundlak, On the Pooling of Time Series and Cross Section Data, Econometrica, vol.46, issue.1, pp.69-85, 1978.
DOI : 10.2307/1913646

D. C. North and B. R. Weingast, Constitutions and commitment: Evolution of institutions governing public choice in seventeenth century england, Journal of Economy Perspective, vol.49, pp.803-832, 1989.

W. E. Oates, An Essay on Fiscal Federalism, Journal of Economic Literature, vol.37, issue.3, pp.1120-1149, 1999.
DOI : 10.1257/jel.37.3.1120

M. Olson, The Rise and Decline of Nations: Economic Growth, Stagflation and Social Rigidities, 1982.

N. Persico and A. Lizzeri, The provision of public goods under alternative electoral incentives, American Economic Review, vol.91, pp.225-239, 2001.

T. Persson, Forms of democracy, policy and economic development, 2005.
DOI : 10.3386/w11171

T. Persson and G. Tabellini, The Economic Effect of Constitutions: What do the Data Say, 2003.

T. Persson and G. Tabellini, Constitutional Rules and Fiscal Policy Outcomes, American Economic Review, vol.94, issue.1, pp.25-45, 2004.
DOI : 10.1257/000282804322970689

T. Plümper and V. E. Troeger, Efficient Estimation of Time-Invariant and Rarely Changing Variables in Finite Sample Panel Analyses with Unit Fixed Effects, Political Analysis, vol.48, issue.02, pp.124-139, 2007.
DOI : 10.2307/1911060

T. Plümper and V. E. Troeger, Fixed-Effects Vector Decomposition: Properties, Reliability, and Instruments, Political Analysis, vol.19, issue.02, pp.147-164, 2011.
DOI : 10.2307/1401917

A. Przeworski, M. E. Alvarez, J. A. Cheibub, and F. Limongi, Democracy and Development; Political Institutions and Well-Being in the World, 1950.

L. E. Ribstein and B. H. Kobayashi, The Economics of Federalism, SSRN Electronic Journal, vol.1, 2006.
DOI : 10.2139/ssrn.875626

J. A. Schumpeter, The Theory of Economic Development, 1911.
DOI : 10.1007/0-306-48082-4_3

D. Stasavage and P. Keefer, The limits of delegation : veto players, central bank independence, and the credibility of monetary policy, American Political Science Review, vol.97, pp.407-423, 2003.

C. M. Tiebout, A Pure Theory of Local Expenditures, Journal of Political Economy, vol.64, issue.5, pp.416-424, 1956.
DOI : 10.1086/257839

G. Tsebelis, Decision Making in Political Systems: Veto Players in Presidentialism, Parliamentarism, Multicameralism and Multipartyism, British Journal of Political Science, vol.25, issue.03, pp.289-325, 1995.
DOI : 10.1017/S0007123400007225

G. Tsebelis, Veto Players and Law Production in Parliamentary Democracies: An Empirical Analysis, American Political Science Review, vol.31, issue.03, pp.591-608, 1999.
DOI : 10.2307/1912934

G. Tsebelis, Veto Players: How Political Institutions Work, 2002.
DOI : 10.1515/9781400831456

H. Voghouei, M. Azali, and M. A. Jamali, A survey of the determinants of financial development. Asian-Pacific Economic Litterature, pp.1-20, 2011.

H. Voghouei, M. Azali, and S. H. Law, Does the political institution matter for financial development? Economic Papers, pp.77-98, 2011.

S. Voigt, Positive constitutional economics II???a survey of recent developments, Public Choice, vol.84, issue.3, pp.205-256, 2011.
DOI : 10.1007/s11127-010-9638-1

R. L. Watts, Comparing federal systems 3rd edition, 2008.

B. Yang, Does democracy foster financial development? An empirical analysis, Economics Letters, vol.112, issue.3, pp.262-265, 2011.
DOI : 10.1016/j.econlet.2011.05.012