Decomposing the effects of financial liberalization: Crises vs. growth

被引：104

作者：

Ranciere, Romain ^{[1
]}

Tornell, Aaron

Westermann, Frank

机构：

[1] Int Monetary Fund, Res Dept, Washington, DC 20431 USA

[2] Univ Calif Los Angeles, Los Angeles, CA 90024 USA

[3] NBER, Cambridge, MA 02138 USA

[4] Univ Osnabruck, D-4500 Osnabruck, Germany

来源：

JOURNAL OF BANKING & FINANCE | 2006年 / 30卷 / 12期

关键词：

financial crises; growth; financial liberalization; treatment effects models;

D O I：

10.1016/j.jbankfin.2006.05.019

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We present a new empirical decomposition of the effects of financial liberalization on economic growth and on the incidence of crises. Our empirical estimates show that the direct effect of financial liberalization on growth by far outweighs the indirect effect via a higher propensity to crisis. We also discuss several models of financial liberalization and growth whose predictions are consistent with our empirical findings. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：3331 / 3348

页数：18

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