Decomposing the Effects of Finncial Liberalization: Growth vs. Crises
Résumé
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.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Decomposing the Effects of Finncial Liberalization: Growth vs. Crises
|
Résumé |
en
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.
|
Auteur(s) |
Romain Rancière
1
, Aaron Tornell
2, 3
, Frank Westermann
4, 5
1
IMF -
International Monetary Fund
( 215865 )
- États-Unis
2
NBER -
The National Bureau of Economic Research
( 340636 )
- Main Office National Bureau of Economic Research
NBER
1050 Massachusetts Avenue
Cambridge, Massachusetts, MA 02138
- États-Unis
3
LBNL -
Lawrence Berkeley National Laboratory [Berkeley]
( 82005 )
- 1 Cyclotron Rd. MS 50A-1148, Berkeley, CA 94720
- États-Unis
4
CESifo
( 143566 )
- Allemagne
5
Universität Osnabrück - Osnabrück University
( 487802 )
- D-49076 Osnabrück Germany
- Allemagne
|
Comité de lecture |
Oui
|
Vulgarisation |
Non
|
Langue du document |
Anglais
|
Nom de la revue |
|
Audience |
Non spécifiée
|
Date de publication |
2006-12
|
Volume |
30
|
Numéro |
12
|
Page/Identifiant |
3331-3348
|
Domaine(s) |
|
Mots-clés (JEL) |
|
Mots-clés |
en
Financial crises, Growth, Financial liberalization, Treatment effects models
|
DOI | 10.1016/j.jbankfin.2006.05.019 |
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