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- Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization
- This paper examines the short- and long-run effects of financial liberalization on capital markets. To do so, it constructs a new comprehensive chronology of financial liberalization in 28 mature and emerging economies since 1973. This paper also constructs an algorithm to identify booms and busts in stock market prices. Our...
- White papers 2003-06-01
- Emerging equity markets and economic development
- This paper provides an analysis of real economic growth prospects in emerging markets after financial liberalizations. It identifies the financial liberalization dates and examines the influence of liberalizations while controlling for a number of other macroeconomic and financial variables. The work also introduces an econometric methodology that allows us to...
- White papers 2001-10-11
- Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization
- The paper examines the short- and long- run effects of financial liberalization on capital markets. To do so, it constructs a new comprehensive chronology of financial liberalization in 28 developed and emerging economies since 1973. The paper also constructs an algorithm to identify booms and busts in stock market prices....
- White papers 2002-10-01
Additional Resources
- Stock Market Cycles, Financial Liberalization and Volatility
- This paper analyzes the behavior of stock markets in six emerging countries. More specifically, we describe the bull and bear cycles of four Latin American and two Asian countries, comparing their characteristics during both phases and the degree of concordance of bullish periods. It divide the sample in two sub...
- White papers 2003-07-01
- Stock Market Cycles, Financial Liberalization and Volatility II
- This paper analyzes the behavior of stock markets in six emerging countries. More specifically, we describe the bull and bear cycles of four Latin American and two Asian countries, comparing their characteristics during both phases and the degree of concordance of bullish periods. It divide the sample in two sub...
- White papers 2003-07-01
- The Performance of Indian Banks During Financial Liberalization
- This paper provides new empirical evidence on the impact of financial liberalization on the performance of Indian commercial banks. The analysis focuses on examining the behavior and determinants of bank intermediation costs and profitability during the liberalization period. The empirical results suggest that ownership type has a significant effect on...
- White papers 2003-07-01
- Does Financial Liberalization Really Improve Private Investment In Developing Countries?
- The author, focusing on the demand for capital goods, argues that the positive effect on the domestic credit market may be offset by the negative effect of a portfolio shift from capital goods and public bonds into monetary assets. The author also demonstrates that a policy of financial liberalization could...
- White papers 1991-07-01
- Growth Volatility And Equity Market Liberalization
- If there are benefits to international risk sharing, consumption growth variability should decrease following the liberalization of the equity market. In addition, markets with open equity markets should display lower consumption growth variability than closed markets, everything else equal. However, the recent literature on financial liberalization suggests that volatile capital...
- White papers 2002-08-07
- Does Financial Reform Increase Or Reduce Savings?
- The issue of this paper is the effect of financial liberalization on private saving, which is theoretically ambiguous, not only because the link between interest rate levels and saving is itself ambiguous, but also because financial liberalization is a multi-dimensional and phased process, sometimes involving reversals. Some dimensions, such as...
- White papers 2003-01-01
- Liberalization, Prudential Supervision, and Capital Requirements: The Policy Trade-Offs
- This paper focuses on the roles of minimum capital requirements and prudential supervision in promoting financial stability during financial liberalization. The paper extends the Hellmann, Murdock, and Stiglitz model to analyze the effects of prudential supervision and demonstrates the trade-off between the quality of supervision and the level of minimum...
- White papers 2005-07-01
- Taipei goes global. (financial liberalization and Taiwan's banking industry)
- Taiwan's local banks are gearing up for increased competition as a result of the country's economic liberalization and impending entry into the World Trade Organization. Chinatrust Commercial Bank Chmn. and CEO Jeffrey Koo Liensung claims that the smallest foreign banks operating in the country are bigger than Taiwan's largest bank....
- Research articles 1997-04-01
- Financial Crisis Signals the End of Reaganism
- Is the end of the Gipper upon us? The federal bailout of American International Group, Fannie Mae and Freddie Mac, plus the sell-offs of Bear Stearns, Countrywide Financial, Merrill Lynch and the bankruptcy of Lehman Brothers have brought strong calls for re-regulation of the U.S. financial industry....
- Blog posts 2008-09-18
- Credit Constraints, Financial Liberalization and Twin Crises
- This paper proposes a continuous time framework that explains some stylised facts in recent "twin crises" episodes. It shows that access to the world capital market enables the domestic economy to achieve a more efficient allocation of resources. However, the banking sector becomes more fragile when this international borrowing is...
- White papers 2003-01-23
- Equity Market Liberalization in Emerging Markets
- Liberalizations must be dated to be studied, but pinpointing specific dates is difficult because countries have pursued varied liberalization strategies. This paper begins by analyzing the progress that has been made on dating liberalizations. It examines regulatory changes, the ability of investors to access the local market via proxies such...
- White papers 2003-08-01
- Equity Market Liberalization in Emerging Markets
- Equity market liberalizations, if effective, lead to important changes in both the financial and real sectors as the economy becomes integrated into world capital markets. The study of market integration is complicated because there are many ways one can liberalize and many countries have taken different routes. To study the...
- White papers 2002-09-23
- Private Ownership: The Real Source of China's Economic Miracle
- Even many Western economists think China has discovered its own road to prosperity, dependent largely on state financing and control. They are quite wrong. The credibility of American-style capitalism was among the earliest victims of the global financial crisis. With Lehman Brothers barely in its...
- Articles 2009-05-15
- WTO Financial Services Commitments: Determinants And Impact On Financial Stability
- The paper investigates the factors that have influenced WTO members to take on their chosen level of liberalization commitments in the framework of liberalization of trade in financial services and the impact of such commitments on financial sector stability. The most important factors are economic growth, current account, and trends...
- White papers 2002-12-01
- Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU's New Member States
- This paper discusses the experience of the European Union's EU eight new member countries (EU8) between 1995 and 2003 when the bulk of capital account liberalization took place, focusing on interest-rate-sensitive portfolio flows and financial flows. It takes stock of the lessons from capital flow patterns to draw policy conclusions....
- White papers 2005-11-01
- Explaining Liberalization Commitments in Financial Services Trade
- This article examines the determinants of market access commitments in international financial services trade in the General Agreement on Trade in Services GATS. Based on a theoretical model, it empirically investigates the role of domestic political economy forces, international bargaining considerations, and the state of complementary policy. The empirical results...
- White papers 2003-03-01
- An Empirical Analysis Of Productivity Developments In "Traditional Banks"
- By utilizing a non-parametric Malmquist index approach, the initial changes in the productivity and efficiency of the "Traditional" Turkish banks in an era of financial liberalization were investigated. It has been hypothesized that the new liberal environment along with heightened competition from new banks coming from internal and external markets...
- White papers 2006-07-10
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