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The quality effect: Does financial liberalization improve the allocation of capital?

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  • Abiad, Abdul
  • Oomes, Nienke
  • Ueda, Kenichi

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Development Economics.

Volume (Year): 87 (2008)
Issue (Month): 2 (October)
Pages: 270-282

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Handle: RePEc:eee:deveco:v:87:y:2008:i:2:p:270-282

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References

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  1. Arturo Galindo & Fabio Schiantarelli & Andrew Weiss, 2001. "Does Financial Liberalization Improve the Allocation of Investment? Micro Evidence from Developing Countries," Boston College Working Papers in Economics, Boston College Department of Economics 503, Boston College Department of Economics, revised 29 Oct 2003.
  2. Boyan Jovanovic & Peter L. Rousseau, 2002. "The Q-Theory of Mergers," American Economic Review, American Economic Association, American Economic Association, vol. 92(2), pages 198-204, May.
  3. Geert Bekaert & Campbell R. Harvey, 2000. "Foreign Speculators and Emerging Equity Markets," Journal of Finance, American Finance Association, American Finance Association, vol. 55(2), pages 565-613, 04.
  4. Wurgler, Jeffrey, 2000. "Financial markets and the allocation of capital," Journal of Financial Economics, Elsevier, Elsevier, vol. 58(1-2), pages 187-214.
  5. Kenichi Ueda, 2006. "Banks As Coordinators of Economic Growth," IMF Working Papers 06/264, International Monetary Fund.
  6. Abdul Abiad & Ashoka Mody, 2005. "Financial Reform: What Shakes It? What Shapes It?," American Economic Review, American Economic Association, American Economic Association, vol. 95(1), pages 66-88, March.
  7. Anusha Chari (Chicago) & Peter Henry (Stanford), 2004. "The Invisible Hand in Emerging Markets," Econometric Society 2004 North American Winter Meetings 629, Econometric Society.
  8. Oriana Bandiera & Gerard Caprio Jr. & Patrick Honohan & Fabio Schiantarelli, 1998. "Does Financial Reform Raise or Reduce Savings?," Boston College Working Papers in Economics, Boston College Department of Economics 413, Boston College Department of Economics.
  9. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  10. Ashoka Mody & Abdul Abiad, 2003. "Financial Reform," IMF Working Papers 03/70, International Monetary Fund.
  11. Joao F. Gomes, 2001. "Financing Investment," American Economic Review, American Economic Association, American Economic Association, vol. 91(5), pages 1263-1285, December.
  12. Hayashi, Fumio, 1982. "Tobin's Marginal q and Average q: A Neoclassical Interpretation," Econometrica, Econometric Society, Econometric Society, vol. 50(1), pages 213-24, January.
  13. Simeon Djankov & Caralee McLiesh & Andrei Shleifer, 2005. "Private Credit in 129 Countries," NBER Working Papers 11078, National Bureau of Economic Research, Inc.
  14. Maurice Obstfeld, 1992. "Risk-Taking, Global Diversification, and Growth," NBER Working Papers 4093, National Bureau of Economic Research, Inc.
  15. Rui Albuquerque & Hugo A. Hopenhayn, 2004. "Optimal Lending Contracts and Firm Dynamics," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 71(2), pages 285-315, 04.
  16. Christopher A. Hennessy, 2004. "Tobin's "Q", Debt Overhang, and Investment," Journal of Finance, American Finance Association, American Finance Association, vol. 59(4), pages 1717-1742, 08.
  17. Love, Inessa, 2001. "Financial development and financing constraints - international evidence from the structural investment model," Policy Research Working Paper Series 2694, The World Bank.
  18. Devereux, Michael B & Smith, Gregor W, 1994. "International Risk Sharing and Economic Growth," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 35(3), pages 535-50, August.
  19. Stephen Bond, 2000. "Noisy Share Prices and the Q Model of Investment," Econometric Society World Congress 2000 Contributed Papers 1320, Econometric Society.
  20. Cemile Sancak, 2002. "Financial Liberalization and Real Investment," IMF Working Papers 02/100, International Monetary Fund.
  21. Rui Albuquerque & Hugo A. Hopenhayn, 2004. "Optimal Lending Contracts and Firm Dynamics," Review of Economic Studies, Oxford University Press, vol. 71(2), pages 285-315.
  22. Blanchard, Olivier & Rhee, Changyong & Summers, Lawrence, 1993. "The Stock Market, Profit, and Investment," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 108(1), pages 115-36, February.
  23. Cho, Yoon Je, 1988. "The effect of financial liberalization on the efficiency of credit allocation : Some evidence from Korea," Journal of Development Economics, Elsevier, Elsevier, vol. 29(1), pages 101-110, July.
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Citations

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Cited by:
  1. De Nicolò, Gianni & Juvenal, Luciana, 2014. "Financial integration, globalization, and real activity," Journal of Financial Stability, Elsevier, Elsevier, vol. 10(C), pages 65-75.
  2. Claessens, Stijn & Ueda, Kenichi & Yafeh, Yishay, 2010. "Financial Frictions, Investment, and Institutions," CEPR Discussion Papers, C.E.P.R. Discussion Papers 8170, C.E.P.R. Discussion Papers.
  3. Janus, Thorsten & Riera-Crichton, Daniel, 2013. "International gross capital flows: New uses of balance of payments data and application to financial crises," Journal of Policy Modeling, Elsevier, Elsevier, vol. 35(1), pages 16-28.
  4. Ziv Chinzara & Radhika Lahiri & En Te chen, 2012. "Financial Globalisation and Sectoral Reallocation of Capital in South Africa," School of Economics and Finance Discussion Papers and Working Papers Series, School of Economics and Finance, Queensland University of Technology 286, School of Economics and Finance, Queensland University of Technology.
  5. Agnello, Luca & Mallick, Sushanta K. & Sousa, Ricardo M., 2012. "Financial reforms and income inequality," Economics Letters, Elsevier, Elsevier, vol. 116(3), pages 583-587.
  6. Thierry Tressel & Enrica Detragiache, 2008. "Do Financial Sector Reforms Lead to Financial Development? Evidence From a New Dataset," IMF Working Papers 08/265, International Monetary Fund.
  7. Jan Bena & Peter Ondko, 2009. "Financial Development and Allocation of External Finance," CERGE-EI Working Papers wp398, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  8. Christiansen, Lone & Schindler, Martin & Tressel, Thierry, 2013. "Growth and structural reforms: A new assessment," Journal of International Economics, Elsevier, Elsevier, vol. 89(2), pages 347-356.
  9. Kukenova, Madina, 2011. "Financial liberalization and allocative dfficiency of capital," Policy Research Working Paper Series 5670, The World Bank.
  10. Lone Engbo Christiansen & Thierry Tressel & Martin Schindler, 2009. "Growth and Structural Reforms," IMF Working Papers 09/284, International Monetary Fund.
  11. Kenichi Ueda & Stijn Claessens, 2008. "Banks and Labor As Stakeholders," IMF Working Papers 08/229, International Monetary Fund.
  12. Gabriel Mougani, 2012. "Working Paper 144 - An Analysis of the Impact of Financial Integration on Economic Activity and Macroeconomic Volatility in Africa within the Financial Globalization Context," Working Paper Series, African Development Bank 375, African Development Bank.
  13. Conor O'Toole & Carol Newman, 2012. "Investment Financing and Financial Development: Firm Level Evidence from Vietnam," The Institute for International Integration Studies Discussion Paper Series, IIIS iiisdp409, IIIS.
  14. Claessens, Stijn & Yurtoglu, B. Burcin, 2013. "Corporate governance in emerging markets: A survey," Emerging Markets Review, Elsevier, Elsevier, vol. 15(C), pages 1-33.
  15. Conor M. O.Toole, 2012. "Does Financial Liberalisation Improve Access to Investment Finance in Developing Countries?," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  16. Francois Boutin-Dufresne & Santiago Peña & Oral Williams & Tomasz A. Zawisza, 2013. "Benchmarking Banking Sector Efficiency Across Regional Blocks in Sub-Saharan Africa," IMF Working Papers 13/51, International Monetary Fund.
  17. Cajueiro, Daniel O. & Gogas, Periklis & Tabak, Benjamin M., 2009. "Does financial market liberalization increase the degree of market efficiency? The case of the Athens stock exchange," International Review of Financial Analysis, Elsevier, Elsevier, vol. 18(1-2), pages 50-57, March.
  18. Shahid Ebrahim, M. & Hussain, Sikandar, 2010. "Financial development and asset valuation: The special case of real estate," Journal of Banking & Finance, Elsevier, Elsevier, vol. 34(1), pages 150-162, January.
  19. Aditi Bhattacharyya & Sudeshna Pal, 2011. "Financial Reforms and Technical Efficiency in Indian Commercial Banking: A Generalized Stochastic Frontier Analysis," Working Papers, Sam Houston State University, Department of Economics and International Business 1104, Sam Houston State University, Department of Economics and International Business.
  20. Martin Schmitz, 2011. "Financial reforms and capital flows to emerging Europe," Empirica, Springer, Springer, vol. 38(4), pages 579-605, November.
  21. Susie Lee & Ingmar Schumacher, 2011. "When does financial sector (in)stability induce financial reforms?," Working Papers hal-00637954, HAL.

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