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The political economy of financial reform: are Abiad and Mody right?

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  • Yongfu Huang

    (Department of Land Economy, University of Cambridge, Cambridge, UK)

Abstract

Motivated by the questions 'Financial Reform: What Shakes It? What Shapes It?' raised by Abiad and Mody (2005), this paper studies the forces that induce governments to undertake financial sector reform. Rather than their ordered logit technique, it uses a within groups approach allowing for error dependence across countries and over time. This analysis shows that some of the AM findings are not robust to error dependence and the estimation method. It has shed new light on the political economy of financial reform. Copyright © 2009 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/jae.1093
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File URL: http://qed.econ.queensu.ca:80/jae/2009-v24.7/
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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 24 (2009)
Issue (Month): 7 ()
Pages: 1207-1213

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Handle: RePEc:jae:japmet:v:24:y:2009:i:7:p:1207-1213

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References

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  1. Pesaran, M. Hashem, 2004. "General Diagnostic Tests for Cross Section Dependence in Panels," IZA Discussion Papers 1240, Institute for the Study of Labor (IZA).
  2. M. Hashem Pesaran, 2004. "Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure," CESifo Working Paper Series 1331, CESifo Group Munich.
  3. Yongfu Huang, 2006. "On the political economy of financial reform," Bristol Economics Discussion Papers 06/586, Department of Economics, University of Bristol, UK.
  4. Abdul Abiad & Ashoka Mody, 2005. "Financial Reform: What Shakes It? What Shapes It?," American Economic Review, American Economic Association, vol. 95(1), pages 66-88, March.
  5. Arellano, M, 1987. "Computing Robust Standard Errors for Within-Groups Estimators," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 49(4), pages 431-34, November.
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Cited by:
  1. Erdogdu, E., 2012. "The political economy of electricity market liberalization: a cross-country approach," Cambridge Working Papers in Economics 1227, Faculty of Economics, University of Cambridge.
  2. Burgoon, Brian & Demetriades, Panicos & Underhill, Geoffrey R.D., 2012. "Sources and legitimacy of financial liberalization," European Journal of Political Economy, Elsevier, vol. 28(2), pages 147-161.
  3. Erdogdu, Erkan, 2013. "Essays on Electricity Market Reforms: A Cross-Country Applied Approach," MPRA Paper 47139, University Library of Munich, Germany.
  4. Huang, Yongfu, 2010. "Political Institutions and Financial Development: An Empirical Study," World Development, Elsevier, vol. 38(12), pages 1667-1677, December.
  5. Susie Lee & Ingmar Schumacher, 2011. "When does financial sector (in)stability induce financial reforms?," Working Papers hal-00637954, HAL.

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