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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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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
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:jae:japmet:v:24:y:2009:i:7:p:1207-1213

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  1. M. Hashem Pesaran, 2006. "Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure," Econometrica, Econometric Society, vol. 74(4), pages 967-1012, 07.
  2. Pesaran, M. Hashem, 2004. "General Diagnostic Tests for Cross Section Dependence in Panels," IZA Discussion Papers 1240, Institute for the Study of Labor (IZA).
  3. Yongfu Huang, 2006. "On the political economy of financial reform," Bristol Economics Discussion Papers 06/586, Department of Economics, University of Bristol, UK.
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Cited by:
  1. Brian Burgoon & Panicos O. Demetriades & Geoffrey R.D. Underhill, 2011. "Sources and Legitimacy of Financial Liberalization," Discussion Papers in Economics 11/45, Department of Economics, University of Leicester.
  2. Susie Lee & Ingmar Schumacher, 2011. "When does financial sector (in)stability induce financial reforms?," Working Papers hal-00637954, HAL.
  3. Erdogdu, Erkan, 2011. "The political economy of electricity market liberalization: a cross-country approach," MPRA Paper 33724, University Library of Munich, Germany.

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