Advanced Search
MyIDEAS: Login

Libéralisation financière, développement financier et crises bancaires : le rôle du capital social

Contents:

Author Info

  • Mohamed Trabelsi
  • Lobna Bousrih
Registered author(s):

    Abstract

    [eng] Financial liberalization, financial development and banking crises : the role of social capital . This paper explores the possible link between financial sector liberalization, social capital and banking crises for a sample of some developed and emerging countries during the period 1980-2001 using a multivariate logit and panel data regressions. The main results of the paper are : . - Banking crises are likely to occur in countries that liberalized their financial systems ; . - The authors found also that problem of financial fragility increase the likelihood of banking crisis in countries with less developed Institutional environment featured by high corruption, bureaucracy and lower contract enforceability ; . - Finally, a developed social infrastructure with high levels of trust of and co-operation between and individuals can curb the adverse effects of liberalization policies on the banking system. The same level of trust appears to be a significant determinant of economic growth conditioning also the effect of financial development on the real sector. . JEL classification : E44, F36, G21 [fre] Ce papier teste la relation entre libéralisation financière, crises bancaires et capital social. Les tests sont réalisés en utilisant la méthode du Logit multivarié et les données de panel avec effets aléatoires. Il ressort que : . - les crises bancaires sont susceptibles de se produire dans les pays qui ont libéralisé leurs systèmes financiers ; . - le risque de fragilité du secteur bancaire est élevé dans les pays où l’environnement institutionnel est moins développé avec des niveaux de corruption et de bureaucratie élevées et un faible niveau de respect des contrats ; - enfin, le développement de l’infrastructure sociale avec des niveaux élevés de confiance et de coopération entre les individus peut limiter les effets nuisibles d’une libéralisation du secteur bancaire. Ce même niveau de confiance entre les individus semble également conditionner de manière significative l’effet du développement financier sur la croissance économique. . Classification JEL : E44, F36, G21

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.persee.fr/web/revues/home/prescript/article/ecofi_0987-3368_2005_num_81_4_4014
    Download Restriction: no
    File URL: http://www.persee.fr/articleAsPDF/ecofi_0987-3368_2005_num_81_4_4014/ecofi_0987-3368_2005_num_81_4_4014.pdf?mode=light
    Download Restriction: no

    Bibliographic Info

    Article provided by Programme National Persée in its journal Revue d'économie financière.

    Volume (Year): 81 (2005)
    Issue (Month): 4 ()
    Pages: 83-106

    as in new window
    Handle: RePEc:prs:recofi:ecofi_0987-3368_2005_num_81_4_4014

    Contact details of provider:
    Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

    Related research

    Keywords:

    Find related papers by JEL classification:

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Marcel Fafchamps, 2004. "Market Institutions in Sub-Saharan Africa: Theory and Evidence," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262062364.
    2. Marcel Fafchamps, 2004. "Social Capital and Development," Economics Series Working Papers 214, University of Oxford, Department of Economics.
    3. Zak, Paul J & Knack, Stephen, 2001. "Trust and Growth," Economic Journal, Royal Economic Society, vol. 111(470), pages 295-321, April.
    4. Michael Gavin & Ricardo Hausmann, 1996. "The Roots of Banking Crises: The Macroeconomic Context," Research Department Publications 4026, Inter-American Development Bank, Research Department.
    5. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2004. "The Role of Social Capital in Financial Development," American Economic Review, American Economic Association, vol. 94(3), pages 526-556, June.
    6. La Porta, Rafael, et al, 1997. "Trust in Large Organizations," American Economic Review, American Economic Association, vol. 87(2), pages 333-38, May.
    7. Kiyotaki, Nobuhiro & Moore, John, 1997. "Credit Cycles," Journal of Political Economy, University of Chicago Press, vol. 105(2), pages 211-48, April.
    8. Samuel Bowles & Herbert Gintis, 2001. "Social Capital and Community Governance," Working Papers 01-01-003, Santa Fe Institute.
    9. Steven N. Durlauf & Marcel Fafchamps, 2004. "Social Capital," NBER Working Papers 10485, National Bureau of Economic Research, Inc.
      • Durlauf, Steven N. & Fafchamps, Marcel, 2005. "Social Capital," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 26, pages 1639-1699 Elsevier.
    10. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
    11. Durlauf,S.N., 2001. "On the empirics of social capital," Working papers 3, Wisconsin Madison - Social Systems.
    12. Mishkin, Frederic S., 1978. "The Household Balance Sheet and the Great Depression," The Journal of Economic History, Cambridge University Press, vol. 38(04), pages 918-937, December.
    13. Marcel Fafchamps & Steven N. Durlauf, 2004. "Social Capital," Economics Series Working Papers WPS/2004-14, University of Oxford, Department of Economics.
    14. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
    15. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Harvard Institute of Economic Research Working Papers 1788, Harvard - Institute of Economic Research.
    16. King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December.
    17. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.).
    18. Asli Demirgüç-Kunt & Enrica Detragiache, 1997. "The Determinants of Banking Crises - Evidence from Developing and Developed Countries," IMF Working Papers 97/106, International Monetary Fund.
    19. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
    20. Krueger, Anne O., 1987. "Origins of the developing countries' debt crisis : 1970 to 1982," Journal of Development Economics, Elsevier, vol. 27(1-2), pages 165-187, October.
    21. Geert Bekaert & Campbell R. Harvey & Christian Lundblad, 2004. "Does Financial Liberalization Spur Growth?," Working Paper Research 53, National Bank of Belgium.
    22. Reuven Glick & Michael Hutchison, 1999. "Banking and currency crises; how common are twins?," Proceedings, Federal Reserve Bank of San Francisco, issue Sep.
    23. Pablo Emilio Guidotti & Jose De Gregorio, 1992. "Financial Development and Economic Growth," IMF Working Papers 92/101, International Monetary Fund.
    24. Sjoerd Beugelsdijk & Henri L.F. de Groot & Anton B.T.M. van Schaik, 2002. "Trust and Economic Growth," Tinbergen Institute Discussion Papers 02-049/3, Tinbergen Institute.
    25. repec:fth:inadeb:318 is not listed on IDEAS
    26. Harrison Hong & Jeffrey D. Kubik & Jeremy C. Stein, 2001. "Social Interaction and Stock-Market Participation," NBER Working Papers 8358, National Bureau of Economic Research, Inc.
    27. Roubini, Nouriel & Sala-i-Martin, Xavier, 1992. "Financial repression and economic growth," Journal of Development Economics, Elsevier, vol. 39(1), pages 5-30, July.
    28. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
    29. Bencivenga, V.R. & Smith, B.D., 1988. "Financial Intermediation And Endogenous Growth," RCER Working Papers 124, University of Rochester - Center for Economic Research (RCER).
    30. Arturo Galindo & Alberto Chong & César Calderón, 2001. "Structure and Development of Financial Institutions and Links with Trust: Cross-Country Evidence," Research Department Publications 4251, Inter-American Development Bank, Research Department.
    31. Steven N. Durlauf, 2002. "Symposium on Social Capital: Introduction," Economic Journal, Royal Economic Society, vol. 112(483), pages 417-418, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_2005_num_81_4_4014

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.