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Who benefits from financial liberalization? Evidence from advanced and emerging market economies

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  • Saoussen Ben Gamra
  • Dominique Plihon

Abstract

In recent decades most countries have implemented significant reforms to foster financial liberalization. This article examines to what extent these reforms have benefited advanced economies and emerging market economies. We focus on four groups of countries: the G-7, other European countries, Latin America and East Asia over the period 1973-2006. We find evidence supporting the hypothesis that the different forms of financial liberalization affected growth differently in the four groups of countries. The main finding is that the benefits of financial liberalization are more important for advanced economies. In contrast, financial liberalization in emerging market economies has a weak positive impact on growth when its scope is limited, whereas full liberalization has been associated with slower economic growth.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Macroeconomics and Finance in Emerging Market Economies.

Volume (Year): 3 (2010)
Issue (Month): 1 ()
Pages: 53-74

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Handle: RePEc:taf:macfem:v:3:y:2010:i:1:p:53-74

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Related research

Keywords: financial sectors liberalization; economic growth; advanced and emerging economies;

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