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Financial Liberalisation and Stability of the Financial System in Emerging Markets: the institutional dimension of financial crises

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Author Info

  • Philippe DULBECCO

    ()
    (Centre d'Etudes et de Recherches sur le Développement International)

  • Jean-Pierre ALLEGRET
  • COURBIS

Abstract

Emerging economies, which have implemented since the end of the 80's a process of financial liberalisation, are confronted at the same time to banking crisis. The latter highlight the role played by the institutional framework in the process of financial liberalisation. The objective of this paper is to go through the usual alternative too much/ too little market in order to explain that the success of any liberalisation process relies on the complementarity between market and intermediation. The point is that the solution to financial instability is to be found within the institutional dynamics in which emerging economies may benefit from intermediation in order to enforce the market process.

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File URL: http://publi.cerdi.org/ed/1999/1999.18.pdf
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Bibliographic Info

Paper provided by CERDI in its series Working Papers with number 199918.

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Length: 22
Date of creation: 1999
Date of revision:
Handle: RePEc:cdi:wpaper:117

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Related research

Keywords: market and institutions; financial liberalisation; financial crisis; emerging markets;

References

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  1. Singh, Ajit, 1996. "Financial liberalisation,stockmarkets and economic development," MPRA Paper 53897, University Library of Munich, Germany.
  2. Tarun Khanna & Krishna Palepu, 1999. "Emerging Market Business Groups, Foreign Investors, and Corporate Governance," NBER Working Papers 6955, National Bureau of Economic Research, Inc.
  3. J. Stiglitz, 1998. "More Instruments and Broader Goals: Moving toward the PostWashington Consensus," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
  4. North, Douglass C., 1993. "Economic Performance through Time," Nobel Prize in Economics documents 1993-2, Nobel Prize Committee.
  5. Ronald I. McKinnon & Huw Pill, 1996. "Credible Liberalizations and International Capital Flows: The “Overborrowing Syndrome”," NBER Chapters, in: Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5, pages 7-50 National Bureau of Economic Research, Inc.
  6. Eduardo Borensztein & Jong-Wha Lee, 1999. "Credit Allocation and Financial Crisis in Korea," IMF Working Papers 99/20, International Monetary Fund.
  7. Singh, Ajit, 1998. "Asian capitalism and the financial crisis," MPRA Paper 54932, University Library of Munich, Germany.
  8. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
  9. Ronald I. McKinnon & Huw Pill, 1996. "The overborrowing syndrome: are East Asian economies different?," Proceedings, Federal Reserve Bank of San Francisco, pages 322-355.
  10. Claudia Echeverria & Salim M. Darbar & R. B. Johnston, 1997. "Sequencing Capital Account Liberalization," IMF Working Papers 97/157, International Monetary Fund.
  11. Chang, Ha-Joon & Park, Hong-Jae & Yoo, Chul Gyue, 1998. "Interpreting the Korean Crisis: Financial Liberalisation, Industrial Policy and Corporate Governance," Cambridge Journal of Economics, Oxford University Press, vol. 22(6), pages 735-46, November.
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Cited by:
  1. Jean-Pierre Allegret & Philippe Dulbecco, 2007. "The institutional failures of International Monetary Fund conditionality," The Review of International Organizations, Springer, vol. 2(4), pages 309-327, December.

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