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Financial Reform

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  • Ashoka Mody
  • Abdul Abiad

Abstract

Despite stops, gaps, and reversals, financial reforms advanced worldwide in the last quarter century. Using a new index of financial liberalization, we conclude that influential events shook the status quo, inducing both reforms and reversals, while learning, more so than ideology and country structure, shaped and sustained widespread reforms. Among shocks, a decline in global interest rates and balance of payments crises strengthened reformers; banking crises were associated with reversals, while new governments brought about both reforms and reversals. Learning occurred domestically-initial reforms raised the likelihood of further reforms-and through observing regional reform leaders. Among structural features, greater openness to trade appears to have increased the pace of financial reform.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/70.

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Length: 40
Date of creation: 01 Apr 2003
Date of revision:
Handle: RePEc:imf:imfwpa:03/70

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Related research

Keywords: Financial sector; financial liberalization; financial reform; banking crises; recession; payments crisis; balance of payments crisis; financial sector liberalization; banking crisis; financial institutions; financial reforms; interest rate controls; bond; bond market; international capital; legal systems; financial systems; international finance; corporate bond; reserve requirements; international interest rates; financial repression; financial sector development; recessions; debt crisis; economic crisis; financial economics; corporate bond market; repressed financial systems; capital account liberalization; government bond; financial intermediation; financial liberalization episodes; financial distress; equity markets; government bond market; international financial statistics; financial deregulation; financial crises; financial markets; financial assets; recessionary periods; equity market; financial fragility;

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References

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  1. Eduardo Lora, 2000. "What Makes Reforms Likely?: Timing and Sequencing of Structural Reforms in Latin America," IDB Publications 6472, Inter-American Development Bank.
  2. 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.
  3. Leonardo Bartolini & Allan Drazen, 1998. "When Liberal Policies Reflect External Shocks, What Do We Learn?," NBER Working Papers 5727, National Bureau of Economic Research, Inc.
  4. Aaron Tornell, 1998. "Reform from Within," NBER Working Papers 6497, National Bureau of Economic Research, Inc.
  5. Beck, T.H.L. & Levine, R. & Loayza, N., 2000. "Financial intermediation and growth: Causality and causes," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125519, Tilburg University.
  6. Geert Bekaert & Campbell R. Harvey, 1997. "Foreign Speculators and Emerging Equity Markets," NBER Working Papers 6312, National Bureau of Economic Research, Inc.
  7. Roubini, Nouriel & Alesina, Alberto, 1992. "Political Cycles in OECD Economies," Scholarly Articles 4553025, Harvard University Department of Economics.
  8. S. Nuri Erbas, 2002. "Primeron Reforms in a Second-Best Ambiguous Environment," IMF Working Papers 02/50, International Monetary Fund.
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