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The Impact of Financial Liberalisation Policies on Financial Development Evidence from Developing Economies

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  • Philip Arestis
  • Panicos O. Demetriades

    ()

  • Bassam Fattouh
  • Kostas Mouratidis

Abstract

We collect data on a number of financial restraints, including restrictions on deposit and lending interest rates and reserve and liquidity requirements, from central banks of six developing countries. We estimate the effects of these policies on financial development, controlling for the effect of economic development and using standard econometric techniques. We find that the effects of financial policies vary considerably across our sample of countries. Our findings demonstrate that financial liberalisation is a much more complex process than has been assumed by earlier literature and its effects on financial development are ambiguous.

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Bibliographic Info

Paper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 02/1.

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Date of creation: Jan 2002
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Handle: RePEc:lec:leecon:02/1

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Keywords: Financial Development; Financial Liberalisation; Cointegration Analysis;

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  1. Demetriades, Panicos O. & P. Devereux, Michael & Luintel, Kul B., 1998. "Productivity and financial sector policies: Evidence from South East Asia," Journal of Economic Behavior & Organization, Elsevier, vol. 35(1), pages 61-82, March.
  2. Panicos O Demetriades & Kul B Luintel, 2000. "Financial Restraints in the South Korean Miracle," Discussion Papers in Economics 00/5, Department of Economics, University of Leicester.
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