The Impact of Financial Liberalisation Policies on Financial Development Evidence from Developing Economies
AbstractWe 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 InfoPaper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 02/1.
Date of creation: Jan 2002
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Other versions of this item:
- Arestis, Philip, et al, 2002. "The Impact of Financial Liberalization Policies on Financial Development: Evidence from Developing Economies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 7(2), pages 109-21, April.
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- N2 - Economic History - - Financial Markets and Institutions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2002-01-22 (All new papers)
- NEP-CBA-2002-01-22 (Central Banking)
- NEP-DEV-2002-01-22 (Development)
- NEP-MAC-2002-01-05 (Macroeconomics)
- NEP-MFD-2002-01-22 (Microfinance)
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- Demetriades, Panicos O. & Luintel, Kul B., 2001.
"Financial restraints in the South Korean miracle,"
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Keele Department of Economics Discussion Papers (1995-2001)
95/14, Department of Economics, Keele University.
- 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.
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