The Fiscal Roots of Delayed Financial Liberalization in Western Europe, 1960-1991
Abstract
Capital controls survived in a number of European financial systems until the late 1980s, whereas other countries espoused a much more liberal approach. Why were financial reforms so controversial and controls so hard to dismantle? In the paper the determinants of delayed liberalization are empirically investigated for a panel of 16 European countries from 1960 to 1991. We find evidence in favour of a public finance interpretation of different attitudes towards financial liberalization.Download Info
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Paper provided by Universidad Carlos III de Madrid in its series Open Access publications from Universidad Carlos III de Madrid with number info:hdl:10016/5534.Length:
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Handle: RePEc:ner:carlos:info:hdl:10016/5534
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Related research
Keywords: capital controls; financial liberalization; post-1945 Western Europe;Find related papers by JEL classification:
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- F30 - International Economics - - International Finance - - - General
- F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
- H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
References
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- Hans-Joachim Voth, 2003.
"Convertibility, currency controls and the cost of capital in Western Europe, 1950-1999,"
International Journal of Finance & Economics,
John Wiley & Sons, Ltd., vol. 8(3), pages 255-276.
- Hans Joachim Voth, 2001. "Convertibility, currency controls and the cost of capital in Western Europe, 1950-1999," Economics Working Papers 552, Department of Economics and Business, Universitat Pompeu Fabra.
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