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Short-run pain, long-run gain : the effects of financial liberalization

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  • Kaminsky, Graciela Laura
  • Schmukler, Sergio L.

Abstract

The authors examine the short- and long-run effects of financial liberalization on capital markets. To do so, they construct a new comprehensive chronology of financial liberalization in 28 developed and emerging economies since 1973. The authors also construct an algorithm to identify booms and busts in stock market prices. The results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. But financial liberalization leads to more stable markets in the long run. Finally, the authors analyze the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2912.

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Date of creation: 31 Oct 2002
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Handle: RePEc:wbk:wbrwps:2912

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Keywords: Insurance Law; Insurance&Risk Mitigation; Fiscal&Monetary Policy; Economic Theory&Research; Payment Systems&Infrastructure; Financial Economics; Economic Theory&Research; Insurance&Risk Mitigation; Insurance Law; Financial Intermediation;

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References

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  1. Englund, Peter, 1990. "Financial deregulation in Sweden," European Economic Review, Elsevier, Elsevier, vol. 34(2-3), pages 385-393, May.
  2. Hill,Hal, 2000. "The Indonesian Economy," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521663670.
  3. Burkhard Drees & Ceyla Pazarbasioglu, 1998. "The Nordic Banking Crisis," IMF Occasional Papers 161, International Monetary Fund.
  4. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 544, Board of Governors of the Federal Reserve System (U.S.).
  5. Geert Bekaert & Campbell R. Harvey, 1997. "Foreign Speculators and Emerging Equity Markets," William Davidson Institute Working Papers Series 79, William Davidson Institute at the University of Michigan.
  6. Robert S. Dohner & Ponciano Intal, Jr., 1989. "The Philippine Financial System and the Debt Crisis," NBER Chapters, in: Developing Country Debt and Economic Performance, Volume 3: Country Studies - Indonesia, Korea, Philippines, Turkey, pages 481-503 National Bureau of Economic Research, Inc.
  7. Eliane A. Cardoso & Ilan Goldfajn, 1997. "Capital Flows to Brazil-The Endogeneity of Capital Controls," IMF Working Papers 97/115, International Monetary Fund.
  8. Sebastian Edwards, 1999. "How Effective Are Capital Controls?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 13(4), pages 65-84, Fall.
  9. Nada Choueiri & Graciela Laura Kaminsky, 1999. "Has the Nature of Crises Changed? A L1812Quarter Century of Currency Crises in Argentina," IMF Working Papers 99/152, International Monetary Fund.
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  1. What now, finance?
    by Ajay Shah in Ajay Shah's blog on 2008-05-18 16:15:00
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