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

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Author Info
Kaminsky, Graciela Laura
Schmukler, Sergio L.

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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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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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Related research
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 listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Englund, Peter, 1990. "Financial deregulation in Sweden," European Economic Review, Elsevier, vol. 34(2-3), pages 385-393, May. [Downloadable!] (restricted)
  2. Sebastian Edwards, 1999. "How Effective Are Capital Controls?," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 65-84, Fall. [Downloadable!] (restricted)
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  3. Nada Choueiri & Graciela Laura Kaminsky, 1999. "Has the Nature of Crises Changed? A Quarter Century of Currency Crises in Argentina," IMF Working Papers 99/152, International Monetary Fund.
  4. Geert Bekaert & Campbell R. Harvey, 2000. "Foreign Speculators and Emerging Equity Markets," Journal of Finance, American Finance Association, vol. 55(2), pages 565-613, 04. [Downloadable!] (restricted)
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