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Financial Liberalization, Stock Markets and Growth in Economies with Underdeveloped Financial Markets


  • Elisabeth Springler

    (BFI College, Vienna)


In the 1990s numerous developed as well as underdeveloped economies suffered from banking crises after following the advice of financial market liberalization theory and liberalized the banking sector as well as the stock exchange. Despite of these evidences theoretical arguments of financial liberalization theorists are still undoubted and proposals for restructuring international financial markets to increase stability, act in the tradition of financial market liberalization. Aiming to analyse the causalities of financial market liberalization theory for developments on national stock exchanges and the impacts for economic growth this paper discusses the evolution of the Athens Stock Exchange as best case scenario.

Suggested Citation

  • Elisabeth Springler, 2005. "Financial Liberalization, Stock Markets and Growth in Economies with Underdeveloped Financial Markets," European Political Economy Review, European Political Economy Infrastructure Consortium, vol. 3(Winter), pages 53-86.
  • Handle: RePEc:epe:journl:v:3:y:2005-2006:i:winter:p:53-86

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    economic development; stock exchanges; wealth effects; consumption;

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence


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