Financial Liberalisation and Stability of the Financial System in Emerging Markets: the institutional dimension of financial crises
Emerging economies, which have implemented since the end of the 80's a process of financial liberalisation, are confronted at the same time to banking crisis. The latter highlight the role played by the institutional framework in the process of financial liberalisation. The objective of this paper is to go through the usual alternative too much/ too little market in order to explain that the success of any liberalisation process relies on the complementarity between market and intermediation. The point is that the solution to financial instability is to be found within the institutional dynamics in which emerging economies may benefit from intermediation in order to enforce the market process.
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