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Financial liberalization and reversals: political and economic determinants

Author

Listed:
  • Fabrizio Coricelli

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Nauro Campos

Abstract

What accounts for the dynamics of financial reforms? This paper identifies the political regime as one of the main factors. Focusing on democratization and financial reform, it puts forward novel evidence for a U-shaped relation, across countries and over time, for different reform measures and a wide range of estimators. Partial democracy is a main obstacle to financial reforms and democratization, when incomplete, may lead to severe financial reform reversals.

Suggested Citation

  • Fabrizio Coricelli & Nauro Campos, 2012. "Financial liberalization and reversals: political and economic determinants," Post-Print hal-00818420, HAL.
    • Handle: RePEc:hal:journl:hal-00818420
    DOI: 10.1111/j.1468-0327.2012.00288.x
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