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Decomposing the Effects of Finncial Liberalization: Growth vs. Crises

Author

Listed:
  • Romain Rancière

    (IMF - International Monetary Fund - International Monetary Fund (IMF))

  • Aaron Tornell

    (NBER - The National Bureau of Economic Research, LBNL - Lawrence Berkeley National Laboratory [Berkeley])

  • Frank Westermann

    (CESifo - CESifo, Universität Osnabrück - Osnabrück University)

Abstract

We present a new empirical decomposition of the effects of financial liberalization on economic growth and on the incidence of crises. Our empirical estimates show that the direct effect of financial liberalization on growth by far outweighs the indirect effect via a higher propensity to crisis. We also discuss several models of financial liberalization and growth whose predictions are consistent with our empirical findings.

Suggested Citation

  • Romain Rancière & Aaron Tornell & Frank Westermann, 2006. "Decomposing the Effects of Finncial Liberalization: Growth vs. Crises," Post-Print halshs-00754116, HAL.
    • Handle: RePEc:hal:journl:halshs-00754116
    DOI: 10.1016/j.jbankfin.2006.05.019
    as

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