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The role of complementarity and the financial liberalization in the financial crisis

This study provides evidence of the role played by the financial structure and the liberalization in the crisis for low, middle and high income countries classified by geographic region. The traditional view of the financial structure-bank vs market based economies is challenged by using the concept of complementarity. We find, as measured by the index proposed in Saillard and Url (2011) the complementary systems to be less vulnerable to financial crises and countries with a low level of liberalization in the financial markets and the banking sectors.

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File URL: ftp://mse.univ-paris1.fr/pub/mse/CES2012/12038.pdf
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Paper provided by Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne in its series Documents de travail du Centre d'Economie de la Sorbonne with number 12038.

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Length: 23 pages
Date of creation: Jun 2012
Date of revision:
Handle: RePEc:mse:cesdoc:12038
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