Tornar a Working Papers

Paper #946

Títol:
Financial liberalization, bank crises and growth: Assessing the links
Autors:
Alessandra Bonfiglioli i Caterina Mendicino
Data:
Octubre 2004
Resum:
This paper studies the effects of financial liberalization and banking crises on growth. It shows that financial liberalization spurs on average economic growth. Banking crises are harmful for growth, but to a lesser extent in countries with open financial systems and good institutions. The positive effect of financial liberalization is robust to different definitions. While the removal of capital account restrictions is effective by increasing financial depth, equity market liberalization affects growth directly. The empirical analysis is performed through GMM dynamic panel data estimations on a panel of 90 countries observed in the period 1975-1999.
Paraules clau:
Capital account liberalization, equity market liberalization, financial development, institutions, dynamic panel data.
Codis JEL:
C23, F02, G15, O11
Àrea de Recerca:
Macroeconomia i Economia Internacional

Descarregar el paper en format PDF (463 Kb)

Cercar Working Papers


Per data:
-cal seleccionar un valor a les quatre llistes desplegables-



Consultes Predefinides