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Journal Articles Journal of Banking and Finance Year : 2006

Decomposing the Effects of Finncial Liberalization: Growth vs. Crises

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.

Dates and versions

halshs-00754116 , version 1 (20-11-2012)

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Romain Rancière, Aaron Tornell, Frank Westermann. Decomposing the Effects of Finncial Liberalization: Growth vs. Crises. Journal of Banking and Finance, 2006, 30 (12), pp.3331-3348. ⟨10.1016/j.jbankfin.2006.05.019⟩. ⟨halshs-00754116⟩

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