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.
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Journal of Banking and Finance, Elsevier, 2006, 30 (12), pp.3331-3348. 〈10.1016/j.jbankfin.2006.05.019〉
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Soumis le : mardi 20 novembre 2012 - 08:43:55
Dernière modification le : vendredi 1 décembre 2017 - 01:19:38

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

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