Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization

Topics:
Financial Regulations,
Financial Research
Tags:
Finance,
Financial,
Financial Accounting,
Financial Liberalization,
Free Trade,
Liberalization
Source:
NBER.org: National Bureau of Economic Research

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Overview: This paper examines the short- and long-run effects of financial liberalization on capital markets. To do so, it constructs a new comprehensive chronology of financial liberalization in 28 mature and emerging economies since 1973. This paper also constructs an algorithm to identify booms and busts in stock market prices. Our results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. However, financial liberalization leads to more stable markets in the long run. Finally, it analyzes the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.

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Format: PDF | Size: 1,419KB | Date: Jun 2003 | Pages: 63

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