The DOI matches its Crossref record; 59 of the 59 references it cites were found in a registry or an index.
Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles
Open accessAbstract
The views on financial liberalization are quite conflictive. Many argue that it triggers financial bubbles and crises. Others claim that financial liberalization allows markets to function properly and capital to move to its most profitable destination. The empirical evidence on these effects is not robust. This paper constructs a new comprehensive chronology of financial liberalization and shows that a key reason for the inconclusive evidence is that the effects of liberalization are time-varying. Financial liberalization is followed by large booms and busts only in the short run. In the long run institutions improve and financial markets tend to stabilize.
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Cites
Postwar U.S. Business Cycles: An Empirical Investigation
Hodrick, R. J., & Prescott, E. C. (1997) · Journal of Money, Credit and Banking · doi:10.2307/2953682 · Cited by 7,349
Noise Trader Risk in Financial Markets
De Long, J. B., Shleifer, A., Summers, L. H., & Waldmann, R. J. (1990) · Journal of Political Economy · doi:10.1086/261703 · Cited by 6,234
Asset Prices in an Exchange Economy
Lucas, R. E. (1978) · Econometrica · doi:10.2307/1913837 · Cited by 5,014
The Twin Crises: The Causes of Banking and Balance-of-Payments Problems
Kaminsky, G. L., & Reinhart, C. M. (1999) · American Economic Review · doi:10.1257/aer.89.3.473 · Cited by 4,978
Self-citationStock Market Prices Do Not Follow Random Walks: Evidence from a Simple Specification Test
Lo, A. W., & MacKinlay, A. C. (1988) · Review of Financial Studies · doi:10.1093/rfs/1.1.41 · Cited by 3,731
The great reversals: the politics of financial development in the twentieth century
Rajan, R. G., & Zingales, L. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00125-9 · Cited by 3,327
Permanent and Temporary Components of Stock Prices
Fama, E. F., & French, K. R. (1988) · Journal of Political Economy · doi:10.1086/261535 · Cited by 3,025
Measuring Business Cycles: Approximate Band-Pass Filters for Economic Time Series
Baxter, M., & King, R. G. (1999) · Review of Economics and Statistics · doi:10.1162/003465399558454 · Cited by 2,827
What matters for financial development? Capital controls, institutions, and interactions
Chinn, M. D., & Ito, H. (2006) · Journal of Development Economics · doi:10.1016/j.jdeveco.2005.05.010 · Cited by 2,650
Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?
Hellmann, T. F., Murdock, K. C., & Stiglitz, J. E. (2000) · American Economic Review · doi:10.1257/aer.90.1.147 · Cited by 2,088
Metadata
- Authors
- Kaminsky, G. L., & Schmukler, S. L.
- Venue
- Review of Finance
- Publisher
- Oxford University Press (OUP)
- Published
- 2008-01-01
- Volume
- 12
- Issue
- 2
- Pages
- 253-292
- ISSN
- 1382-6662 (ISSN-L)
- 1573-692X
- 1572-3097
- OpenAlex
- W1965024216
- Cited by
- 276
- References
- 59
- FWCI
- 33.24
- Type
- journal article
- Language
- en
- Open access
- bronze
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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