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Financial Liberalization and Financial Fragility
Open accessAbstract
A study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong.In particular, respect for the rule oflaw, a low level of corruption, and good contract enforcement are relevant institutional characteristics.The data also show that, after liberalization, financially repressed countries tend to have improved financial development even if they experience a banking crisis.This is not true for financially restrained countries.This paper's results support a cautious approach to financial liberalization where institutions are weak, even if macroeconomic stabilization has been achieved.
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Citations
Cited by
Economic Freedom of the World: 2022 Annual Report
Gwartney, J., Lawson, R., Hall, J., & Murphy, R. (2022) · Fraser Institute eBooks · doi:10.53095/88975001 · Cited by 1,624
Capital market liberalization, economic growth, and instability
Stiglitz, J. E. (2000) · World Development · doi:10.1016/s0305-750x(00)00006-1 · Cited by 1,416
Do remittances promote financial development?
Aggarwal, R., Demirgüç-Kunt, A., & Pería, M. S. M. (2011) · Journal of Development Economics · doi:10.1016/j.jdeveco.2010.10.005 · Cited by 687
Self-citationTowards a New Paradigm for Development: Strategies, Policies and Processes
Stiglitz, J. E. (2002) · Applied econometrics and international development · doi:10.7916/d8mc98vb · Cited by 512
Grigorian, D. A., & Manole, V. (2006) · Comparative Economic Studies · doi:10.1057/palgrave.ces.8100129 · Cited by 470
Metadata
- Authors
- Demirgüç-Kunt, A., & Detragiache, E.
- Venue
- Policy Research Working Papers
- Publisher
- The World Bank
- Published
- 1999-11-30
- ISSN
- 1813-9450 (ISSN-L)
- OpenAlex
- W3126083968
- Cited by
- 639
- References
- 0
- Type
- report
- 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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