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Cited by 346

The DOI matches its Crossref record; 41 of the 41 references it cites were found in a registry or an index.

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

Open access
Kaminsky, Graciela, Schmukler, Sergio·2003·National Bureau of Economic Research
DOI 10.3386/w9787
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Abstract

We examine the short-and long-run effects of financial liberalization on capital markets.To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging economies since 1973.We also construct 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, we analyze the sequencing of liberalization and institutional reforms to understand the contrasting short-and long-run effects of liberalization.

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Metadata

Authors
Kaminsky, G., & Schmukler, S.
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
2003-06
DOI
10.3386/w9787
OpenAlex
W3122505326
Cited by
346
References
41
Type
report
Language
en
Open access
green

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CoChat. (2026). Citation check: Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization. https://app.cochat.ai/papers/10.3386/w9787
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Kaminsky, G., & Schmukler, S. (2003). Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization. National Bureau of Economic Research. https://doi.org/10.3386/w9787

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