Decomposing the effects of financial liberalization : crises vs. growth

Romain Ranciere; Aaron Tornell and Frank Westermann

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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Year of publication:	2006
Authors:	Rancière, Romain ; Tornell, Aaron ; Westermann, Frank
Publisher:	Osnabrück : Inst. für Empirische Wirtschaftsforschung
Subject:	Finanzmarktregulierung \| Financial market regulation \| Wirkungsanalyse \| Impact assessment \| Wirtschaftswachstum \| Economic growth \| Dekompositionsverfahren \| Decomposition method \| Welt \| World \| Finanzkrise \| Financial crisis \| 1980-2002

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Extent:	Online-Ressource (PDF-Datei: 21 S., 334,71 KB) graph. Darst.
Series:	Working papers of the Institute of Empirical Economic Research. - Osnabrück : [Verlag nicht ermittelbar], ZDB-ID 2506973-1. - Vol. 74
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Systemvoraussetzungen: Acrobat Reader
Other identifiers:	hdl:10419/66515 [Handle]
Classification:	F34 - International Lending and Debt Problems ; F36 - Financial Aspects of Economic Integration ; F43 - Economic Growth of Open Economies ; O41 - One, Two, and Multisector Growth Models ; Volkswirtschaft: Sonstiges
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10009660995