Li, Nan; Papageorgiou, Chris; Xu, Tong; Zha, Tao - 2021
liberalization in the 1990s. The 2008 financial crisis, however, caused significant belief reversals. … financial liberalization followed an S-curve path: reforms were slow and gradual in early periods, accelerated during the 1990s … surprises in advanced economies helped accelerate belief updating worldwide, leading to the global wave of financial …