Decomposing the Effects of Financial Liberalization: Crises vs. Growth /
Ranciere, Romain.
Decomposing the Effects of Financial Liberalization: Crises vs. Growth / Romain Ranciere, Aaron Tornell, Frank Westermann. - Cambridge, Mass. National Bureau of Economic Research 2006. - 1 online resource: illustrations (black and white); - NBER working paper series no. w12806 . - Working Paper Series (National Bureau of Economic Research) no. w12806. .
December 2006.
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.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.
Decomposing the Effects of Financial Liberalization: Crises vs. Growth / Romain Ranciere, Aaron Tornell, Frank Westermann. - Cambridge, Mass. National Bureau of Economic Research 2006. - 1 online resource: illustrations (black and white); - NBER working paper series no. w12806 . - Working Paper Series (National Bureau of Economic Research) no. w12806. .
December 2006.
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.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.