TY  - BOOK
AU  - Ranciere,Romain
AU  - Tornell,Aaron
AU  - Westermann,Frank
ED  - National Bureau of Economic Research.
TI  - Decomposing the Effects of Financial Liberalization: Crises vs. Growth 
T2  - NBER working paper series
PY  - 2006///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - December 2006; Hardcopy version available to institutional subscribers
N2  - 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
UR  - https://www.nber.org/papers/w12806
UR  - http://dx.doi.org/10.3386/w12806
ER  -