The political economy of financial reform: are Abiad and Mody right?

Yongfu Huang
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Yongfu Huang: Department of Land Economy, University of Cambridge, Cambridge, UK, Postal: Department of Land Economy, University of Cambridge, Cambridge, UK

Journal of Applied Econometrics, 2009, vol. 24, issue 7, pages 1207-1213

Abstract: Motivated by the questions 'Financial Reform: What Shakes It? What Shapes It?' raised by Abiad and Mody (2005), this paper studies the forces that induce governments to undertake financial sector reform. Rather than their ordered logit technique, it uses a within groups approach allowing for error dependence across countries and over time. This analysis shows that some of the AM findings are not robust to error dependence and the estimation method. It has shed new light on the political economy of financial reform. Copyright © 2009 John Wiley & Sons, Ltd.

Date: 2009

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