Financial Reforms for Financial Development

Yongfu Huang
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Yongfu Huang: University of Cambridge

Chapter 5 in Determinants of Financial Development, 2011, pp 125-160 from Palgrave Macmillan

Abstract: Abstract Financial liberalization has been one of the key trends characterizing the post-Bretton Woods era, with decreasing capital controls and an increasing participation of developing countries in international financial markets in recent decades. More broadly, domestic financial development, measured in terms of liquid liabilities or stock market capitalization, has risen dramatically over the same period. By using Bayesian Model Averaging (BMA) and General-to-specific (Gets) approaches, Chapter 2 examines the long-run determinants of financial development. However, what are the factors directly stimulating governments to liberalize the financial sector, aimed at enhancing financial development? Building on the framework of Abiad and Mody (2005) (AM hereafter), this chapter attempts to answer this question and to provide a more comprehensive view of the political economy of financial reform.

Keywords: Financial Development; Regional Diffusion; Bayesian Model Average; Regional Leader; Bayesian Model Average (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-30249-5_5

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DOI: 10.1057/9780230302495_5

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