Financial Liberalization and Stability of the Financial System in Emerging Markets: The Institutional Dimension of Financial Crises

Jean-Pierre Allegret (), Bernard Courbis and Philippe Dulbecco ()
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Bernard Courbis: GATE - Groupe d'analyse et de théorie économique - UL2 - Université Lumière - Lyon 2 - ENS LSH - Ecole Normale Supérieure Lettres et Sciences Humaines - CNRS - Centre National de la Recherche Scientifique
Philippe Dulbecco: CERDI - Centre d'Études et de Recherches sur le Développement International - UCA [2017-2020] - Université Clermont Auvergne [2017-2020] - CNRS - Centre National de la Recherche Scientifique

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Abstract: Emerging economies, which have implemented since the end of the 80's a process of financial liberalization, are confronted at the same time to banking crisis. The latter highlight the role played by the institutional framework in the process of financial liberalization. The objective of this paper is to go through the usual alternative too much/ too little market in order to explain that the success of any liberalization process relies on the complementarity between market and intermediation. Institutions defined as rule-following behavior represented the cornerstone of such an evolution. The point is that the solution to financial instability is to be found within the institutional dynamics in which emerging economies may benefit from intermediation in order to enforce the market process.

Keywords: emerging markets; financial crisis; financial liberalization; market and institutions JEL codes: F3; G0 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (4)

Published in Review of International Political Economy, 2003, 17 (4), pp.213-242

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Working Paper: Financial Liberalisation and Stability of the Financial System in Emerging Markets: the institutional dimension of financial crises (1999)
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