Decomposing the Effects of Financial Liberalization: Crises vs. Growth
Romain Ranciere (),
Aaron Tornell () and
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Aaron Tornell: UCLA
No 74, IEER Working Papers from Institute of Empirical Economic Research, Osnabrueck University
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.
JEL-codes: F34 F36 F43 O41 (search for similar items in EconPapers)
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Journal Article: Decomposing the effects of financial liberalization: Crises vs. growth (2006)
Working Paper: Decomposing the Effects of Financial Liberalization: Crises vs. Growth (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:iee:wpaper:wp0074
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