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The Impact of Financial Liberalisation Policies on Financial Development Evidence from Developing Economies

Philip Arestis, Panicos Demetriades (), Bassam Fattouh and Kostas Mouratidis ()

No 02/1, Discussion Papers in Economics from Division of Economics, School of Business, University of Leicester

Abstract: We collect data on a number of financial restraints, including restrictions on deposit and lending interest rates and reserve and liquidity requirements, from central banks of six developing countries. We estimate the effects of these policies on financial development, controlling for the effect of economic development and using standard econometric techniques. We find that the effects of financial policies vary considerably across our sample of countries. Our findings demonstrate that financial liberalisation is a much more complex process than has been assumed by earlier literature and its effects on financial development are ambiguous.

Keywords: Financial Development; Financial Liberalisation; Cointegration Analysis (search for similar items in EconPapers)
JEL-codes: E5 N2 (search for similar items in EconPapers)
Date: 2002-01
New Economics Papers: this item is included in nep-cba, nep-dev, nep-mac and nep-mfd
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