Ranciere, Romain
[VerfasserIn]
;
Tornell, Aaron
[Sonstige Person, Familie und Körperschaft];
Westermann, Frank
[Sonstige Person, Familie und Körperschaft]National Bureau of Economic Research
Decomposing the Effects of Financial Liberalization
: Crises vs. Growth
Erschienen:
Cambridge, Mass: National Bureau of Economic Research, December 2006
Erschienen in:NBER working paper series ; no. w12806
Umfang:
1 Online-Ressource
Sprache:
Englisch
DOI:
10.3386/w12806
Identifikator:
Reproduktionsnotiz:
Hardcopy version available to institutional subscribers
Entstehung:
Anmerkungen:
Mode of access: World Wide Web
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Beschreibung:
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