Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/66515
Authors: 
Ranciere, Romain
Tornell, Aaron
Westermann, Frank
Year of Publication: 
2006
Series/Report no.: 
Working Paper, Institut für Empirische Wirtschaftsforschung, University of Osnabrück 74
Abstract: 
We present a new empirical decomposition of the e.ects of financial liberalization on economic growth and on the incidence of crises. Our empirical estimates show that the direct e.ect of financial liberalization on growth by far outweighs the indirect e.ect 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: 
F34
F36
F43
O41
Document Type: 
Working Paper

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