Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/56164
Authors: 
Bonfiglioli, Alessandra
Mendicino, Caterina
Year of Publication: 
2004
Series/Report no.: 
SSE/EFI Working Paper Series in Economics and Finance 567
Abstract: 
This paper studies the effects of financial liberalization and banking crises on growth. It shows that financial liberalization spurs on average economic growth. Banking crises are harmful for growth, but to a lesser extent in countries with open financial systems and good institutions. The positive effect of financial liberalization is robust to different definitions. While the removal of capital account restrictions is effective by increasing financial depth, equity market liberalization affects growth directly. The empirical analysis is performed through GMM dynamic panel data estimations on a panel of 90 countries observed in the period 1975-1999.
Subjects: 
Capital account liberalization
equity market liberalization
financial development
institutions
dynamic panel data
JEL: 
C23
F02
G15
O11
Document Type: 
Working Paper

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