Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization

Kaminsky, Graciela Laura ; Schmukler, Sergio L.

World Bank, Washington, DC

关键词: BOOM-BUST CYCLES;    CAPITAL MARKETS;    FINANCIAL LIBERALIZATION;    INSTITUTIONAL REFORMS;    STOCK MARKET PRICES;   

DOI  :  10.1596/1813-9450-2912
RP-ID  :  WPS2912

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The authors examine the short- andlong-run effects of financial liberalization on capitalmarkets. To do so, they construct a new comprehensivechronology of financial liberalization in 28 developed andemerging economies since 1973. The authors also construct analgorithm to identify booms and busts in stock marketprices. The results indicate that financial liberalizationis followed by more pronounced boom-bust cycles in the shortrun. But financial liberalization leads to more stablemarkets in the long run. Finally, the authors analyze thesequencing of liberalization and institutional reforms tounderstand the contrasting short- and long-run effects of liberalization.