Short-run pain, long-run gain : the effects of financial liberalization

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Short-run pain, long-run gain : the effects of financial liberalization, Volume 1

Author:	Kaminsky, Graciela Laura; Schmukler, Sergio L.;	Collection Title:	Policy, Research working paper series ; no. WPS 2912
Date Stored:	2002/11/11	Document Date:	2002/10/31
Document Type:	Policy Research Working Paper	Language:	English
Report Number:	WPS2912	Sub Sectors:	General finance sector
SubTopics:	Economic Theory & Research; Payment Systems & Infrastructure; Insurance & Risk Mitigation; Insurance Law; Fiscal & Monetary Policy; Financial Economics; Financial Intermediation	Volume No:	1

Summary: The authors examine the short- and long-run effects of financial liberalization on capital markets. To do so, they construct a new comprehensive chronology of financial liberalization in 28 developed and emerging economies since 1973. The authors also construct an algorithm to identify booms and busts in stock market prices. The results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. But financial liberalization leads to more stable markets in the long run. Finally, the authors analyze the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.


Official Documents Official, scanned versions of documents (may include signatures, etc.)
File Type		Description	File Size (mb)

	PDF 72 pages	Official version*	5.04 (approx.)
	Text	Text version**


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File Type		Description	File Size (mb)

	PDF 67 pages	WPS2912	0.43

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