Do financial sector reforms lead to financial development? : evidence from a new dataset /

This paper studies whether the policies that, over the past decades, liberalized banking systems around the world have resulted in deeper credit markets. To measure banking sector reforms we use a new index that tracks policy changes in five separate areas for 91 countriesover 1973-2005. We find tha...

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Bibliographic Details
Call Number:Libro Electrónico
Main Authors: Tressel, Thierry (Author), Detragiache, Enrica (Author)
Corporate Authors: International Monetary Fund. Research Department, IMF Institute
Format: Electronic eBook
Language:Inglés
Published: Washington, D.C. : International Monetary Fund, ©2008.
Series:IMF working paper ; WP/08/265.
Subjects:
Economic development > Econometric models.
Finance > Econometric models.
Banks and banking > Econometric models.
Right of property > Econometric models.
Développement économique > Modèles économétriques.
Finances > Modèles économétriques.
Droit de propriété > Modèles économétriques.
Banks and banking > Econometric models
Economic development > Econometric models
Finance > Econometric models
Right of property > Econometric models
Finanzsektor.
Kapitalmarktliberalisierung.
Welt.
Online Access:Texto completo
Table of Contents:
  • I. Introduction; II. The Empirical Model; III. The Data; IV. Estimation Results; V. Conclusions; References; Tables; 1. Sample Countries; 2. Summary Statistics; 3. Cross-Correlations; 4. Baseline Regression: Two Alternative Maximum Lags; 5A. What Explains the Lack of Sustained Effect of Reforms on Financial Depth in Developing Countries? Shocks, Policies, Non-Linearities; 5B. What Explains the Lack of Sustained Effect of Reforms on Financial Depth in Developing Countries? Institutions; 6. Regressions Countries with Good Property Rights; 7. GMM Regressions
  • 8. Regressions with 5 Year Periods Panels9. Impact of Specific Banking Sector Reforms on Financial Depth; Figures; 1. Financial Reforms by Regions; 2. Private Credit to GDP Around Episodes of Banking Reform; 3. Financial Depth and Banking Reform Index-evolution of cross-sectional dispersion; 4. Financial Depth and Banking Reform Index-correlation over time; 5. Estimated Effect of Banking Reforms on the Private Credit to GDP Ratio; Data Appendix; Appendix; Empirical Specification

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