کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
10475851 929422 2005 53 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Does financial liberalization spur growth?
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Does financial liberalization spur growth?
چکیده انگلیسی
We show that equity market liberalizations, on average, lead to a 1% increase in annual real economic growth. The effect is robust to alternative definitions of liberalization and does not reflect variation in the world business cycle. The effect also remains intact when an exogenous measure of growth opportunities is included in the regression. We find that capital account liberalization also plays a role in future economic growth, but, importantly, it does not subsume the contribution of equity market liberalizations. Other simultaneous reforms only partially account for the equity market liberalization effect. Finally, the largest growth response occurs in countries with high-quality institutions.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 77, Issue 1, July 2005, Pages 3-55
نویسندگان
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