Financial Liberalization and Financial Fragility /

A study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant insti...

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Bibliografski detalji
Glavni autor: Detragiache, Enrica
Daljnji autori: Demirguc-Kunt, Asli
Format: Žurnal
Jezik:English
Izdano: Washington, D.C. : International Monetary Fund, 1998.
Serija:IMF Working Papers; Working Paper ; No. 1998/083
Online pristup:Full text available on IMF
Opis
Sažetak:A study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant institutional characteristics. The data also show that, after liberalization, financially repressed countries tend to have improved financial development even if they experience a banking crisis. This is not true for financially restrained countries. This paper's results support a cautious approach to financial liberalization where institutions are weak, even if macroeconomic stabilization has been achieved.
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Opis:1 online resource (36 pages)
Format:Mode of access: Internet
ISSN:1018-5941
Pristup:Electronic access restricted to authorized BRAC University faculty, staff and students