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

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

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 a...

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Main Authors: Kaminsky, Graciela Laura, Schmukler, Sergio L.
Format: Policy Research Working Paper
Language:English
en_US
Published: World Bank, Washington, DC 2014
Subjects:
BOOM-BUST CYCLES
CAPITAL MARKETS
FINANCIAL LIBERALIZATION
INSTITUTIONAL REFORMS
STOCK MARKET PRICES
Online Access:http://documents.worldbank.org/curated/en/2002/10/2040838/short-run-pain-long-run-gain-effects-financial-liberalization
http://hdl.handle.net/10986/19217
id okr-10986-19217
recordtype oai_dc
spelling okr-10986-192172021-04-23T14:03:42Z Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization Kaminsky, Graciela Laura Schmukler, Sergio L. BOOM-BUST CYCLES CAPITAL MARKETS FINANCIAL LIBERALIZATION INSTITUTIONAL REFORMS STOCK MARKET PRICES 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. 2014-08-01T19:18:21Z 2014-08-01T19:18:21Z 2002-10 http://documents.worldbank.org/curated/en/2002/10/2040838/short-run-pain-long-run-gain-effects-financial-liberalization http://hdl.handle.net/10986/19217 English en_US Policy Research Working Paper;No. 2912 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic BOOM-BUST CYCLES
CAPITAL MARKETS
FINANCIAL LIBERALIZATION
INSTITUTIONAL REFORMS
STOCK MARKET PRICES
spellingShingle BOOM-BUST CYCLES
CAPITAL MARKETS
FINANCIAL LIBERALIZATION
INSTITUTIONAL REFORMS
STOCK MARKET PRICES
Kaminsky, Graciela Laura
Schmukler, Sergio L.
Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization
relation Policy Research Working Paper;No. 2912
description 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.
format Publications & Research :: Policy Research Working Paper
author Kaminsky, Graciela Laura
Schmukler, Sergio L.
author_facet Kaminsky, Graciela Laura
Schmukler, Sergio L.
author_sort Kaminsky, Graciela Laura
title Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization
title_short Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization
title_full Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization
title_fullStr Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization
title_full_unstemmed Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization
title_sort short-run pain, long-run gain : the effects of financial liberalization
publisher World Bank, Washington, DC
publishDate 2014
url http://documents.worldbank.org/curated/en/2002/10/2040838/short-run-pain-long-run-gain-effects-financial-liberalization
http://hdl.handle.net/10986/19217
_version_ 1764439449104547840

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