Financial Liberalization and Financial Fragility 论文

详细信息

发表期刊/会议

World Bank policy research working paper

发表日期

1999-11-30

发表年份

1999

摘要

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 oflaw, 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.