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Author : Arturo Galindo
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (495 download)
Download or read book Does Financial Liberalization Improve the Allocation of Investment? written by Arturo Galindo and published by . This book was released on 2002 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Abdul Abiad
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451853636
Total Pages : 35 pages
Book Rating : 4.8/5 (536 download)
Download or read book The Quality Effect written by Mr.Abdul Abiad and published by INTERNATIONAL MONETARY FUND. This book was released on 2004-06-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study documents evidence of a "quality effect" of financial liberalization on allocative efficiency, which is measured by the dispersion in Tobin's Q across firms. Based on a simple model, the authors predict that financial liberalization, by equalizing access to credit, reduces the variation in expected marginal returns. They test this prediction using a new financial liberalization index and firm-level data for five emerging markets: India, Jordan, Korea, Malaysia, and Thailand. They find strong evidence that financial liberalization, rather than financial deepening, improves allocative efficiency.
Author : Abdul G. Abiad
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Quality Effect written by Abdul G. Abiad and published by . This book was released on 2006 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study documents evidence of a quot;quality effectquot; of financial liberalization on allocative efficiency, which is measured by the dispersion in Tobin`s Q across firms. Based on a simple model, the authors predict that financial liberalization, by equalizing access to credit, reduces the variation in expected marginal returns. They test this prediction using a new financial liberalization index and firm-level data for five emerging markets: India, Jordan, Korea, Malaysia, and Thailand. They find strong evidence that financial liberalization, rather than financial deepening, improves allocative efficiency.
Author : John Williamson
Publisher : Princeton University International Finance Section, Department of Econmics
ISBN 13 :
Total Pages : 86 pages
Book Rating : 4.F/5 ( download)
Download or read book A Survey of Financial Liberalization written by John Williamson and published by Princeton University International Finance Section, Department of Econmics. This book was released on 1998 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Sergio L. Schmukler
Publisher : International Monetary Fund
ISBN 13 : 1451845286
Total Pages : 61 pages
Book Rating : 4.4/5 (518 download)
Download or read book Short-Run Pain, Long-Run Gain written by Mr.Sergio L. Schmukler and published by International Monetary Fund. This book was released on 2003-02-01 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock market prices. Our results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. However, financial liberalization leads to more stable markets in the long run. Finally, we analyze the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.
Author : Abdullahi Dahir Ahmed
Publisher : Springer Science & Business Media
ISBN 13 : 3790821683
Total Pages : 303 pages
Book Rating : 4.7/5 (98 download)
Download or read book Financial Liberalization in Developing Countries written by Abdullahi Dahir Ahmed and published by Springer Science & Business Media. This book was released on 2009-10-03 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent global ?nancial crisis has made ?nancial liberalization a topic of great academic and practical interest. This book makes new contributions to the topic by combining fact-?nding, empirical analysis, and theory to examine the relationship between ?nancial liberalization and economic growth. Among its contributions, the book provides detailed country assessments on the effects of ?nancial liberalization, including its striking impact on the banking sector. Although an important goal of ?nancial deregulation has been to help ?nancial institutions better perform their role in intermediating resources, the book models how deregulation may fail to achieve that goal in countries with underdeveloped ?nancial markets and institutions. For that purpose, the book draws on actual experience in Kenya, Malawi, Botswana, and Thailand. This book should constitute important reading for students of ?nancial economics, researchers and general academics, ?nancial practitioners, policymakers, and teachers of economics. North Carolina, USA Steven L. Schwarcz December 2008 Stanley A. Star Professor of Law & Business, Duke University Founding Director, Duke Global Capital Markets Center Durham vii Abstract and Preface The latest global ?nancial and economic crisis of 2008 shows the need to - examine the desirability of ?nancial liberalization and the basis for the view that ?nancial deregulation by itself cannot be considered as a substitute for better economic management. The literature on ?nancial liberalization has identi?ed various mechanisms through which removing controls on interest rates may impact economic growth.
Author : Fabio Schiantarelli
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (753 download)
Download or read book Financial Liberalization and the Efficiency of Investment Allocation written by Fabio Schiantarelli and published by . This book was released on 1994 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter Blair Henry
Publisher :
ISBN 13 : 9780979037634
Total Pages : 82 pages
Book Rating : 4.0/5 (376 download)
Download or read book Capital Account Liberalization written by Peter Blair Henry and published by . This book was released on 2006 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. The lion's share of papers that find no effect of liberalization on real variables tell us nothing about the empirical validity of the theory, because they do not really test it. This paper explains why it is that most studies do not really address the theory they set out to test. It also discusses what is necessary to test the theory and examines papers that have done so. Studies that actually test the theory show that liberalization has significant effects on the cost of capital, investment, and economic growth"--National Bureau of Economic Research web site.
Author : Matias Braun
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4./5 ( download)
Download or read book Trade Liberalization and the Politics of Financial Development written by Matias Braun and published by World Bank Publications. This book was released on 2005 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A well developed financial system enhances competition in the industrial sector by allowing easier entry. The impact varies across industries, however. For some, small changes in financial development quickly induce entry and dissipate incumbents' rents, generating strong incentives to oppose improvement of the financial system. In other sectors incumbents may even benefit from increased availability of external funds. The relative strength of promoters and opponents determines the political equilibrium level of financial system development. This may be perturbed by the effect of trade liberalization in the strength of each group. Using a sample of 41 trade liberalizers Braun and Raddatz conduct an event study and show that the change in the strength of promoters vis--̉vis opponents is a very good predictor of subsequent financial development. The result is not driven by changes in demand for external funds, or by the success of the trade policy. The relationship is mediated by policy reforms, the kind that induces competition in the financial sector, in particular. Real effects follow not so much from capital deepening but mainly through improved allocation. The effect is stronger in countries with high levels of governance, suggesting that incumbents resort to this costly but more subtle way of restricting entry where it is difficult to obtain more blatant forms of anti-competitive measures from politicians. This paper--a product of the Investment and Growth Team, Development Research Group--is part of a larger effort in the group to understand the relation between finance and the macroeconomy"--World Bank web site.
Author : Gerard Caprio
Publisher : Cambridge University Press
ISBN 13 : 0521803691
Total Pages : 320 pages
Book Rating : 4.5/5 (218 download)
Download or read book Financial Liberalization written by Gerard Caprio and published by Cambridge University Press. This book was released on 2001-10-08 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides a rounded view of financial liberalization after the collapses in East Asia.
Author : Mr.R. Gelos
Publisher : International Monetary Fund
ISBN 13 : 1451844247
Total Pages : 42 pages
Book Rating : 4.4/5 (518 download)
Download or read book Financial Liberalization, Credit Constraints, and Collateral written by Mr.R. Gelos and published by International Monetary Fund. This book was released on 1999-03-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of financial liberalization on fixed investment in Mexico, using establishment-level data from the manufacturing sector. It analyzes changes in cash-flow sensitivities and uses an innovative approach to explore the role of real estate as collateral and deal with a potential censoring problem. The results suggest that financial constraints were eased for small firms but not for large ones. However, banks’ reliance on collateral in their lending operations increased the importance of real estate. The results provide microeconomic evidence consistent with the role attributed to “financial accelerator” mechanisms during lending booms and during recessions that stem from financial crises.
Author : Jacques Morisset
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (318 download)
Download or read book Does Financial Liberalization Really Improve Private Investment in Developing Countries? written by Jacques Morisset and published by . This book was released on 1991 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: An increase in real interest rates, which is a typical element of financial reforms, does not necessarily involve a positive effect on private investment unless the authorities are careful to ensure that (1) bank deposits are closer substitutes to unproductive assets (cash, gold) and foreign assets than to capital goods, (2) the financial sector assures an efficient allocation of domestic credit, and (3) the flow of domestic credit to the private sector is not absorbed by the needs of the public sector.
Author : Miranda S. Goeltom
Publisher : Institute of Southeast Asian
ISBN 13 : 9813016876
Total Pages : 109 pages
Book Rating : 4.8/5 (13 download)
Download or read book Indonesia's Financial Liberalization written by Miranda S. Goeltom and published by Institute of Southeast Asian. This book was released on 1995 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using 1981-99 panel data on Indonesian manufacturing establishments and a survey of 2000 top business in Indonesia, Indonesia's Financial Liberalization analyses the consequences of financial liberalization on investment and allocation of credit, noting differential effects depending on size of firms, organizational form, and other categorizations.Using rigorous econometric tools, the conclusion derived is that although financial liberalization has increased borrowing costs, particularly for smaller firms, it has widened access to finance. The move from administrative-based to market-based allocation of credit has increased credit flow to firms that are more efficient, and these firms consequently have a higher concentration of investment.
Author : Asli Demirgüç-Kunt
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4./5 ( download)
Download or read book Financial Liberalization and Financial Fragility written by Asli Demirgüç-Kunt and published by World Bank Publications. This book was released on 1998-06-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Mr.Bart Turtelboom
Publisher : International Monetary Fund
ISBN 13 : 1451939183
Total Pages : 46 pages
Book Rating : 4.4/5 (519 download)
Download or read book Interest Rate Liberalization written by Mr.Bart Turtelboom and published by International Monetary Fund. This book was released on 1991-12-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper undertakes a survey of theoretical considerations and an analysis of the experience of five African countries with interest rate liberalization. Despite substantial progress in monetary policy reforms, liberalization has only partially affected the level and variability of interest rates. Several factors—macroeconomic instability, oligopolistic financial markets, the absence of developed capital markets, as well as the sequencing of the liberalization programs and the asymmetric availability of information—explain the increase in the spread between lending and deposit rates as well as the rather inflexible pattern of interest rates during the transition to a market-based financial system.
Author : Mr.Etibar Jafarov
Publisher : International Monetary Fund
ISBN 13 : 151351248X
Total Pages : 66 pages
Book Rating : 4.5/5 (135 download)
Download or read book Financial Repression is Knocking at the Door, Again written by Mr.Etibar Jafarov and published by International Monetary Fund. This book was released on 2019-09-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial repression (legal restrictions on interest rates, credit allocation, capital movements, and other financial operations) was widely used in the past but was largely abandoned in the liberalization wave of the 1990s, as widespread support for interventionist policies gave way to a renewed conception of government as an impartial referee. Financial repression has come back on the agenda with the surge in public debt in the wake of the Global Financial Crisis, and some countries have reintroduced administrative ceilings on interest rates. By distorting market incentives and signals, financial repression induces losses from inefficiency and rent-seeking that are not easily quantified. This study attempts to assess some of these losses by estimating the impact of financial repression on growth using an updated index of interest rate controls covering 90 countries over 45 years. The results suggest that financial repression poses a significant drag on growth, which could amount to 0.4-0.7 percentage points.
Author : Lawrence B. Krause
Publisher : Univ of California Press
ISBN 13 : 0520376234
Total Pages : 440 pages
Book Rating : 4.5/5 (23 download)
Download or read book Liberalization in the Process of Economic Development written by Lawrence B. Krause and published by Univ of California Press. This book was released on 2023-11-10 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth in all developing countries is guided, and often accelerated, by generally intrusive policies implemented by governments intent on playing an active role in furthering development. As economies have grown and become more complex, however, even small market distortions are magnified, and the tendency is to rely more heavily on the market for continued growth. In this volume, leading experts in economic development examine the variety of issues that arise as governments in some of the newly industrializing countries of Southeast Asia, such as South Korea, Taiwan, and Singapore, grapple with this difficult process of liberalization. This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1991.
