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Record Nr. |
UNINA9910817523503321 |
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Autore |
Tressel Thierry |
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Titolo |
Do Financial Sector Reforms Lead to Financial Development? Evidence from a New Dataset / / Thierry Tressel, Enrica Detragiache |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2008 |
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ISBN |
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1-4623-7596-0 |
1-4527-2082-7 |
9786612842160 |
1-4518-7123-6 |
1-282-84216-1 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (44 p.) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/08/265 |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Finance - Econometric models |
Economic development - Econometric models |
Banks and banking - Econometric models |
Right of property - Econometric models |
Banks and Banking |
Finance: General |
Money and Monetary Policy |
Banks |
Depository Institutions |
Micro Finance Institutions |
Mortgages |
Financial Markets and the Macroeconomy |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Banking |
Finance |
Monetary economics |
Financial sector development |
Credit |
Commercial banks |
Bank credit |
Banks and banking |
Financial services industry |
Kyrgyz Republic |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. The Empirical Model; III. The Data; IV. Estimation Results; V. Conclusions; References; Tables; 1. Sample Countries; 2. Summary Statistics; 3. Cross-Correlations; 4. Baseline Regression: Two Alternative Maximum Lags; 5A. What Explains the Lack of Sustained Effect of Reforms on Financial Depth in Developing Countries? Shocks, Policies, Non-Linearities; 5B. What Explains the Lack of Sustained Effect of Reforms on Financial Depth in Developing Countries? Institutions; 6. Regressions Countries with Good Property Rights; 7. GMM Regressions |
8. Regressions with 5 Year Periods Panels9. Impact of Specific Banking Sector Reforms on Financial Depth; Figures; 1. Financial Reforms by Regions; 2. Private Credit to GDP Around Episodes of Banking Reform; 3. Financial Depth and Banking Reform Index-evolution of cross-sectional dispersion; 4. Financial Depth and Banking Reform Index-correlation over time; 5. Estimated Effect of Banking Reforms on the Private Credit to GDP Ratio; Data Appendix; Appendix; Empirical Specification |
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Sommario/riassunto |
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This paper studies whether the policies that, over the past decades, liberalized bankingsystems around the world have resulted in deeper credit markets. To measure banking sectorreforms we use a new index that tracks policy changes in five separate areas for 91 countriesover 1973-2005. We find that reforms have led to financial deepening, but only in countrieswith institutions that place checks and balances on political power. We interpret this asevidence of a complementarity between financial sector reforms and political institutions thatprotect property rights. Other country characteristics do not seem to significantly influencethe effect of banking reforms on financial development. |
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