05377oam 22010934 450 991078834100332120230721045611.01-4623-7596-01-4527-2082-797866128421601-4518-7123-61-282-84216-1(CKB)3170000000055162(EBL)1608099(SSID)ssj0000944015(PQKBManifestationID)11944103(PQKBTitleCode)TC0000944015(PQKBWorkID)10982810(PQKB)10129339(OCoLC)761874253(MiAaPQ)EBC1608099(IMF)WPIEE2008265(EXLCZ)99317000000005516220020129d2008 uf 0engur|n|---|||||txtccrDo Financial Sector Reforms Lead to Financial Development? Evidence from a New Dataset /Thierry Tressel, Enrica DetragiacheWashington, D.C. :International Monetary Fund,2008.1 online resource (44 p.)IMF Working PapersIMF working paper ;WP/08/265Description based upon print version of record.1-4519-1576-4 Includes bibliographical references.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 Regressions8. 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 SpecificationThis 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.IMF Working Papers; Working Paper ;No. 2008/265FinanceEconometric modelsEconomic developmentEconometric modelsBanks and bankingEconometric modelsRight of propertyEconometric modelsBanks and BankingimfFinance: GeneralimfMoney and Monetary PolicyimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfFinancial Markets and the MacroeconomyimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfBankingimfFinanceimfMonetary economicsimfFinancial sector developmentimfCreditimfCommercial banksimfBank creditimfBanks and bankingimfFinancial services industryimfKyrgyz RepublicimfFinanceEconometric models.Economic developmentEconometric models.Banks and bankingEconometric models.Right of propertyEconometric models.Banks and BankingFinance: GeneralMoney and Monetary PolicyBanksDepository InstitutionsMicro Finance InstitutionsMortgagesFinancial Markets and the MacroeconomyMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralBankingFinanceMonetary economicsFinancial sector developmentCreditCommercial banksBank creditBanks and bankingFinancial services industry338.9Tressel Thierry1463685Detragiache Enrica120810DcWaIMFBOOK9910788341003321Do Financial Sector Reforms Lead to Financial Development? Evidence from a New Dataset3716461UNINA