Do financial sector reforms lead to financial development? : evidence from a new dataset / / Thierry Tressel and Enrica Detragiache

• Autore: Tressel Thierry
• Pubblicazione: [Washington, District of Columbia] : , : International Monetary Fund, , 2008; ©2008
• Descrizione fisica: 1 online resource (44 p.)
• Disciplina: 338.9
• Soggetto topico: Finance - Econometric models; Economic development - Econometric models; Banks and banking - Econometric models; Right of property - Econometric models
• Soggetto genere / forma: Electronic books.
• Altri autori: DetragiacheEnrica
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: 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
• Sommario/riassunto: 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
• Titolo autorizzato: Do financial sector reforms lead to financial development
• ISBN: 1-4623-7596-0; 1-4527-2082-7; 9786612842160; 1-4518-7123-6; 1-282-84216-1
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910464251703321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers