Financial liberalization and reversals: political and economic determinants

Nauro F. Campos · Fabrizio Revenga Coricelli

26 citations0/0 files storedEconomic Policy

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Economic, financial, and policy analysis

Abstract

What accounts for the dynamics of financial reforms? This paper identifies the political regime as one of the main factors. Focusing on democratization and financial reform, it puts forward novel evidence for a U-shaped relation, across countries and over time, for different reform measures and a wide range of estimators. Partial democracy is a main obstacle to financial reforms and democratization, when incomplete, may lead to severe financial reform reversals.—Nauro F. Campos and Fabrizio Coricelli

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References

1989Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England 2005Handbook of Economic Growth 2004Finance and Growth: Theory and Evidence 2002Political Economics: Explaining Economic Policy 1991Democracy and the Market 2003The great reversals: the politics of financial development in the twentieth century 1996Democracy and growth 2000Political Economy in Macroeconomics

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2012On the reversibility of structural reforms

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