The impact of financial liberalization policies on financial development: evidence from developing economics

Philip Arestis · Panicos O. Demetriades · Bassam A. Fattouh · Kostas Mouratidis

95 citations0/0 files storedInternational Journal of Finance & Economics

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Global Financial Crisis and Policies

Abstract

Abstract We collect data on a number of financial restraints, including restrictions on deposit and lending interest rates and reserve and liquidity requirements, from central banks of six developing countries. We estimate the effects of these policies on financial development, controlling for the effect of economic development and using standard econometric techniques. We find that the effects of financial policies vary considerably across our sample of countries. Our findings demonstrate that financial liberalisation is a much more complex process than has been assumed by earlier literature and its effects on financial development are ambiguous. Copyright © 2002 John Wiley & Sons, Ltd.

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References

1988Statistical analysis of cointegration vectors 1997Legal Determinants of External Finance 1989Is public expenditure productive?1995Likelihood-Based Inference in Cointegrated Vector Autoregressive Models 1974Money and Capital in Economic Development.1974Shaw, Edward S., Financial Deepening in Economic Development, New York, Oxford University Press, 1973, xii + 260 pp. ($7.50 cloth, $3.50 paper)1995The East Asian Miracle: Economic Growth and Public Policy. A World Bank Policy Research Report. London: Oxford University Press, 1993. xvii, 289 pp.2000Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?

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