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来源类型Working Paper
规范类型报告
DOI10.3386/w28994
来源IDWorking Paper 28994
The S-curve: Understanding the Dynamics of Worldwide Financial Liberalization
Nan Li; Chris Papageorgiou; Tong Xu; Tao Zha
发表日期2021-07-05
出版年2021
语种英语
摘要Using a novel database of domestic financial reforms in 90 countries over 1973-2014, we document that global financial liberalization followed an S-curve path: reforms were slow and gradual in early periods, accelerated during the 1990s, and slowed down after 2000. We estimate a learning model that explains these dynamics. Policymakers updated their beliefs about the growth effects of financial reforms by learning from their own and other countries' experiences. Positive growth surprises in advanced economies helped accelerate belief updating worldwide, leading to the global wave of financial liberalization in the 1990s. The 2008 financial crisis, however, caused significant belief reversals.
主题Econometrics ; Estimation Methods ; Development and Growth ; Development ; Country Studies
URLhttps://www.nber.org/papers/w28994
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/586668
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GB/T 7714
Nan Li,Chris Papageorgiou,Tong Xu,et al. The S-curve: Understanding the Dynamics of Worldwide Financial Liberalization. 2021.
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