| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28994 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w28994 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586668 |
| 推荐引用方式 GB/T 7714 | Nan Li,Chris Papageorgiou,Tong Xu,et al. The S-curve: Understanding the Dynamics of Worldwide Financial Liberalization. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28994.pdf（1096KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
