Does financial liberalization spur growth?
نویسندگان
چکیده
We show that equity market liberalizations, on average, lead to a 1% increase in annual real economic growth. The effect is robust to alternative definitions of liberalization and does not reflect variation in the world business cycle. The effect also remains intact when an exogenous measure of growth opportunities is included in the regression. We find that capital account liberalization also plays a role in future economic growth, but, importantly, it does not subsume the contribution of equity market liberalizations. Other simultaneous reforms only see front matter r 2004 Elsevier B.V. All rights reserved. .jfineco.2004.05.007 reciate the helpful comments of Wayne Ferson, Peter Henry, Ross Levine, Graciela an Kim, Luc Laeven, Michael Pagano, Vicente Pons, Tano Santos, Sergio Schmukler, Bill tor), Andrei Shleifer, René Stulz, Jeffrey Wurgler, seminar participants at the University of orgetown University, Ohio State University, University of Michigan, Boston College, University in St. Louis, Missouri, the World Bank, Princeton University, University of Los Angeles, Fordham University, Instituto Superior de Ciencias do Trabalho e da Empresa ortugal, University of Porto, Cass Business School – London, the International Monetary ondon School of Economics, and the participants at the American Finance Association tlanta, Georgia, the Conference on Financial Systems and Crises at the Yale School of , the Western Finance Association meetings in Tuscon, Arizona, the Conferencia Regional a Latina y el Caribe meetings in Monterrey, Mexico, the European Finance Association arcelona, Spain, and the Atlanta Federal Reserve Bank/Inter-American Development Bank and especially those of an anonymous referee. nding author. Fuqua School of Business, Duke University, Durham, NC 27708-0120, USA. 660 7768; fax: +1 919 660 8030. dress: [email protected] (C.R. Harvey).
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تاریخ انتشار 2001