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dc.contributor.author
Saka, Orkun
dc.contributor.author
Campos, Nauro F.
dc.contributor.author
De Grauwe, Paul
dc.contributor.author
Ji, Yuemei
dc.contributor.author
Martelli, Angelo
dc.contributor.editor
Campos, Nauro F.
dc.contributor.editor
De Grauwe, Paul
dc.contributor.editor
Ji, Yuemei
dc.date.accessioned
2021-02-23T16:15:45Z
dc.date.available
2021-02-05T04:10:41Z
dc.date.available
2021-02-23T16:03:13Z
dc.date.available
2021-02-23T16:15:45Z
dc.date.issued
2020
dc.identifier.isbn
978-1-108-47911-0
en_US
dc.identifier.isbn
978-1-108-74933-6
en_US
dc.identifier.isbn
978-1-108-78251-7
en_US
dc.identifier.other
10.1017/9781108782517.009
en_US
dc.identifier.uri
http://hdl.handle.net/20.500.11850/467909
dc.description.abstract
Financial crisis could play a key role in changing the policy equilibrium concerning financial markets and institutions. Using a recent comprehensive dataset on financial liberalization across ninety-four countries for the period between 1973 and 2015, we formally test the validity of this prediction for the member states of the European Union as well as a global sample. We contribute by (a) using a new up-to-date dataset of reforms and crises and (b) subjecting it to a combination of difference-in-differences and local projection estimations. In the global sample, our findings on the causal relationship between crises and liberal reforms consistently point out a negative direction between the two, suggesting that governments react to crises by intervening in financial markets. However, in a dynamic setting with impulse responses, we also illustrate that such interventions are only temporary and liberalization process restarts after a financial crisis. In the EU sample, however, we do not find sufficient evidence to support either of these observations.
en_US
dc.language.iso
en
en_US
dc.publisher
Cambridge University Press
en_US
dc.subject
financial reforms
en_US
dc.subject
financial crises
en_US
dc.subject
reform reversals
en_US
dc.subject
twin crises
en_US
dc.subject
local projections
en_US
dc.title
Financial Crises and Liberalization. Progress or Reversals?
en_US
dc.type
Book Chapter
dc.date.published
2020-03
ethz.book.title
Economic Growth and Structural Reforms in Europe
en_US
ethz.pages.start
177
en_US
ethz.pages.end
213
en_US
ethz.identifier.wos
ethz.publication.place
Cambridge
en_US
ethz.publication.status
published
en_US
ethz.date.deposited
2021-02-05T04:10:51Z
ethz.source
WOS
ethz.eth
yes
en_US
ethz.availability
Metadata only
en_US
ethz.rosetta.installDate
2021-02-23T16:03:26Z
ethz.rosetta.lastUpdated
2021-02-23T16:03:26Z
ethz.rosetta.exportRequired
true
ethz.rosetta.versionExported
true
ethz.COinS
ctx_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=Financial%20Crises%20and%20Liberalization.%20Progress%20or%20Reversals?&rft.date=2020&rft.spage=177&rft.epage=213&rft.au=Saka,%20Orkun&Campos,%20Nauro%20F.&De%20Grauwe,%20Paul&Ji,%20Yuemei&Martelli,%20Angelo&rft.isbn=978-1-108-47911-0&978-1-108-74933-6&978-1-108-78251-7&rft.genre=bookitem&rft_id=info:doi/10.1017/9781108782517.009&rft.btitle=Economic%20Growth%20and%20Structural%20Reforms%20in%20Europe
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