Do Financial Sector Reforms Lead to Financial Development? Evidence from a New Dataset
Do Financial Sector Reforms Lead to Financial Development? Evidence from a New Dataset
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金融部门改革会带来金融发展吗？
DOI：
10.5089/9781451871234.001.a001
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
E. Detragiache
中科院分区：
文献类型：
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作者：
T. Tressel;E. Detragiache
本文研究了过去几十年来，世界各地银行体系自由化的政策是否导致了信贷市场的深化。为了衡量银行业改革，我们使用了一个新的指数，该指数跟踪了1973年至2005年91个国家在五个独立领域的政策变化。我们发现，改革导致了金融深化，但只有在那些拥有对政治权力进行制衡的机构的国家。我们将此解释为金融部门改革与保护产权的政治机构之间互补性的证据。其他国家的特点似乎并没有显着影响金融发展的银行改革的效果。
This paper studies whether the policies that, over the past decades, liberalized banking systems around the world have resulted in deeper credit markets. To measure banking sector reforms we use a new index that tracks policy changes in five separate areas for 91 countries over 1973-2005. We find that reforms have led to financial deepening, but only in countries with institutions that place checks and balances on political power. We interpret this as evidence of a complementarity between financial sector reforms and political institutions that protect property rights. Other country characteristics do not seem to significantly influence the effect of banking reforms on financial development.