Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization
Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization
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短期痛苦，长期收益：金融自由化的影响
DOI：
10.5089/9781451845280.001.a001
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发表时间：
2002
期刊：
影响因子：
--
通讯作者：
S. Schmukler
中科院分区：
文献类型：
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作者：
G. Kaminsky;S. Schmukler
作者考察了金融自由化对资本市场的短期和长期影响。为此，他们构建了自1973年以来28个发达和新兴经济体金融自由化的新的综合年表。作者还构建了一个算法来识别股票市场价格的繁荣和萧条。结果表明，在短期内，金融自由化之后是更明显的繁荣-萧条周期。但从长远来看，金融自由化会带来更稳定的市场。最后，作者分析了自由化和制度改革的先后顺序，以了解自由化的短期和长期影响的对比。
The authors examine the short- and long-run effects of financial liberalization on capital markets. To do so, they construct a new comprehensive chronology of financial liberalization in 28 developed and emerging economies since 1973. The authors also construct an algorithm to identify booms and busts in stock market prices. The results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. But financial liberalization leads to more stable markets in the long run. Finally, the authors analyze the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.
DOI：
10.5860/choice.37-2272
发表时间：
1999
期刊：
--
影响因子：
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作者：
A. Lo;A. Mackinlay
通讯作者：
A. Lo;A. Mackinlay