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| Author: | Kaminsky, G.L. Schmukler, S.L. |
| Title: | Short-run pain, long-run gain: Financial liberalization and stock market cycles |
| Journal: | Review of finance
2008 : VOL. 12:2, p. 253-292 |
| Index terms: | finance international stock markets liberalization |
| Language: | eng |
| Abstract: | The views on financial liberalization (hereafter as: f-librn.) are quite conflictive. In this paper, a new comprehensive chronology of f-librn. is constructed, showing that a key reason for the non-convincing evidence is that the effects of f-librn. are time-varying. F-librn. is followed by large booms and busts only in the short run. In the long run, institutions improve and financial markets tend to stabilize. |
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