Financial Liberalization, Elite Heterogeneity and Political Reform

Pré-publication, Document de travail: What accounts for the dynamics of financial reforms? This paper identifies the political regime as main factor. Focusing on democratization and financial reform, it puts forward novel evidence for a U-shaped relation, across countries, over time as well as in a panel setting for different reform measures and a wide range of estimators. Partial democracy is a main obstacle to financial reforms and democratization, when incomplete, may lead to severe financial reform reversals. We also show that, even when de jure set off de facto financial liberalization, the political regime still play a fundamental role in the reform's implementation phase.

Auteur(s)

Nauro Campos, Fabrizio Coricelli

Date de publication
  • 2010
Mots-clés JEL
C23 D72 O38 P16
Mots-clés
  • Financial reform
  • Economic liberalization
  • Reform reversals
  • Political liberalization
Référence interne
  • G-MonD Working Paper n°2
Version
  • 1