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If You’re Going Through Hell, Keep Going: Nonlinear Effects of Financial Liberalization in Transition Economies

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  • Christopher A. Hartwell

Abstract

Did increasing the level and pace of financial liberalization during transition expose countries to crises? And if a crisis did strike, did liberalization do more harm or good? Using a database of 28 transition economies over 22 years, this article examines these questions across a host of economic outcomes, including savings and the size of the private sector. The results provide evidence that, while liberalization may initially increase the probability of a crisis, the prospect of a crisis drops dramatically at higher levels of financial openness. Moreover, the benefits of liberalization across several metrics outweigh the risks of these intermediate stages.

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  • Christopher A. Hartwell, 2017. "If You’re Going Through Hell, Keep Going: Nonlinear Effects of Financial Liberalization in Transition Economies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(2), pages 250-275, February.
    • Handle: RePEc:mes:emfitr:v:53:y:2017:i:2:p:250-275
    DOI: 10.1080/1540496X.2016.1180284
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    Cited by:

    1. Mr. Etibar Jafarov & Mr. Rodolfo Maino & Mr. Marco Pani, 2019. "Financial Repression is Knocking at the Door, Again," IMF Working Papers 2019/211, International Monetary Fund.

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