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The political economy of financial reform: are Abiad and Mody right?

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  • Yongfu Huang

Abstract

Motivated by the questions ‘Financial Reform: What Shakes It? What Shapes It?’ raised by Abiad and Mody (2005), this paper studies the forces that induce governments to undertake financial sector reform. Rather than their ordered logit technique, it uses a within groups approach allowing for error dependence across countries and over time. This analysis shows that some of the AM findings are not robust to error dependence and the estimation method. It has shed new light on the political economy of financial reform. Copyright © 2009 John Wiley & Sons, Ltd.

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  • Yongfu Huang, 2009. "The political economy of financial reform: are Abiad and Mody right?," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 24(7), pages 1207-1213, November.
    • Handle: RePEc:wly:japmet:v:24:y:2009:i:7:p:1207-1213
    DOI: 10.1002/jae.1093
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    Cited by:

    1. Williams, Kevin, 2019. "Do political institutions improve the diminishing effect of financial deepening on growth? Evidence from developing countries," Journal of Economics and Business, Elsevier, vol. 103(C), pages 13-24.
    2. Francesco Di Comite & Thomas Lambert, 2020. "Reforming Finance Under Fragmented Governments," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 62(1), pages 105-148, March.
    3. Henri Atanga Ondoa & Arthur M. Seabrook, 2022. "Governance and financial development: Evidence from a global sample of 120 countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(3), pages 3405-3420, July.
    4. Erkan Erdogdu, 2014. "The Political Economy of Electricity Market Liberalization: A Cross-country Approach," The Energy Journal, , vol. 35(3), pages 91-128, July.

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