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Financial Reforms for Financial Development

In: Determinants of Financial Development

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  • Yongfu Huang

    (University of Cambridge)

Abstract

Financial liberalization has been one of the key trends characterizing the post-Bretton Woods era, with decreasing capital controls and an increasing participation of developing countries in international financial markets in recent decades. More broadly, domestic financial development, measured in terms of liquid liabilities or stock market capitalization, has risen dramatically over the same period. By using Bayesian Model Averaging (BMA) and General-to-specific (Gets) approaches, Chapter 2 examines the long-run determinants of financial development. However, what are the factors directly stimulating governments to liberalize the financial sector, aimed at enhancing financial development? Building on the framework of Abiad and Mody (2005) (AM hereafter), this chapter attempts to answer this question and to provide a more comprehensive view of the political economy of financial reform.

Suggested Citation

  • Yongfu Huang, 2011. "Financial Reforms for Financial Development," Palgrave Macmillan Books, in: Determinants of Financial Development, chapter 5, pages 125-160, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30249-5_5
    DOI: 10.1057/9780230302495_5
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    Cited by:

    1. Marius Cristian Miloș & Laura Raisa Miloș & Flavia Barna & Claudiu Boțoc, 2021. "Impact of MiFID II on Romanian Stock Market Liquidity—Comparative Analysis with a Developed Stock Market," IJFS, MDPI, vol. 9(4), pages 1-18, December.
    2. Aluko, Olufemi Adewale & Opoku, Eric Evans Osei, 2022. "The financial development impact of financial globalization revisited: A focus on OECD countries," International Economics, Elsevier, vol. 169(C), pages 13-29.

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