IDEAS home Printed from https://ideas.repec.org/p/imf/imfwpa/2024-243.html
   My bibliography  Save this paper

Global Contagion of Financial Reforms

Author

Listed:
  • Ms. Nan Li
  • Mr. Chris Papageorgiou
  • Tong Xu
  • Tao Zha

Abstract

We construct an extensive database of domestic financial reforms spanning 90 countries from 1973 to 2014. Utilizing this dataset, we estimate a structural model that incorporates various factors identified in the existing literature to explain the global contagion of financial reforms. Our findings reveal that (1) geopolitical influence and cross-country learning were the primary drivers behind the marked increase in financial reforms globally during the 1990s, and (2) the observed reversals of financial reforms in developing countries after the global financial crisis were driven by shifts in beliefs about the impact of these reforms on growth.

Suggested Citation

  • Ms. Nan Li & Mr. Chris Papageorgiou & Tong Xu & Tao Zha, 2024. "Global Contagion of Financial Reforms," IMF Working Papers 2024/243, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2024/243
    as

    Download full text from publisher

    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=558790
    Download Restriction: no
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:2024/243. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Akshay Modi (email available below). General contact details of provider: https://edirc.repec.org/data/imfffus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.