Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization /

We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock mark...

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Bibliographic Details
Main Author:	Schmukler, Sergio L
Other Authors:	Kaminsky, Graciela Laura
Format:	Book
Language:	English
Published:	Washington, D.C. : International Monetary Fund, 2003
Series:	IMF Working Papers ; Working Paper No. 03/34 IMF eLibrary
Subjects:	Access to international capital markets Access to international capital Asset Pricing Asset markets Bear markets Bond Bonds Booms crashes Borrowing interest rates Brady bonds Bull markets Capital account liberalization Capital account opening Capital account restrictions Capital account transactions Capital accounts Capital controls Capital exports Capital flows Capital gains Capital goods Capital inflow episode Capital inflow Capital inflows Capital investments Capital market securities Capital market Capital markets Capital movements Capital outflows Capital ownership Capital repatriation Capital transactions Capital transfer Cash deposit Convertible bonds Cost of capital Credit rationing Currency crises Currency crisis Current Account Adjustments Deposit interest rates Deposit interest Deposit money banks Deposit money Deposit rate Deposit rates Deposit requirement Deposit requirements Derivative instruments Derivative Discount rate Domestic capital market Domestic capital Domestic equity Domestic financial deregulation Domestic financial institutions Domestic financial liberalization Domestic financial repression Domestic financial sector criteria Domestic financial sector Domestic financial system Domestic interest rate ceiling Domestic interest rates Domestic money market Domestic securities Duration of booms Equilibrium asset prices Equilibrium stock prices Equity barriers Equity capital Equity investment Equity markets Equity participation Equity prices Equity share Equity shares Financial Aspects of Economic Integration Financial backup facilities Financial booms Financial collapses Financial controls Financial cycles Financial dependence Financial deregulation Financial economics Financial excesses Financial fragility Financial globalization Financial institutions Financial intermediaries Financial liberalization episodes Financial liberalization Financial market development Financial market restrictions Financial market Financial markets to deregulation Financial markets Financial policies Financial reform Financial reforms Financial regulations Financial repression Financial restraints Financial sector research Financial sector Financial services Financial stability Financial structure Financial system Financial systems before liberalization Financial systems Financial turbulences Flows of capital Foreign capital Foreign equity Foreign portfolio investment Foreign securities Foreign stock Foreign stocks Forward market Futures markets General Global capital market Insider trading Interest rate ceilings Interest rate controls Interest rate deregulation Interest rate fluctuations Interest rates trigger large capital International Financial Markets International Lending and Debt Problems International Monetary Arrangements and Institutions International bonds International capital flows International capital markets International capital movements International capital International country risk guide International currency International finance corporation International finance statistics International finance International financial corporation International financial liberalization International financial statistics International financial system Liberalization of capital flows Liberalization of capital movements Liberalization of capital Liberalization of domestic interest rates Liberalization of domestic stock markets Liberalization of stock markets Local stock market Mature capital markets Mature markets Mixed blessing of capital inflows Money market instruments Money market interest rates Money market interest Money market Moral hazard Portfolio investment Private capital Private inflows Registered securities Repatriation of capital Repressed financial systems Reserve requirement on loans Reserve requirement Reserve requirements Resident borrowers Resident portfolio investment Restricting foreign acquisitions Restrictions in stock markets Restrictions on acquisitions Restrictions on capital account transactions Restrictions on credit Savings deposits Securities firms Securities market Securities markets Short-Term Capital Movements Short-term capital inflows Short-term capital Speculative attack Stock brokerage Stock cycles Stock exchange index Stock exchange industrial index Stock exchange Stock exchanges Stock index Stock investment Stock market criteria Stock market cycles Stock market fluctuations Stock market index Stock market indexes Stock market liberalization Stock market opening Stock market participants Stock market prices Stock market replicating cycles in output Stock market Stock markets Stock price fluctuations Stock price indexes Stock price series Stock price volatility Stock price Stock prices Stock returns Stocks by resident Subsidiaries Volatile capital Volatility of capital flows World capital markets Chile Finland Hong Kong Special Administrative Region of China Korea, Republic of Philippines Thailand

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Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization /

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