Does financial liberalization spur growth?

• 成果类型: Article
• 署名作者: Bekaert, G; Harvey, CR; Lundblad, C
• 署名单位: Duke University; Columbia University; National Bureau of Economic Research; Indiana University System; Indiana University Bloomington
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2004.05.007
• 发表日期: 2005
• 页码: 3-55
• 关键词: equity market liberalization; financial development; Capital account openness; Quality of institutions; GDP growth

摘要

We show that equity market liberalizations, on average, lead to a 1% increase in annual real economic growth. The effect is robust to alternative definitions of liberalization and does not reflect variation in the world business cycle. The effect also remains intact when an exogenous measure of growth opportunities is included in the regression. We find that capital account liberalization also plays a role in future economic growth, but, importantly, it does not subsume the contribution of equity market liberalizations. Other simultaneous reforms only partially account for the equity market liberalization effect. Finally, the largest growth response occurs in countries with high-quality institutions. (c) 2004 Elsevier B.V. All rights reserved.