Do debt crises boost financial reforms?

被引：9
|
作者：
Agnello, Luca [1 ]
Castro, Vitor [2 ]
Jalles, Joao Tovar [3 ]
Sousa, Ricardo M. [4 ,5 ,6 ]
机构：
[1] Univ Palermo, Dept Econ Business & Stat SEAS, Palermo, Italy
[2] Univ Coimbra, Fac Econ, Coimbra, Portugal
[3] OECD, Dept Econ, Paris, France
[4] Univ Minho, Econ Policies Res Unit NIPE, Braga, Portugal
[5] Univ Minho, Dept Econ, Braga, Portugal
[6] LSE Alumni Assoc, London Sch Econ, London, England
来源：
APPLIED ECONOMICS LETTERS | 2015年 / 22卷 / 05期
关键词：
recessions; financial reforms; debt crises; institutional quality; Paris Club; IMF stabilization programmes; G28; P16; P11; N20; P34; INCOME INEQUALITY;
D O I：
10.1080/13504851.2014.943878
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using a panel of developed and developing countries and data for the period 1980 to 2005, we find that debt crises trigger financial reforms. We also show that (i) when general economic conditions deteriorate, financial reforms become more likely to take place; (ii) IMF-stabilization programmes and sovereign debt restructurings favour the implementation of financial reforms; and (iii) the quality of economic institutions strongly boosts financial reforms.
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页码：356 / 360
页数：5
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