Cross-Country Differences in Credit Market Liberalization Reform Outcomes

Abstract:     
The paper analyzes the influence of credit market liberalization on economic growth in more than 100 economies over a period of 30 years. Liberalizing early and consistently is associated with higher living standards. However, although the timing of the reform seems to matter in raising living standards, other factors affect growth even more. Among those are the initial reform conditions, the structure of the economy, and the time-invariant regional characteristics.

Number of Pages in PDF File: 28

Keywords: financial market liberalization, economic growth

JEL Classification: G28, E02, O11

working papers series