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Do debt crises boost financial reforms?

Agnello, Luca and Castro, Vítor and Jalles, João Tovar and Sousa, Ricardo M. (2015) Do debt crises boost financial reforms? Applied Economics Letters, 22 (5). pp. 356-360. ISSN 1350-4851

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Identification Number: 10.1080/13504851.2014.943878

Abstract

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.

Item Type: Article
Official URL: http://www.tandfonline.com/
Additional Information: © 2014 Taylor & Francis Group
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
Date Deposited: 05 Sep 2014 08:36
Last Modified: 05 Nov 2015 15:17
URI: http://eprints.lse.ac.uk/id/eprint/59272

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