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Do debt crises boost financial reforms?

Agnello, Luca, Castro, Vítor, 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


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
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Additional Information: © 2014 Taylor & Francis Group
Divisions: LSE
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
Date Deposited: 05 Sep 2014 08:36
Last Modified: 05 Apr 2024 04:33

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