Schmukler, Sergio L.; Kaminsky, Graciela Laura - International Monetary Fund (IMF) - 2003
We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new … comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an … algorithm to identify booms and busts in stock market prices. Our results indicate that financial liberalization is followed by …