Li, Nan; Papageorgiou, Chris; Xu, Tong; Zha, Tao - National Bureau of Economic Research - 2021
advanced economies helped accelerate belief updating worldwide, leading to the global wave of financial liberalization in the …Using a novel database of domestic financial reforms in 90 countries over 1973-2014, we document that global financial … liberalization followed an S-curve path: reforms were slow and gradual in early periods, accelerated during the 1990s, and slowed …