This paper demonstrates that the conventional approach of using official liberalisation dates as the only existing breakdates could lead to inaccurate conclusions as to the effect of the underlying liberalisation policies. It also proposes an alternative paradigm for obtaining more robust...

This paper examines investment decisions in an economy with two financial markets: an official market, which is subject to rationing due to an interest rate ceiling, and an unrestricted market, with a higher interest rate. In this context, the long-run equilibrium aggregate capital stock is...

This paper uses primary data collected from the Central Bank reports to examine the influence of financial sector policies on the average productivity of capital in five South East Asian economies. The data include measures of `repressionist' policies encompassing interest rate controls,...