Financial Liberalization and Banking Crisis in Emerging Countries
الكلمات المفتاحية:
Financial liberalization, banking crisis, emerging countries, logit
الملخص
From the 1970s, emerging countries embarked on financial liberalization policies with a view to promoting growth. However, these policies can have adverse effects on the stability of banking systems. The central hypothesis of this article is that their impact on the stability of the banking system largely depends on the modalities of liberalization. The analysis focuses on a sample of seventeen emerging countries over the period 1990-2012. The interest of this period is that it allows not only to analyze the causes of these crisis but also to integrate new banking crisis such as those of South-East Asia (1997), Argentina (2001 ) and Turkey (2001) while most of the studies analyzed in the literature are limited to crisis that occurred before 1995. Then, using the logit method, we found that financial liberalization played an important role in explaining banking crisis and that economic growth reduces the probability of suffering a crisis. In addition, at the level of institutional variables, the more contracts are honored, the more the probability of suffering a banking crisis decreases.
المراجع
1. Blanco. H & P.M., Garber, (1986). “Recurrent Devaluation and. Speculative Attacks on the Mexican Peso.” Journal of Political Economy 94, pp148-166.
2. Calvo, G. A., (1996). « Capital flows and macroeconomic management: Tequila lesson », International Journal of Finance & Economics, N° 1, pp. 207-224.
3. Caprio, G., & L., Summers, (1993). “Finance and Its Reform: Beyond Laissez- Faire.” Policy Research Working Paper 1171. World Bank, Washington, D.C.
4. Caprio, G. & D. Klingebiel, (1996). “Dealing with Bank Insolvencies: Cross Country Experience” Policy Research Working Paper N°1620 (World Bank).
5. Caprio, G. & D. Klingebiel, (July, 1996). “Bank insolvencies: cross-country experiences”. World Bank Policy Research Paper 1620.
6. Caprio, G. & D. Klingebiel, (2003). “Episodes of Systemic and Borderline Financial Crisis”, World Bank Working Paper, Mimeo.
7. Caprio, G., (June, 1998). “Banking on crisis: expensive lessons from recent financial crisis”. The World Bank Group.
8. Caprio, G., P., Honohan & J.E., Stiglitz, (2001). “Financial Liberalization: How far, how fast?”, Cambridge University Press.
9. Demirgüç-Kunt, A. & R. Levine, (1996). “Stock markets, corporate finance, and economic growth: an overview”. The World Bank Economic Review, vol. 10, N° 2, pp. 223-239.
10. Demirgüç-Kunt, A. & R. Levine, (1996). “Stock market development and financial intermediaries: stytlized facts”. The World Bank Economic Review, vol. 10, N° 2, pp. 291-321.
11. Demirgüç-Kunt, A. & H., Huizinga, (1997). “Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence” Policy Research Working Paper , World Bank N° 1900 .
12. Demirgüç-Kunt, A. & E. Detragiache, (1998a). “Financial liberalization and financial fragility”. IMF Working Papers, N° 83.
13. Demirgüç-Kunt, A. & E. Detragiache, (March, 1998b). “The determinants of banking crisis in developing and developed countries”. IMF Staff Papers, N°45, pp.81-109.
14. Demirgüç-Kunt, A. & E. Detragiache, (1999). “Monitoring banking sector fragility: a multivariate logit approach with an application to the 1996-97 banking crisis “. World Bank, Working Papers.
15. Demirgüç-Kunt, A., L., Laeven & R., Levine, (2003). “The Impact of Bank Regulations, Concentration, and Institutions on Bank Margins” World Bank Policy Research, WP3030.
16. Eichengreen, B., A. Rose & C. Wyplosz, (1996). “Contagious Currency Crisis: First tests”, Financial Liberalization and Macroeconomic Policy.
17. Frankel, J. & A. Rose, (Nov., 1996). “Currency crashes in emerging markets: an empirical treatment”. Journal of International Economics. v. 41, N° 3-4, November, pp.351-366.
(http://www.federalreserve.gov/pubs/ifdp/1996/534/ifdp534.pdf)
18. Hardy, D. & C. Pazarbasioglu, (June, 1998). “Leading indicators of banking crisis: was Asia different?”. IMF Working Paper N° WP/98/91.
19. Helmann, T.F., K.C. Murdock & J.E. Stiglitz, (2000). “Liberalization, moral hazard in banking, and prudential regulation: are capital requirements enough?”. American Economic Review, vol. 90, N°1.
(http://faculty-gsb.stanford.edu/hellmann/pdfs/aerpaper.pdf)
20. Kaminsky, G.L. & C.M. Reinhart, (1996). “The Twin Crisis: The Causes of Banking and Balance of Payments Problems”. International Discussion Paper, N°544.
21. Kaminsky, G.L. & C.M. Reinhart, (1999). “The twin crisis: the causes of banking and balance-of-payments problems”. American Economic Review, N° 89, pp. 473-500. (http://www.puaf.umd.edu/faculty/papers/reinhart/bank3.pdf)
22. Kaminsky, G.L., & C.M., Reinhart, (2000). “On crisis, contagion, and confusion”. Journal of International Economics, N° 51. pp. 145-168.
(http://www.puaf.umd.edu/faculty/papers/reinhart/document.pdf
23. Kaufman, G., (1999). “Banking and currency crisis and systemic risk: a taxonomy and review”. Loyola University Chicago and Federal Reserve Bank of Chicago, November 8.
(http://www.chicagofed.org/publications/workingpapers/papers/wp99_12.pdf)
24. Kaufman, D., & G., Mehrez, (1998). “Transparency, Liberalization and banking crisis “The World Bank.
25. Kaufman, D., G., Mehrez, & S., Schmukler, (1999). “Predicting Currency Fluctuations and Crisis: Do Resident Firms Have an Informational Advantage? “. The World Bank, July.
26. Kaufman, D., A., Kraay, & P., Zoido-Lobaton, (1999). “Aggregation Governance Indicators”. Policy research Working Paper No 2195. Washington, DC, The World Bank.
27. Ranciere, R., A. Tornell & F. Westermann, (2006). “Decomposing the effects of financial liberalization: crisis vs. Growth”. Journal of Banking & Finance, N° 30, pp. 3331-3348.
28. Sachs J.D., A., Tornell & A., Velasco, (1996). “Financial Crisis in Emerging Markets: The Lessons from 1995 “. Brooking papers on Economic Activity, N° 1, pp. 147-198.
29. Tornell A., F. Westermann & L. Martínez, (Feb., 2004). “The positive link between financial liberalization growth and crisis”. NBER WORKING PAPER SERIES, Working Paper 10293, This paper is part of «Liberalization, Growth and Financial Crisis: Lessons from Mexico and the Developing World » that was prepared for the Brookings Panel on Economic Activity.
http://www.nber.org/papers/w10293
30. Williamson, J. & M. Mahar, (Nov., 1998). “A Survey of financial liberalization”. Essays in International Finance, N° 211, Department of Economics and Princeton University.
2. Calvo, G. A., (1996). « Capital flows and macroeconomic management: Tequila lesson », International Journal of Finance & Economics, N° 1, pp. 207-224.
3. Caprio, G., & L., Summers, (1993). “Finance and Its Reform: Beyond Laissez- Faire.” Policy Research Working Paper 1171. World Bank, Washington, D.C.
4. Caprio, G. & D. Klingebiel, (1996). “Dealing with Bank Insolvencies: Cross Country Experience” Policy Research Working Paper N°1620 (World Bank).
5. Caprio, G. & D. Klingebiel, (July, 1996). “Bank insolvencies: cross-country experiences”. World Bank Policy Research Paper 1620.
6. Caprio, G. & D. Klingebiel, (2003). “Episodes of Systemic and Borderline Financial Crisis”, World Bank Working Paper, Mimeo.
7. Caprio, G., (June, 1998). “Banking on crisis: expensive lessons from recent financial crisis”. The World Bank Group.
8. Caprio, G., P., Honohan & J.E., Stiglitz, (2001). “Financial Liberalization: How far, how fast?”, Cambridge University Press.
9. Demirgüç-Kunt, A. & R. Levine, (1996). “Stock markets, corporate finance, and economic growth: an overview”. The World Bank Economic Review, vol. 10, N° 2, pp. 223-239.
10. Demirgüç-Kunt, A. & R. Levine, (1996). “Stock market development and financial intermediaries: stytlized facts”. The World Bank Economic Review, vol. 10, N° 2, pp. 291-321.
11. Demirgüç-Kunt, A. & H., Huizinga, (1997). “Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence” Policy Research Working Paper , World Bank N° 1900 .
12. Demirgüç-Kunt, A. & E. Detragiache, (1998a). “Financial liberalization and financial fragility”. IMF Working Papers, N° 83.
13. Demirgüç-Kunt, A. & E. Detragiache, (March, 1998b). “The determinants of banking crisis in developing and developed countries”. IMF Staff Papers, N°45, pp.81-109.
14. Demirgüç-Kunt, A. & E. Detragiache, (1999). “Monitoring banking sector fragility: a multivariate logit approach with an application to the 1996-97 banking crisis “. World Bank, Working Papers.
15. Demirgüç-Kunt, A., L., Laeven & R., Levine, (2003). “The Impact of Bank Regulations, Concentration, and Institutions on Bank Margins” World Bank Policy Research, WP3030.
16. Eichengreen, B., A. Rose & C. Wyplosz, (1996). “Contagious Currency Crisis: First tests”, Financial Liberalization and Macroeconomic Policy.
17. Frankel, J. & A. Rose, (Nov., 1996). “Currency crashes in emerging markets: an empirical treatment”. Journal of International Economics. v. 41, N° 3-4, November, pp.351-366.
(http://www.federalreserve.gov/pubs/ifdp/1996/534/ifdp534.pdf)
18. Hardy, D. & C. Pazarbasioglu, (June, 1998). “Leading indicators of banking crisis: was Asia different?”. IMF Working Paper N° WP/98/91.
19. Helmann, T.F., K.C. Murdock & J.E. Stiglitz, (2000). “Liberalization, moral hazard in banking, and prudential regulation: are capital requirements enough?”. American Economic Review, vol. 90, N°1.
(http://faculty-gsb.stanford.edu/hellmann/pdfs/aerpaper.pdf)
20. Kaminsky, G.L. & C.M. Reinhart, (1996). “The Twin Crisis: The Causes of Banking and Balance of Payments Problems”. International Discussion Paper, N°544.
21. Kaminsky, G.L. & C.M. Reinhart, (1999). “The twin crisis: the causes of banking and balance-of-payments problems”. American Economic Review, N° 89, pp. 473-500. (http://www.puaf.umd.edu/faculty/papers/reinhart/bank3.pdf)
22. Kaminsky, G.L., & C.M., Reinhart, (2000). “On crisis, contagion, and confusion”. Journal of International Economics, N° 51. pp. 145-168.
(http://www.puaf.umd.edu/faculty/papers/reinhart/document.pdf
23. Kaufman, G., (1999). “Banking and currency crisis and systemic risk: a taxonomy and review”. Loyola University Chicago and Federal Reserve Bank of Chicago, November 8.
(http://www.chicagofed.org/publications/workingpapers/papers/wp99_12.pdf)
24. Kaufman, D., & G., Mehrez, (1998). “Transparency, Liberalization and banking crisis “The World Bank.
25. Kaufman, D., G., Mehrez, & S., Schmukler, (1999). “Predicting Currency Fluctuations and Crisis: Do Resident Firms Have an Informational Advantage? “. The World Bank, July.
26. Kaufman, D., A., Kraay, & P., Zoido-Lobaton, (1999). “Aggregation Governance Indicators”. Policy research Working Paper No 2195. Washington, DC, The World Bank.
27. Ranciere, R., A. Tornell & F. Westermann, (2006). “Decomposing the effects of financial liberalization: crisis vs. Growth”. Journal of Banking & Finance, N° 30, pp. 3331-3348.
28. Sachs J.D., A., Tornell & A., Velasco, (1996). “Financial Crisis in Emerging Markets: The Lessons from 1995 “. Brooking papers on Economic Activity, N° 1, pp. 147-198.
29. Tornell A., F. Westermann & L. Martínez, (Feb., 2004). “The positive link between financial liberalization growth and crisis”. NBER WORKING PAPER SERIES, Working Paper 10293, This paper is part of «Liberalization, Growth and Financial Crisis: Lessons from Mexico and the Developing World » that was prepared for the Brookings Panel on Economic Activity.
http://www.nber.org/papers/w10293
30. Williamson, J. & M. Mahar, (Nov., 1998). “A Survey of financial liberalization”. Essays in International Finance, N° 211, Department of Economics and Princeton University.
منشور
2022-11-15
كيفية الاقتباس
Zied Akrout, & Salim Bourchid Abdelkader. (2022). Financial Liberalization and Banking Crisis in Emerging Countries. International Journal on Humanities and Social Sciences, (39), 229-245. https://doi.org/10.33193/IJoHSS.39.2022.491
إصدار
القسم
المقالات
الحقوق الفكرية (c) 2022 Zied Akrout , Salim Bourchid Abdelkader
هذا العمل مرخص حسب الرخصة Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
