Artikel
The impact of national financial regulation on macroeconomic and fiscal performance after the 2007 financial shock: Econometric analyses based on cross-country data
Using cross-country data, this paper estimates the impact of the 2007 financial shock on countries' macroeconomic developments conditional on national financial regulations before the crisis. For this purpose, the financial reform index developed by Abiad et al. (A New Database of Financial Reforms, 2008a) is used. The econometric analyses indicate that countries with more deregulated financial markets experienced deeper recessions, stronger employment losses, and larger government budget deficits. Against the background of the ongoing global crisis and the results of other studies, the usefulness of liberalized financial markets for macroeconomic stability and economic development should be rigorously reconsidered.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Economics: The Open-Access, Open-Assessment E-Journal ; ISSN: 1864-6042 ; Volume: 7 ; Year: 2013 ; Issue: 2013-33 ; Pages: 1-44 ; Kiel: Kiel Institute for the World Economy (IfW)
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
General Financial Markets: Government Policy and Regulation
Single Equation Models; Single Variables: Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions
- Thema
-
financial crisis
financial regulation
great recession
robust regression
semiparametric regression
Finanzkrise
Schock
Finanzmarktregulierung
Wirkungsanalyse
Nichtparametrisches Verfahren
Robustes Verfahren
Welt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hagen, Tobias
- Ereignis
-
Veröffentlichung
- (wer)
-
Kiel Institute for the World Economy (IfW)
- (wo)
-
Kiel
- (wann)
-
2013
- DOI
-
doi:10.5018/economics-ejournal.ja.2013-33
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Hagen, Tobias
- Kiel Institute for the World Economy (IfW)
Entstanden
- 2013
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