Financial Liberalization, Fiscal Prudence and Growth: Panel Evidence from 1980–2003 |
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Authors: | C Emre Alper S Meral Cakici |
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Institution: | (1) Department of Economics and Center for Economics and Econometrics, Bogazici University, Istanbul, 34342, Turkey;(2) University of Bonn, 53113 Bonn, Germany |
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Abstract: | The main objective of this study is to investigate empirical links between financial liberalization, fiscal prudence and growth.
More specifically, the hypothesis of whether financial liberalization coupled with fiscal prudence fosters or hinders growth
is examined. We use an unbalanced panel dataset of 75 countries and quinquennial averages from 1980 to 2003. Through fixed
effects estimations, we uncover that even though financial liberalization does not affect growth significantly, higher degree
of financial liberalization in the presence of higher level of fiscal prudence leads to faster growth. |
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