Series: IMF Working Papers
Author(s): Kenichi Ueda , and Robert Townsend
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 July 2007
Keywords: financial liberalization, welfare gain, financial deepening, gdp growth, financial system, growth rate,
Financial liberalization has been a controversial issue as there is little empirical evidence for its positive effects on economic growth. However, we find sizable welfare gains, 1 to 28 percent of permanent consum...