Financial liberalization and reversals: political and economic determinants
发现政治体制是金融改革动态的关键因素，尤其指出不完全民主化可能导致严重的金融改革逆转，揭示了部分民主对金融改革的阻碍作用。
What accounts for the dynamics of financial reforms? This paper identifies the political regime as one of the main factors. Focusing on democratization and financial reform, it puts forward novel evidence for a U-shaped relation, across countries and over time, for different reform measures and a wide range of estimators. Partial democracy is a main obstacle to financial reforms and democratization, when incomplete, may lead to severe financial reform reversals. Nauro F. Campos and Fabrizio Coricelli