The political economy of financial reform: are Abiad and Mody right?
检验Abiad和Mody关于金融改革驱动因素的研究，使用组内估计方法考虑误差相关性，发现其部分结论不稳健。
Abstract Motivated by the questions ‘Financial Reform: What Shakes It? What Shapes It?’ raised by Abiad and Mody ( 2005 ), this paper studies the forces that induce governments to undertake financial sector reform. Rather than their ordered logit technique, it uses a within groups approach allowing for error dependence across countries and over time. This analysis shows that some of the AM findings are not robust to error dependence and the estimation method. It has shed new light on the political economy of financial reform. Copyright © 2009 John Wiley & Sons, Ltd.