Financial Reform: What Shakes It? What Shapes It?
利用新的金融自由化指数，分析过去25年全球金融改革推进的原因，发现国际收支危机、全球利率下降和初始改革的反馈效应是关键驱动因素，而银行业危机则阻碍改革。
What accounts for the worldwide advance of financial reforms in the last quarter century? Using a new index of financial liberalization, we find that influential events shook the policy status quo. Balance-of-payments crises spurred reforms, but banking crises set liberalization back. Falling global interest rates strengthened reformers, while new governments went both ways. The overall trend toward liberalization, however, reflected pressures and incentives generated by initial reforms that raised the likelihood of additional reforms, stimulated further by the need to catch up with regional reform leaders. In contrast, ideology and country structure had limited influence.