Policy Contagion: What Do We Learn From Financial Reforms?
以1973-2014年90个国家的国内金融改革为案例，研究政策变化在各国间的时间聚集现象，发现地缘政治影响和跨国学习推动了1990年代的改革浪潮，而发展中国家在金融危机后的改革逆转反映了对增长效应的信念转变。
ABSTRACT We use financial reforms as a case study to understand the temporal clustering of policy changes across countries, shedding light on the broader phenomenon of global policy contagion. We construct a comprehensive database of domestic financial reforms spanning 90 countries from 1973 to 2014. Using this dataset, we estimate a semistructural model that incorporates key factors identified in the literature. We find that (1) geopolitical influence and cross‐country learning drove the global surge in reforms during the 1990s, and (2) reversals of financial reforms in developing countries after the global financial crisis reflected shifting beliefs about their growth effects.