Trade liberalization and the politics of financial development / Matias Braun and Claudio Raddatz Braun, Matias

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Author
Braun, Matias
Subjects
Free trade - Case studies.; Finance - Case studies.
Summary
"A well developed financial system enhances competition in the industrial sector by allowing easier entry. The impact varies across industries, however. For some, small changes in financial development quickly induce entry and dissipate incumbents' rents, generating strong incentives to oppose improvement of the financial system. In other sectors incumbents may even benefit from increased availability of external funds. The relative strength of promoters and opponents determines the political equilibrium level of financial system development. This may be perturbed by the effect of trade liberalization in the strength of each group. Using a sample of 41 trade liberalizers Braun and Raddatz conduct an event study and show that the change in the strength of promoters vis-a-vis opponents is a very good predictor of subsequent financial development ... " -- Cover verso.
Bookmark
http://trove.nla.gov.au/work/258162
Work ID
258162

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