Global S&T Development Trend Analysis Platform of Resources and Environment
Regulation, financial crises, and liberalization traps – CEPS | |
2021 | |
出版年 | 2021 |
国家 | 国际 |
领域 | 资源环境 |
英文摘要 | This paper first develops a theoretical model showing a concave impact of regulation on the probability of a crisis, and then tests this relationship by applying a non-linear Probit model to annual data from 138 countries over the period 1996-2017. Our key inference is that the probability of a financial crisis fits an inverted U-shaped curve: it rises as regulation stringency moves from low to medium levels and falls from medium to high levels. Countries located in the intermediate level of regulatory stringency face more financial instability than either loosely or severely regulated countries. The latter two groups of countries are respectively caught in a “liberalization trap” and a “regulation trap.” Institutional quality interacts significantly with the regulatory environment, implying trade-offs between regulatory stringency and institutional quality. The paper has been presented at the session “Which direction for capital markets in the EU and around the world?” organised by CEPS/ECMI in the context of the 2021 CMVM Annual Conference, held in Lisbon on 5 November. |
URL | 查看原文 |
来源平台 | Centre for European Policy Studies |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/342441 |
专题 | 资源环境科学 |
推荐引用方式 GB/T 7714 | . Regulation, financial crises, and liberalization traps – CEPS,2021. |
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