A New Database of Financial Reforms

A New Database of Financial Reforms

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This paper introduces a new database of financial reforms, covering 91 economies over 1973a€“2005. It describes the content of the database, the information sources utilized, and the coding rules used to create an index of financial reform. It also compares the database with other measures of financial liberalization, provides descriptive statistics, and discusses some possible applications. The database provides a multi-faceted measure of reform, covering seven aspects of financial sector policy. Along each dimension the database provides a graded (rather than a binary) score, and allows for reversals.Third, industry- and firm-level evidence suggests that one mechanism through which finance influences growth is by easing external financing constraints on firms thereby improving the allocation of capital. This research raises the question ofanbsp;...

Title:A New Database of Financial Reforms
Author: Abdul Abiad, Enrica Detragiache, Thierry Tressel
Publisher:International Monetary Fund - 2008-12-01

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