Dynamics of financial liberalization in some European countries.
Keywords:
financial liberalization, financial liberalization cyclicity, KAOPEN, FINREFORM, financial liberalization in EuropeAbstract
The paper analyzes the dynamics of financial liberalization in thirty five European countries. The basis for the analysis is a database of the IMF and the indices of financial liberalization – KAOPEN and FINREFORM. Indicies are shown graphically and cyclicity and trend of financial liberalization in the countries surveyed is derived using Hodrick-Prescott filter. The performe analysis of the process of financial liberalization in time and geographical dimensions. We compare major indices that reflect the process of financial liberalization and conducted parallel comparative analysis of financial liberalization for different groups of European countries. The use of indices and econometric methods for determination of the liberalization process allows us to analyze not only the risks but also the appropriateness of financial liberalization for economies.References
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