Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles

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Productivity Growth and Capital Flows: The Dynamics of Reforms (2017, unknown): “The reform of domestic financial institutions in emerging economies surfaced onto the center stage of international policy debates only after the East Asian and Russian financial crises of the late 1990s, with the realization that the gains from capital account liberalization remain elusive without ”
Financial liberalization and bank risk-taking: International evidence (2014, background): “Kaminsky and Schmukler (2008) show that liberalization is followed by large financial cycles in the short run only in emerging economies whereas institutions improve and financial markets tend to stabilize in the long run.”
Volatility Risk Premia and Exchange Rate Predictability (2016, unknown): “In this case, we rely on the capital account liberalization index of Kaminsky and Schmukler (2008), available on Graciela Kaminsky’s website.”