Tác động của mức độ mở cửa thị trường đến xác suất xảy ra khủng hoảng tài chính
Mở cửa thị trường và khủng hoảng tài chính
Từ khóa:
Khủng hoảng tài chính, Mở cửa thị trường, Tự do thương mại, Tự do đầu tư, Tự do tài chínhTóm tắt
Bài nghiên cứu sử dụng dữ liệu từ 61 quốc gia trong giai đoạn 1996–2019 để phân tích tác động của mức độ mở cửa thị trường đến xác suất xảy ra khủng hoảng tài chính. Chúng tôi phát hiện ra rằng mức độ mở cửa thị trường cao hơn làm tăng khả năng xảy ra khủng hoảng tài chính, đặc biệt là khủng hoảng ngân hàng. Khi phân tích ba khía cạnh quan trọng của mở cửa thị trường, chúng tôi cho thấy việc thúc đẩy tự do thương mại làm giảm khả năng xảy ra khủng hoảng tài chính, trong khi đó nâng cao mức độ tự do đầu tư và tự do tài chính lại làm tăng xác suất khủng hoảng tài chính. Tuy vậy, tác động tích của của tự do thương mại bé hơn rất nhiều so với tác động tiêu cực của tự do đầu tư và đặc biệt là tự do tài chính.
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