01872cas a2200253 a 4500 AALejournalIMF002367 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451849172 1018-5941 BD-DhAAL BD-DhAAL Mody, Ashoka. Financial Reform : What Shakes it? What Shapes it? / Ashoka Mody, Abdul Abiad. Washington, D.C. : International Monetary Fund, 2003. 1 online resource (40 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Despite stops, gaps, and reversals, financial reforms advanced worldwide in the last quarter century. Using a new index of financial liberalization, we conclude that influential events shook the status quo, inducing both reforms and reversals, while learning, more so than ideology and country structure, shaped and sustained widespread reforms. Among shocks, a decline in global interest rates and balance of payments crises strengthened reformers; banking crises were associated with reversals, while new governments brought about both reforms and reversals. Learning occurred domestically-initial reforms raised the likelihood of further reforms-and through observing regional reform leaders. Among structural features, greater openness to trade appears to have increased the pace of financial reform. Mode of access: Internet Abiad, Abdul. IMF Working Papers; Working Paper ; No. 2003/070 Full text available on IMF http://elibrary.imf.org/view/journals/001/2003/070/001.2003.issue-070-en.xml IMF e-Library