مقاله انگلیسی رایگان در مورد سازو کار آزادگذاری بانکداری تجاری و رشد (الزویر)

The literature on the relationship between financial liberalization and economic growth is quite wide and differentiated1 . Economics scholars and policy makers alike have offered discontinuous support to financial liberalization as an engine of growth. The era after the Second World War started with calls for restrictive interventions in the financial sector2 . By the early 1970s, this ”financial repression” policy came under severe criticism and in the Eighties, the so-called ”Washington Consensus” called for liberalization of capital flows and deregulation in the recipient financial systems, as this would stimulate a sizeable flow of investments from rich countries to poor ones and could accelerate development in the latter countries. A new bout of crises in the Nineties3 gave support to critics of the Washington Consensus, among whom Krugman (1993), who maintained that as capital was not accountable for cross-country differences in economic growth rates and no historical evidence suggested that liberalizing policies were followed by large flows of capital from rich to poor countries, therefore financial liberalization was not to be considered as an engine of growth. By the end of the Nineties financial liberalization was recommended again as a policy to enhance the functioning of domestic financial systems through its positive effects on productivity. Even on the more specific field of commercial banking liberalization – that is the opening to international trade of deposit taking and loan granting activities – policy literature is almost equally divided. Some conclude that cross-border banking, i.e. the supply of financial services from abroad, supports the development of an efficient and stable financial system that offers a wide access to quality financial services at low cost for the host country, as reviewed by Claessens (2006). Beck et al. (2014) in a report on banking in Africa underline the benefits of cross-border banking, however tempered by a wide-ranging array of policy recommendations in the fields of national and supranational regulation and supervision. Levine (2001) reviews literature in favour of foreign bank establishment in the host country whereas Detragiache, Poonam and Tressel (2006) express criticism of foreign banks presence especially in low-income countries mainly because of to the possible credit shrinkage and increased operating costs. Tamirisa et al. (2000) express reservations on the liberalization of banking activities both under the cross-border banking – because of the consequences on the stability of single domestic financial systems – and under the establishment of foreign banks, because of the possibility of cherry-picking lenders by foreign intermediaries. The original question on how commercial banking liberalization does increase economic growth is hence still unresolved and this paper will present a dynamic model whose aim is to offer an analytical framework to identify the contribution of commercial banking liberalization to competition in the banking sector and hence to economic growth.