Rethinking the Effects of Financial Liberalization
---- Acknowledgements -----
We thank Robert Zymek for excellent research assistance. We received valuable comments from Fernando Alvarez, Vasco Carvalho, Michael Devereux, Nicola Gennaioli, Giacomo Ponzetto, Romain Ranciere, and participants at presentations held at the Banque de France Conference on International Macroeconomics and Finance, Bilkent, CEPR ESSIM, Chicago Fed, Collegio Carlo Alberto, Di Tella-LACEA Workshop in International Economics and Finance, Harvard, Graduate Institute Geneva, IMF Annual Research Conference, LUISS, LSE, Minnesota Workshop on Macroeconomic Theory, MIT, Michigan, Notre Dame, PSE, Sabanci, San Andrés, SED Meetings, UBC, and Wisconsin. We acknowledge financial support from the International Growth Centre, the European Research Council, and the Barcelona GSE The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.