Financial liberalization, banking crises and economic growth: the case of emerging countries.

Summary The project of this thesis is to propose an economic reading of the various facets of contemporary phenomena of financial liberalization, financial instability, the return of large-scale banking crises, and the slowdown and fluctuations of economic growth. In the context of this new global economic order, the problematic of the thesis is to understand the origins of the current dilemma of banking stability and long-term growth in the face of financial liberalization in emerging economies. On the one hand, openness has allowed these countries to achieve productivity gains by diversifying the means of financing the economy and reducing intermediation costs. On the other hand, it has created a threat of banking system instability and macroeconomic volatility. Thus, the purpose of this thesis, based on the experiences of financial openness in emerging countries, is to re-examine the relevance of liberalization policies for these countries. The analysis attempts to assess the contribution of financial liberalization to banking crises and to approximate its effects on long-term growth. Based on the central assumption that rapid, poorly chained and insufficiently supervised liberalization is detrimental to banking stability and growth, the aim is to define the appropriate policy of openness for these countries so that they can limit the risks and reap the maximum gains.