{'fraction_non_alphanumeric': 0.01889763779527559, 'fraction_numerical': 0.012598425196850394, 'mean_word_length': 5.76595744680851, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Financial Liberalization and Banking Crises

We examine the impact of financial liberalization on systemic and non-systemic banking crises, using new financial liberalization measures for a sample of developing and developed countries for the period 1981 to 2002. In contrast to conventional wisdom, our multivariate (two stage) probit modeling results consistently suggest that financial liberalization reduces the likelihood of systemic crises. In various sensitivity tests, these results turn out to be very robust. However, there is some evidence that the likelihood of non-systemic crisis increases after financial liberalization.