By applying a recently developed econometric technique, the synthetic control method (SCM), this paper empirically assesses the growth effect of financial liberalization in the presence of financial crises for the so‐called Tiger Cub Economies over the period 1975 to 2002. The outcomes of the SCM analyses show that financial liberalization exerted a significant growth effect in Indonesia, Malaysia, and Thailand before the outbreak of the 1997 East Asian financial crisis, while no such growth effect was found for the Philippines for the entire study period. Moreover, after the outbreak of the financial crisis, the growth effects of financial liberalization for Malaysia and Thailand remained significantly higher than those for their synthetic counterparts. However, the growth effect of financial liberalization was not that sturdy in the case of Indonesia following the crisis.

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在存在金融危机的情况下评估金融自由化的增长效果：以虎崽经济为例

通过应用最新开发的计量经济学技术，即综合控制方法（SCM），本文通过实证评估了在存在金融危机的情况下1975年至2002年所谓的Tiger Cub经济体金融自由化的增长效果。 SCM分析表明，在1997年东亚金融危机爆发之前，金融自由化在印度尼西亚，马来西亚和泰国产生了显着的增长效应，而在整个研究期间，菲律宾都没有发现这种增长效应。此外，在金融危机爆发后，马来西亚和泰国的金融自由化对经济增长的影响仍然明显高于其综合对手。然而，