Ⅰ. Introduction

Ⅱ. Literature Review

Ⅲ. Original Sin and Capital Volatility

Ⅳ. Data and Model

1. Data

2. Stylized Facts

3. Empirical Model

Ⅴ. Empirical Results

1. Effects of Liberalization on Volatilty for All Countries

2. Effects of Liberalization for Groups with and without Original Sin

3. Which Matters, Original Sin or Institution?

Ⅵ. Conclusion

References

Appendix