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Capital Market Liberalization and Development
     

Capital Market Liberalization and Development

by Joseph E. Stiglitz
 

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ISBN-10: 0199238448

ISBN-13: 9780199238446

Pub. Date: 06/30/2008

Publisher: Oxford University Press, USA

Capital market liberalization has been a key battle in the debate on globalization for much of the previous two decades. Many developing countries, often at the behest of international financial institutions such as the IMF, opened their capital accounts and liberalized their domestic financial markets as part of the wave of liberalization that characterized the

Overview

Capital market liberalization has been a key battle in the debate on globalization for much of the previous two decades. Many developing countries, often at the behest of international financial institutions such as the IMF, opened their capital accounts and liberalized their domestic financial markets as part of the wave of liberalization that characterized the 1980s and 1990s and in doing so exposed their economies to increased risk and volatility. Now with even the IMF acknowledging the risks inherent in capital market liberalization, the central intellectual battle over the effects of capital market liberalization has for the most part ended. Though this new understanding of the consequences of capital market liberalization is reshaping many policy discussions among academics and international institutions, ideological and vested interests remain.

Critical policy debates also remain, such as how much government should intervene and what tools are available. Although capital market liberalization might not produce the promised benefits, many economists and policymakers still worry about the costs of intervention. Do these costs exceed the benefits? What are the best kinds of interventions, under what circumstances? To answer these questions, we have to understand why capital market liberalization has failed to enhance growth, why it has resulted in greater instability, why the poor appear to have borne the greatest burden, and why the advocates of capital market liberalization were so wrong. Bringing together some of the leading researchers and practitioners in the field, this volume provides an analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management.

Product Details

ISBN-13:
9780199238446
Publisher:
Oxford University Press, USA
Publication date:
06/30/2008
Series:
Initiative for Policy Dialogue Series C Series
Edition description:
New Edition
Pages:
384
Product dimensions:
6.10(w) x 9.10(h) x 0.90(d)

Table of Contents


List of Figures     ix
List of Tables     xi
Capital Market Liberalization and Development   Jose Antonio Ocampo   Shari Spiegel   Joseph E. Stiglitz     1
The Benefits and Risks of Financial Globalization   Sergio L. Schmukler     48
Capital Market Liberalization, Globalization, and the IMF   Joseph E. Stiglitz     76
From the Boom in Capital Inflows to Financial Traps   Roberto Frenkel     101
Capital Market Liberalization and Poverty   Andrew Charlton     121
Capital Management Techniques in Developing Countries: Managing Capital Flows in Malaysia, India, and China   Gerald Epstein   Ilene Grabel   K. S. Jomo     139
The Role of Preventative Capital Account Regulations   Jose Antonio Ocampo   Jose Gabriel Palma     170
The Malaysian Experience in Financial-Economic Crisis Management: An Alternative to the IMF-Style Approach   Martin Khor     205
Domestic Financial Regulations in Developing Countries: Can They Effectively Limit the Impact of Capital Account Volatility?   Liliana Rojas-Suarez     230
The Pro-Cyclical Impact of Basel II on Emerging Markets and its Political Economy   Stephany Griffith-Jones   Avinash Persaud     262
Consequences of Liberalizing Derivatives Markets   Randall Dodd     288
Do Global Standards and Codes Prevent Financial Crises?   Benu Schneider     319
Glossary     355
Acronyms     364
Index     365

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