Capital Market Liberalization and Development

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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.

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Product Details

  • ISBN-13: 9780199238446
  • Publisher: Oxford University Press, USA
  • Publication date: 6/30/2008
  • 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)

Meet the Author

Joseph E. Stiglitz was awarded the Nobel Prize in economics in 2001 and is University Professor at Columbia University where he founded the Initiative for Policy Dialogue in 2000. He was Chair of President Bill Clinton's Council of Economic Advisors from 1995-97 and Chief Economist and Senior Vice-President of the World Bank from 1997-2000.His best known recent publications include 'Making Globalization Work' (2006), 'Fair Trade for All' (2005), 'Globalization and its Discontents' (2002) and 'The Roaring Nineties' (2003). José Antonio Ocampo is United Nations Under-Secretary-General for Economic and Social Affairs. Prior to assuming his present position in the United Nations, he held a number of posts in the Government of Colombia, including those of Minister of Finance and Public Credit, Director of the National Planning Department and Minister of Agriculture and was former Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC). His academic pursuits have included service as Director of the Foundation for Higher Education and Development, Professor of Economics at the Universidad de los Andes and the Universidad Nacional de Colombia, and Visiting Professor at Cambridge, Yale and Oxford Universities.

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Table of Contents

List of Figures

List of Tables

1 Capital Market Liberalization and Development Jose Antonio Ocampo Ocampo, Jose Antonio Shari Spiegel Spiegel, Shari Joseph E. Stiglitz Stiglitz, Joseph E. 1

2 The Benefits and Risks of Financial Globalization Sergio L. Schmukler Schmukler, Sergio L. 48

3 Capital Market Liberalization, Globalization, and the IMF Joseph E. Stiglitz Stiglitz, Joseph E. 76

4 From the Boom in Capital Inflows to Financial Traps Roberto Frenkel Frenkel, Roberto 101

5 Capital Market Liberalization and Poverty Andrew Charlton Charlton, Andrew 121

6 Capital Management Techniques in Developing Countries: Managing Capital Flows in Malaysia, India, and China Gerald Epstein Epstein, Gerald Ilene Grabel Grabel, Ilene K. S. Jomo Jomo, K. S. 139

7 The Role of Preventative Capital Account Regulations Jose Antonio Ocampo Ocampo, Jose Antonio Jose Gabriel Palma Palma, Jose Gabriel 170

8 The Malaysian Experience in Financial-Economic Crisis Management: An Alternative to the IMF-Style Approach Martin Khor Khor, Martin 205

9 Domestic Financial Regulations in Developing Countries: Can They Effectively Limit the Impact of Capital Account Volatility? Liliana Rojas-Suarez Rojas-Suarez, Liliana 230

10 The Pro-Cyclical Impact of Basel II on Emerging Markets and its Political Economy Stephany Griffith-Jones Griffith-Jones, Stephany Avinash Persaud Persaud, Avinash 262

11 Consequences of Liberalizing Derivatives Markets Randall Dodd Dodd, Randall 288

12 Do Global Standards and Codes Prevent Financial Crises? Benu Schneider Schneider, Benu 319

Glossary 355

Acronyms 364

Index 365

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