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Capital Market Liberalization and Development
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Capital Market Liberalization and Development

José Antonio Ocampo and Joseph E. Stiglitz

Abstract

In the 1980s and 1990s, many countries opened their capital accounts and liberalized their domestic financial markets as part of the wave of liberalization that characterized the period. In 1997 the IMF even proposed changing its charter to include a mandate to promote capital market liberalization. At the time, many other economists warned that open capital accounts would lead to volatility and increased risk without contributing to growth or stability. Yet there was virtually no body of material or survey of literature that could provide the background for the debate on this issue. This book ... More

Keywords: capital market liberalization, capital controls, financial markets, emerging markets, derivatives, financial regulation, IMF

Bibliographic Information

Print publication date: 2008 Print ISBN-13: 9780199230587
Published to Oxford Scholarship Online: May 2008 DOI:10.1093/acprof:oso/9780199230587.001.0001

Authors

Affiliations are at time of print publication.

José Antonio Ocampo, editor
President, Initiative for Policy Dialogue (IPD)
Author Webpage

Joseph E. Stiglitz, editor
United Nations Under-Secretary-General for Economic and Social Affairs
Author Webpage

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