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Books > Reference & Interdisciplinary > Interdisciplinary studies > Globalization
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Capital Market Liberalization and Development (Hardcover, New)
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Capital Market Liberalization and Development (Hardcover, New)
Series: Initiative for Policy Dialogue
Expected to ship within 12 - 17 working days
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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
thealternative policy options available to enhance macroeconomic
management.
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