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  • Capital Market Liberalization and Development

    Capital Market Liberalization and Development by Ocampo, José Antonio; Stiglitz, Joseph E.;

    Sorozatcím: Initiative for Policy Dialogue;

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    A termék adatai:

    • Kiadó OUP Oxford
    • Megjelenés dátuma 2008. május 1.

    • ISBN 9780199230587
    • Kötéstípus Keménykötés
    • Terjedelem392 oldal
    • Méret 242x162x26 mm
    • Súly 725 g
    • Nyelv angol
    • Illusztrációk numerous figures and tables
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    Rövid leírás:

    Capital market liberalization has been a key part of the ongoing debate on globalization. Bringing together leading researchers and practitioners in the field, this book provides a unique analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management.

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    Hosszú leírás:

    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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    Tartalomjegyzék:

    Capital Account Liberalization and Development
    The Benefits and Risks of Financial Globalization
    Capital Market Liberalization, Globalization, and the IMF
    From the Boom in Capital Inflows to Financial Traps
    Poverty and Inequality
    Capital Management Techniques in Developing Countries: Managing Capital Flows in Malaysia, India, and China
    Role of Preventative Capital Account Regulation
    The Malaysian Experience in Financial-Economic Crisis Management: An Alternative to the IMF-style approach
    Domestic Financial Regulations in Developing Countries
    The Pro-Cyclical Impact of Basle II on Emerging Markets
    Derivatives and CML
    Codes and Standards

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