This paper reviews briefly the arguments for capital market liberalization, and identifies their
theoretical and empirical weaknesses. This provides the foundations for the argument for …

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 …

The implications of capital mobility for growth and stability are some of the most contentious
and least understood contemporary issues in economics. In this book, Barry Eichengreen …

Capital-account liberalization was once seen as an inevitable step along the path to
economic development for poor countries. Liberalizing the capital account, it was said …

One of the most controversial aspects of globalization is capital-market liberalization—not so
much the liberalization of rules governing foreign direct investment, but those affecting short …

Capital account liberalization, it is fair to say, remains one of the most controversial and least
understood policies of our day. One reason is that different theoretical perspectives have …

Capital account liberalization-orderly, properly sequence, and befitting the individual
circumstances of countries-is an inevitable step for all countries wishing to realize the …

The widespread liberalization of international financial flows followed the end of the Bretton
Woods system of fixed parities among the world's major currencies. The trend toward …

Research on the macroeconomic impact of capital account liberalization finds few, if any,
robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue …

Theoretical models predict that financial liberalization can promote econo velopment, by
increasing saving, investment, and the productivity of capita ever, much of the evidence from …