Capital Market Liberalization and Development by Joseph E. Stiglitz

Capital Market Liberalization and Development

EditorJoseph E. Stiglitz, Jose Antonio Ocampo

Paperback | May 8, 2008

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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 domesticfinancial 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 theeffects 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 thebenefits? 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 whythe 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 enhancemacroeconomic management.

About 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...

Details & Specs

Title:Capital Market Liberalization and DevelopmentFormat:PaperbackDimensions:384 pages, 9.21 × 6.14 × 0.85 inPublished:May 8, 2008Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199238448

ISBN - 13:9780199238446

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Table of Contents

1. Jose Antonio Ocampo, Shari Spiegel, and Joseph E. Stiglitz: Capital Account Liberalization and Development2. Sergio L. Schmukler: The Benefits and Risks of Financial Globalization3. Joseph E. Stiglitz: Capital Market Liberalization, Globalization, and the IMF4. Roberto Frenkel: From the Boom in Capital Inflows to Financial Traps5. Andrew Charlton: Poverty and Inequality6. K. S. Jomo, Gerald Epstein, Ilene Grabel: Capital Management Techniques in Developing Countries: Managing Capital Flows in Malaysia, India, and China7. Jose Antonio Ocampo and Gabriel Palma: Role of Preventative Capital Account Regulation8. Martin Khor: The Malaysian Experience in Financial-Economic Crisis Management: An Alternative to the IMF-style approach9. Liliana Rojas-Suarez: Domestic Financial Regulations in Developing Countries10. Stephany Griffith-Jones and Avinash Persaud: The Pro-Cyclical Impact of Basle II on Emerging Markets11. Randall Dodd: Derivatives and CML12. Benu Schneider: Codes and Standards