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The Economic and Social Effects of Financial Liberalization: A Primer for Developing Countries

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Author Info
Jayati Ghosh
Abstract

This paper considers the main elements of the standard pattern of financial liberalization that has become widely prevalent in developing countries. The theoretical arguments in favour of such liberalization are considered and critiqued, and the political economy of such measures is discussed. The problems for developing countries, with respect to financial fragility and the greater propensity to crisis, as well as the negative deflationary and developmental effects, are discussed. It is concluded that there is a strong case for developing countries to ensure that their own financial systems are adequately regulated with respect to their own specific requirements.

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File URL: http://www.un.org/esa/desa/papers/2005/wp4_2005.pdf
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Paper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number 4.

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Length: 20 pages
Date of creation: Oct 2005
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Handle: RePEc:une:wpaper:4

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Related research
Keywords: financial liberalization; development banking; financial fragility; financial crisis; deflation.;

Find related papers by JEL classification:
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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References listed on IDEAS
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  1. Kenneth Rogoff & M. Ayhan Kose & Eswar Prasad & Shang-Jin Wei, 2004. "Effects on Financial Globalization on Developing Countries: Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
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This page was last updated on 2009-11-23.

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