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

  • Jayati Ghosh
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    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
    Date of revision:
    Handle: RePEc:une:wpaper:4
    Contact details of provider: Web page: http://www.un.org/en/development/desa/working-papers.html
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    1. M. Ayhan Kose & Eswar Prasad & Kenneth Rogoff & Shang-Jin Wei, 2006. "Financial Globalization; A Reappraisal," IMF Working Papers 06/189, International Monetary Fund.
    2. M. Ayhan Kose & Kenneth Rogoff & Eswar Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries; Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
    3. Martin Feldstein, 2003. "Economic and Financial Crises in Emerging Market Economies," NBER Books, National Bureau of Economic Research, Inc, number feld03-1, June.
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