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Full-Text Articles in International Economics
Financial Liberalization And International Capital Flows, Nancy Neiman Auerbach, Yoonmin Kim, Thana Sompornserm
Financial Liberalization And International Capital Flows, Nancy Neiman Auerbach, Yoonmin Kim, Thana Sompornserm
Scripps Faculty Publications and Research
It is interesting that domestic and international financial liberalization are among the most often cited causes of the 1997–98 crisis. Liberalization in the Asian crisis countries took place prior to the crisis as did large capital inflows, many of which reversed during the crisis in the classic pattern of capital flow bonanzas ending in sudden stops (Calvo, Izquierdo, and Mejía 2008; Reinhart and Reinhart 2008; Sula and Willett 2009). Furthermore, China and India, with much less general financial liberalization and a continuing array of capital controls, were little hit by the crisis. Malaysia’s experiment with increasing capital controls during the …
The Political Economy Of Perverse Financial Liberalization: Examples From The Asian Crisis, Nancy Neiman Auerbach, Thomas D. Willett
The Political Economy Of Perverse Financial Liberalization: Examples From The Asian Crisis, Nancy Neiman Auerbach, Thomas D. Willett
Scripps Faculty Publications and Research
Debates continue to rage about the causes of recent currency and financial crises around the globe and their implications for the desirability of domestic and international financial liberalization. Beneath the heated exchanges of the most vocal disputants, a quiet consensus is beginning to emerge among serious scholars and policy officials. The big lesson from these crises is that while financial liberalization is still a desirable goal, it must be approached very carefully. It’s not just that without the proper pre-conditions liberalization will not provide full benefits. The results can sometimes be disastrous. What was once considered to be an arcane …