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Capital Market Liberalization

Task Force Chairs

  • José Antonio Ocampo
    Professor of Professional Practice at Columbia University and former Minister of Finance of Colombia
    Columbia University
  • Joseph Stiglitz
    President
    Initiative for Policy Dialogue (IPD)

Despite a lack of evidence, capital market liberalization was pushed forward by the IMF during the 1980s and 1990s as a means of stimulating economic growth in developing countries. The Asian economic crisis and the recent global financial crisis of 2008-2009 illustrated the importance of understanding the deeper role of capital market liberalization in the globalization debate. IPD's Capital Markets Liberalization Task Force aims to build a comprehensive and balanced view of alternative approaches to capital market liberalization by questioning conventional assumptions linking liberalization to growth and stability, while weighing the costs and benefits of different policy interventions.
 

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Despite a lack of evidence, capital market liberalization was pushed forward by the IMF during the 1980s and 1990s as a means of stimulating economic growth in developing countries. The Asian economic crisis and the recent global financial crisis of 2008-2009 illustrated the importance of understanding the deeper role of capital market liberalization in the globalization debate. Developing countries that opened their capital accounts and liberalized their domestic markets on the advice of the IMF are now more vulnerable to the risks and volatility of global markets.

IPD's Capital Markets Liberalization Task Force aims to build a comprehensive and balanced view of alternative approaches to capital market liberalization by questioning conventional assumptions linking liberalization to growth and stability, while weighing the costs and benefits of different policy interventions.