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Challenges to GlobalizationAnalyzing the Economics$
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Robert E. Baldwin and L. Winters

Print publication date: 2004

Print ISBN-13: 9780226036151

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226036557.001.0001

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Financial Opening

Financial Opening

Evidence and Policy Options

Chapter:
(p.473) 12 Financial Opening
Source:
Challenges to Globalization
Author(s):

Joshua Aizenman

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226036557.003.0013

This chapter has two goals. First, it evaluates the empirical evidence of increasing the chances of financial crises induced by opening up developing countries to short-term capital inflows. Second, the chapter appraises the various proposals made for mitigating the severity of financial crises. It argues that there is solid evidence that financial opening increases the chance of financial crises. There is more tenuous evidence that financial opening contributes positively to long-run growth. Hence, there may be a complex trade-off between the adverse intermediate run and the beneficial long-run effects of financial opening. A commentary is also included at the end of the chapter.

Keywords:   financial crises, developing countries, short-term capital, financial opening

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