Capital Market Liberalization and Development
Capital Market Liberalization and Development
复制标题
资本市场自由化与发展
DOI：
10.1093/acprof:oso/9780199230587.001.0001
复制
发表时间：
2008
期刊：
影响因子：
--
通讯作者：
J. Stiglitz
中科院分区：
文献类型：
--
作者：
J. Ocampo;J. Stiglitz
在过去二十年的大部分时间里，资本市场自由化一直是全球化辩论中的一场关键战役。许多发展中国家往往在货币基金组织等国际金融机构的要求下，开放了资本账户，放开了国内金融市场，这是1980年代和1990年代的自由化浪潮的一部分，这样做使其经济面临更大的风险和波动。现在，即使是国际货币基金组织也承认资本市场自由化所固有的风险，关于资本市场自由化影响的核心知识之争在很大程度上已经结束。虽然对资本市场自由化后果的这种新认识正在改变学术界和国际机构之间的许多政策讨论，但意识形态和既得利益仍然存在。关键的政策辩论也仍然存在，例如政府应该进行多大程度的干预以及可以使用哪些工具。尽管资本市场自由化可能不会产生承诺的好处，但许多经济学家和政策制定者仍然担心干预的成本。这些成本是否超过了收益？在什么情况下，最好的干预措施是什么？为了回答这些问题，我们必须理解为什么资本市场自由化未能促进增长，为什么它会导致更大的不稳定，为什么穷人似乎承受了最大的负担，以及为什么资本市场自由化的倡导者如此错误。汇集了一些领先的研究人员和从业人员在该领域，这卷提供了一个分析与资本市场自由化的风险和替代政策选择，以加强宏观经济管理。本书的贡献者-安德鲁查尔顿，伦敦经济学院兰德尔多德，金融政策论坛杰拉尔德爱泼斯坦，马萨诸塞州大学罗伯托弗伦克尔，国家与社会研究中心（CEDES）伊琳格拉贝尔，丹佛大学斯蒂芬妮格里菲斯-琼斯，发展研究所，苏塞克斯大学K。S.联合国经济和社会事务部（德萨）的Jomo;第三世界网络的Martin霍尔;联合国主管经济和社会事务副秘书长Jose Antonio奥坎波;剑桥大学的Gabriel Palma;全球发展中心的Intelligence Capital Liliana Rojas-Suarez;拉丁美洲影子金融监管委员会Benu Schneider、联合国经济和社会事务部发展筹资办公室Shari Spiegel，新荷兰首府。斯蒂格利茨，政策对话倡议Schmukler，世界银行发展研究小组
Capital market liberalization has been a key battle in the debate on globalization for much of the previous two decades. Many developing countries, often at the behest of international financial institutions such as the IMF, opened their capital accounts and liberalized their domestic financial markets as part of the wave of liberalization that characterized the 1980s and 1990s and in doing so exposed their economies to increased risk and volatility. Now with even the IMF acknowledging the risks inherent in capital market liberalization, the central intellectual battle over the effects of capital market liberalization has for the most part ended. Though this new understanding of the consequences of capital market liberalization is reshaping many policy discussions among academics and international institutions, ideological and vested interests remain. Critical policy debates also remain, such as how much government should intervene and what tools are available. Although capital market liberalization might not produce the promised benefits, many economists and policymakers still worry about the costs of intervention. Do these costs exceed the benefits? What are the best kinds of interventions, under what circumstances? To answer these questions, we have to understand why capital market liberalization has failed to enhance growth, why it has resulted in greater instability, why the poor appear to have borne the greatest burden, and why the advocates of capital market liberalization were so wrong. Bringing together some of the leading researchers and practitioners in the field, this volume provides an analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management. Contributors to this volume - Andrew Charlton, London School of Economics Randall Dodd, Financial Policy Forum Gerald Epstein, University of Massachusetts Roberto Frenkel, Centro de Estudios de Estado y Sociedad (CEDES) Ilene Grabel, University of Denver Stephany Griffith-Jones, Institute of Development Studies, University of Sussex K. S. Jomo, United Nations Department of Economic and Social Affairs (DESA) Martin Khor, Third World Network Jose Antonio Ocampo, United Nations Under-Secretary-General for Economic and Social Affairs Gabriel Palma, University of Cambridge Avinash Persaud, Intelligence Capital Liliana Rojas-Suarez, Center of Global Development; Latin American Shadow Financial Regulatory Committee Benu Schneider, Financing for Development Office of the United Nations Department of Economic and Social Affairs Shari Spiegel, New Holland Capital Joseph E. Stiglitz, Initiative for Policy Dialogue Sergio L. Schmukler, Development Research Group of the World Bank