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How to sequence capital market liberalization : Lessons from the Korean experience

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  • How to sequence capital market liberalization
  • Shin, Inseok; Wang, Yunjong
  • Korea Institute for International Economic Policy


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Title How to sequence capital market liberalization
Similar Titles
Sub Title

Lessons from the Korean experience

Material Type Reports
Author(English)

Shin, Inseok; Wang, Yunjong

Publisher

Seoul:Korea Institute for International Economic Policy

Date 1999-12
Series Title; No Working Paper / 99-30
ISBN 89-322-4073-6; 89-322-4026-4(세트)
Pages 52
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Holding Korea Institute for International Economic Policy

Abstract

Since a global financial market and its potential volatility pose such a grave potential danger for most emerging economies, individual countries and the international community should find ways and build mechanisms, by which the systemic risk of global financial instability could be minimized. Most of all, at the national level, the old question on how market opening should be sequenced may need re-examination in a new perspective. The old wisdom holds that properly and orderly sequenced external liberalization should be from the current account to the capital account and capital account liberalization should be in the order of long-term to short-term. However, after the recent crisis, heated debates are not on how to get the sequencing right, but on how to deal with the volatility of short-term capital flows. (The rest omitted)