Evaluation of Financial Liberalization

Evaluation of Financial Liberalization

Author: Robert Townsend

Publisher: World Bank Publications

Published: 2003

Total Pages: 52

ISBN-13:

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The objective of this paper is to assess both the aggregate growth effects and the distributional consequences of financial liberalization as observed in Thailand from 1976 to 1996. A general equilibrium occupational choice model with two sectors, one without intermediation, and the other with borrowing and lending, is taken to Thai data. Key parameters of the production technology and the distribution of entrepreneurial talent are estimated by maximizing the likelihood of transition into business given initial wealth as observed in two distinct datasets. Other parameters of the model are calibrated to try to match the two decades of growth as well as observed changes in inequality, labor share, savings, and the number of entrepreneurs. Without an expansion in the size of the intermediated sector, Thailand would have evolved very differently, namely, with a drastically lower growth rate, high residual subsistence sector, non-increasing wages, but lower inequality. The financial liberalization brings welfare gains and losses to different subsets of the population. Primary winners are talented would-be entrepreneurs who lack credit and cannot otherwise go into business (or invest little capital). Mean gains for these winners range from 17 to 34 percent of observed overall average household income. But liberalization also induces greater demand by entrepreneurs for workers resulting in increases in the wage and lower profits of relatively rich entrepreneurs of the same order of magnitude as the observed overall average income of firm owners. Foreign capital has no significant impact on growth or the distribution of observed income. This paper--a product of Finance, Development Research Group--is part of a larger effort in the group to understand financial liberalization and its impact on growth.


Book Synopsis Evaluation of Financial Liberalization by : Robert Townsend

Download or read book Evaluation of Financial Liberalization written by Robert Townsend and published by World Bank Publications. This book was released on 2003 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this paper is to assess both the aggregate growth effects and the distributional consequences of financial liberalization as observed in Thailand from 1976 to 1996. A general equilibrium occupational choice model with two sectors, one without intermediation, and the other with borrowing and lending, is taken to Thai data. Key parameters of the production technology and the distribution of entrepreneurial talent are estimated by maximizing the likelihood of transition into business given initial wealth as observed in two distinct datasets. Other parameters of the model are calibrated to try to match the two decades of growth as well as observed changes in inequality, labor share, savings, and the number of entrepreneurs. Without an expansion in the size of the intermediated sector, Thailand would have evolved very differently, namely, with a drastically lower growth rate, high residual subsistence sector, non-increasing wages, but lower inequality. The financial liberalization brings welfare gains and losses to different subsets of the population. Primary winners are talented would-be entrepreneurs who lack credit and cannot otherwise go into business (or invest little capital). Mean gains for these winners range from 17 to 34 percent of observed overall average household income. But liberalization also induces greater demand by entrepreneurs for workers resulting in increases in the wage and lower profits of relatively rich entrepreneurs of the same order of magnitude as the observed overall average income of firm owners. Foreign capital has no significant impact on growth or the distribution of observed income. This paper--a product of Finance, Development Research Group--is part of a larger effort in the group to understand financial liberalization and its impact on growth.

Evaluation of Financial Liberalization

Evaluation of Financial Liberalization

Author: Xavier Giné

Publisher:

Published: 2016

Total Pages: 48

ISBN-13:

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The objective of this paper is to assess both the aggregate growth effects and the distributional consequences of financial liberalization as observed in Thailand from 1976 to 1996. A general equilibrium occupational choice model with two sectors, one without intermediation, and the other with borrowing and lending, is taken to Thai data. Key parameters of the production technology and the distribution of entrepreneurial talent are estimated by maximizing the likelihood of transition into business given initial wealth as observed in two distinct datasets. Other parameters of the model are calibrated to try to match the two decades of growth as well as observed changes in inequality, labor share, savings, and the number of entrepreneurs. Without an expansion in the size of the intermediated sector, Thailand would have evolved very differently, namely, with a drastically lower growth rate, high residual subsistence sector, non-increasing wages, but lower inequality. The financial liberalization brings welfare gains and losses to different subsets of the population. Primary winners are talented would-be entrepreneurs who lack credit and cannot otherwise go into business (or invest little capital). Mean gains for these winners range from 17 to 34 percent of observed overall average household income. But liberalization also induces greater demand by entrepreneurs for workers resulting in increases in the wage and lower profits of relatively rich entrepreneurs of the same order of magnitude as the observed overall average income of firm owners. Foreign capital has no significant impact on growth or the distribution of observed income.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to understand financial liberalization and its impact on growth.


Book Synopsis Evaluation of Financial Liberalization by : Xavier Giné

Download or read book Evaluation of Financial Liberalization written by Xavier Giné and published by . This book was released on 2016 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this paper is to assess both the aggregate growth effects and the distributional consequences of financial liberalization as observed in Thailand from 1976 to 1996. A general equilibrium occupational choice model with two sectors, one without intermediation, and the other with borrowing and lending, is taken to Thai data. Key parameters of the production technology and the distribution of entrepreneurial talent are estimated by maximizing the likelihood of transition into business given initial wealth as observed in two distinct datasets. Other parameters of the model are calibrated to try to match the two decades of growth as well as observed changes in inequality, labor share, savings, and the number of entrepreneurs. Without an expansion in the size of the intermediated sector, Thailand would have evolved very differently, namely, with a drastically lower growth rate, high residual subsistence sector, non-increasing wages, but lower inequality. The financial liberalization brings welfare gains and losses to different subsets of the population. Primary winners are talented would-be entrepreneurs who lack credit and cannot otherwise go into business (or invest little capital). Mean gains for these winners range from 17 to 34 percent of observed overall average household income. But liberalization also induces greater demand by entrepreneurs for workers resulting in increases in the wage and lower profits of relatively rich entrepreneurs of the same order of magnitude as the observed overall average income of firm owners. Foreign capital has no significant impact on growth or the distribution of observed income.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to understand financial liberalization and its impact on growth.

Public Policies Towards Financial Liberalization

Public Policies Towards Financial Liberalization

Author: Güven Sak

Publisher:

Published: 1995

Total Pages: 170

ISBN-13:

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TABLE OF CONTENTS ABSTRACT IV ÖZ V ACKNOWLEDGEMENTS VI LIST OF TABLES VII CHAPTERI: INTRODUCTION 1 PART I FROM FINANCIAL REPRESSION TO FINANCIAL LIBERALIZATION: THEORETICAL AND RESEARCH ISSUES CHAPTER II: ECONOMIC DEVELOPMENT AND THE FINANCIAL HISTORICAL BACKGROUND OF THE POLICY DEBATE 7 2.1 Introduction 7 2.2 Growth-Oriented Analysis: The Role of Finance in Economic Development 9 2.3 Financial Repression Analysis and thc Neoclassical Paradigm: The Policy Framcwork in Financial Markets 11 2.4 On the Impossibiiity of Perfect Financial Markets 15 2.5 New Agcnda of Research 20 2.6 Roles for Government in the Financial Liberalization Process 22 2.7 Policy Framcwork in Developing Market Economies 24 2.8 Concluding Comments 25 CHAPTER III: MARKET ORIENTED POLİCY TRENDS: FINANCIAL LIBERALIZATION İN A CHANGING WORLD 29 3.1 Introduction 29 3.2 Impact of Technology on Changes in Financial Markets 29 3.3 Impact of Past Experiencc and Rcgulatory Pressures for Financial Change 30 3.4 Increasing Uncertainty of the Economic Environment and Financial Change Process 31 3.5 Increased Compctition and Financial Change 32 3.6 Financial Change in Developing Market Economies 33 3.7Concluding Comments 34 CHAPTER IV: AN ATTEMPT TOWARDS A METHODOLOGY OF FINANCIAL LIBERALIZATION 37 4.1 Introduction 37 4.2 The Roies of Financial Markets 38 4.3 Phases of Financial Liberalization Processes 39 4.4 Public Policy Objectives in the Financial Liberalization Process: Measures Involved in Different Phases 43 4.5 Dynamics of Bchavioural Change: Theoretical Background of Myopia on Ihe Parl of Economic Agents 45 4.6 Concluding Comments 47 PART II TURKEY'S FINANCIAL LIBERALIZATION IN THE 1980'S CHAPTER V: SALIENT FEATURES OF THE 1980-1992 POLICY EXPERIENCE İN TURKEY 53 5.1 Introduction 53 5.2 Salient Features of the Liberalization Process 54 5.3 Stabilization Over-determines Liberalization 57 5.4 Concluding Comments 60 CHAPTER VI: POST-1980 PUBLIC POLİCY MEASURES TOWARDS FINANCIAL LIBERALIZATION 63 6.1 Introducüon 63 6.2 The Financial Crisis of 1982 and Its Significance 63 6.3 The Financial Sector Reform in Perspective 65 6.4 Measures to Limit Government Intervention to Bilateral Transactions 66 6.5 The Second Phase of the Reform Process 69 6.6 Concluding Comments 77 PART III THE PERFORMANCE OF FINANCIAL LIBERALIZATION POLICIES IN TURKEY CHAPTER VII: FINANCIAL SYSTEM IN THE POST-REFORM PERIOD: POLICY OBJECTIVES AND PERFORMANCE EVALUATION 81 7.1 Introduction 81 7.2 General Overview of the Results of Financial Liberalization Process in Turkey 82 7.3 The Charactcristics of the Period Under Analysis 85 7.4 Increase in the Size of the Financial Sector 86 7.5 Increase in the Volume of Domestic Savings and Investments 88 7.6 Positive High Real Rates of Interest 91 7.7 Short-term Capital Inflows and Exchange Rate Appreciation 95 7.8 Concluding Comments 98 CHAPTER VIII: THE IMPACT OF PUBLIC POLICY MEASURES ON FINANCIAL DECISION MAKING 101 8.1 Introduction 101 8.2 Characteristics of Change in Turkish Financial Markets: An Evaluation of Performance Results 102 8.3 Developmcnts in Individual Markets and Financial Change 112 8.4 Conciuding Comments 138 CHAPTER IX: CONCLUSIONS 141 REFERENCES 145.


Book Synopsis Public Policies Towards Financial Liberalization by : Güven Sak

Download or read book Public Policies Towards Financial Liberalization written by Güven Sak and published by . This book was released on 1995 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: TABLE OF CONTENTS ABSTRACT IV ÖZ V ACKNOWLEDGEMENTS VI LIST OF TABLES VII CHAPTERI: INTRODUCTION 1 PART I FROM FINANCIAL REPRESSION TO FINANCIAL LIBERALIZATION: THEORETICAL AND RESEARCH ISSUES CHAPTER II: ECONOMIC DEVELOPMENT AND THE FINANCIAL HISTORICAL BACKGROUND OF THE POLICY DEBATE 7 2.1 Introduction 7 2.2 Growth-Oriented Analysis: The Role of Finance in Economic Development 9 2.3 Financial Repression Analysis and thc Neoclassical Paradigm: The Policy Framcwork in Financial Markets 11 2.4 On the Impossibiiity of Perfect Financial Markets 15 2.5 New Agcnda of Research 20 2.6 Roles for Government in the Financial Liberalization Process 22 2.7 Policy Framcwork in Developing Market Economies 24 2.8 Concluding Comments 25 CHAPTER III: MARKET ORIENTED POLİCY TRENDS: FINANCIAL LIBERALIZATION İN A CHANGING WORLD 29 3.1 Introduction 29 3.2 Impact of Technology on Changes in Financial Markets 29 3.3 Impact of Past Experiencc and Rcgulatory Pressures for Financial Change 30 3.4 Increasing Uncertainty of the Economic Environment and Financial Change Process 31 3.5 Increased Compctition and Financial Change 32 3.6 Financial Change in Developing Market Economies 33 3.7Concluding Comments 34 CHAPTER IV: AN ATTEMPT TOWARDS A METHODOLOGY OF FINANCIAL LIBERALIZATION 37 4.1 Introduction 37 4.2 The Roies of Financial Markets 38 4.3 Phases of Financial Liberalization Processes 39 4.4 Public Policy Objectives in the Financial Liberalization Process: Measures Involved in Different Phases 43 4.5 Dynamics of Bchavioural Change: Theoretical Background of Myopia on Ihe Parl of Economic Agents 45 4.6 Concluding Comments 47 PART II TURKEY'S FINANCIAL LIBERALIZATION IN THE 1980'S CHAPTER V: SALIENT FEATURES OF THE 1980-1992 POLICY EXPERIENCE İN TURKEY 53 5.1 Introduction 53 5.2 Salient Features of the Liberalization Process 54 5.3 Stabilization Over-determines Liberalization 57 5.4 Concluding Comments 60 CHAPTER VI: POST-1980 PUBLIC POLİCY MEASURES TOWARDS FINANCIAL LIBERALIZATION 63 6.1 Introducüon 63 6.2 The Financial Crisis of 1982 and Its Significance 63 6.3 The Financial Sector Reform in Perspective 65 6.4 Measures to Limit Government Intervention to Bilateral Transactions 66 6.5 The Second Phase of the Reform Process 69 6.6 Concluding Comments 77 PART III THE PERFORMANCE OF FINANCIAL LIBERALIZATION POLICIES IN TURKEY CHAPTER VII: FINANCIAL SYSTEM IN THE POST-REFORM PERIOD: POLICY OBJECTIVES AND PERFORMANCE EVALUATION 81 7.1 Introduction 81 7.2 General Overview of the Results of Financial Liberalization Process in Turkey 82 7.3 The Charactcristics of the Period Under Analysis 85 7.4 Increase in the Size of the Financial Sector 86 7.5 Increase in the Volume of Domestic Savings and Investments 88 7.6 Positive High Real Rates of Interest 91 7.7 Short-term Capital Inflows and Exchange Rate Appreciation 95 7.8 Concluding Comments 98 CHAPTER VIII: THE IMPACT OF PUBLIC POLICY MEASURES ON FINANCIAL DECISION MAKING 101 8.1 Introduction 101 8.2 Characteristics of Change in Turkish Financial Markets: An Evaluation of Performance Results 102 8.3 Developmcnts in Individual Markets and Financial Change 112 8.4 Conciuding Comments 138 CHAPTER IX: CONCLUSIONS 141 REFERENCES 145.

Financial Liberalization

Financial Liberalization

Author: P. Arestis

Publisher: Springer

Published: 2005-09-08

Total Pages: 172

ISBN-13: 0230522386

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The financial liberalization thesis emerged in the 1970s and has been of considerable importance ever since, not merely in terms of its theoretical influence but, perhaps more importantly, in terms of its impact on policy makers and policy debates. Although it has encountered increasing scepticism over the years, it nevertheless had a relatively early impact on development policy, which still continues unabated, through the work of the IMF and the World Bank. The latter two institutions, perhaps in their traditional role as promoters of what were claimed to be free market conditions, were keen to encourage financial liberalization policies as part of more general reforms or stabilization programmes. This book explores what we have learned from the vast experience of the theoretical and policy aspects of the financial liberalization.


Book Synopsis Financial Liberalization by : P. Arestis

Download or read book Financial Liberalization written by P. Arestis and published by Springer. This book was released on 2005-09-08 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial liberalization thesis emerged in the 1970s and has been of considerable importance ever since, not merely in terms of its theoretical influence but, perhaps more importantly, in terms of its impact on policy makers and policy debates. Although it has encountered increasing scepticism over the years, it nevertheless had a relatively early impact on development policy, which still continues unabated, through the work of the IMF and the World Bank. The latter two institutions, perhaps in their traditional role as promoters of what were claimed to be free market conditions, were keen to encourage financial liberalization policies as part of more general reforms or stabilization programmes. This book explores what we have learned from the vast experience of the theoretical and policy aspects of the financial liberalization.

States, Banks, And Markets

States, Banks, And Markets

Author: Nancy Auerbach

Publisher: Routledge

Published: 2018-03-05

Total Pages: 200

ISBN-13: 0429976798

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In States, Banks, and Markets Nancy Neiman Auerbach approaches financial policymaking as a strategic interaction between two sets of domestic actors: private financiers and state officials. Through a comparative lens, Auerbach explains why the transition to financial liberalization was accompanied by economic crisis and declining growth rates in countries such as Mexico, while the same policy was associated with higher growth rates and a relatively more equitable distribution of income in other countries such as South Korea and Hong Kong.Auerbach first sets up a theoretical foundation that underlies the comparative case studies, and she then follows with a detailed account of Mexico's transition to financial liberalization in the 1980s. The author systematically compares various countries' cases--Germany, South Korea, Hong Kong, Turkey--with Mexico as a means of underscoring the central and recurring themes illustrated by financial market politics in newly industrializing countries. The author then returns to her analysis of Mexico with an examination of the Mexican peso crisis in light of the recent financial crises in Asia. Auerbach not only demonstrates how the timing and duration of the liberalization process is the element differentiating the performance of newly industrializing countries (rather than financial liberalization itself), for she takes the analysis a step further by explaining the economic and political preconditions that put a country in the position to choose a reasonable reform path.


Book Synopsis States, Banks, And Markets by : Nancy Auerbach

Download or read book States, Banks, And Markets written by Nancy Auerbach and published by Routledge. This book was released on 2018-03-05 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: In States, Banks, and Markets Nancy Neiman Auerbach approaches financial policymaking as a strategic interaction between two sets of domestic actors: private financiers and state officials. Through a comparative lens, Auerbach explains why the transition to financial liberalization was accompanied by economic crisis and declining growth rates in countries such as Mexico, while the same policy was associated with higher growth rates and a relatively more equitable distribution of income in other countries such as South Korea and Hong Kong.Auerbach first sets up a theoretical foundation that underlies the comparative case studies, and she then follows with a detailed account of Mexico's transition to financial liberalization in the 1980s. The author systematically compares various countries' cases--Germany, South Korea, Hong Kong, Turkey--with Mexico as a means of underscoring the central and recurring themes illustrated by financial market politics in newly industrializing countries. The author then returns to her analysis of Mexico with an examination of the Mexican peso crisis in light of the recent financial crises in Asia. Auerbach not only demonstrates how the timing and duration of the liberalization process is the element differentiating the performance of newly industrializing countries (rather than financial liberalization itself), for she takes the analysis a step further by explaining the economic and political preconditions that put a country in the position to choose a reasonable reform path.

Positive Financial Liberalization

Positive Financial Liberalization

Author: Pavel A. Chernyshov

Publisher:

Published: 2004

Total Pages: 84

ISBN-13:

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Book Synopsis Positive Financial Liberalization by : Pavel A. Chernyshov

Download or read book Positive Financial Liberalization written by Pavel A. Chernyshov and published by . This book was released on 2004 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Growth and Structural Reforms

Growth and Structural Reforms

Author: Mr.Thierry Tressel

Publisher: International Monetary Fund

Published: 2009-12-01

Total Pages: 54

ISBN-13: 1451874294

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This paper presents a simultaneous assessment of the relationship between economic performance and three groups of economic reforms: domestic finance, trade, and the capital account. Among these, domestic financial reforms, and trade reforms, are robustly associated with economic growth, but only in middle-income countries. In contrast, we do not find any systematic positive relationship between capital account liberalization and economic growth. Moreover, the effect of domestic financial reforms on economic growth in middle-income countries is explained by improvements in measured aggregate TFP growth, not by higher aggregate investment. We present evidence that variation in the quality of property rights helps explain the heterogeneity of the effectiveness of financial and trade reforms in developing countries. The evidence suggests that sufficiently developed property rights are a precondition for reaping the benefits of economic reform. Our results are robust to endogeneity bias and a number of alternative specifications.


Book Synopsis Growth and Structural Reforms by : Mr.Thierry Tressel

Download or read book Growth and Structural Reforms written by Mr.Thierry Tressel and published by International Monetary Fund. This book was released on 2009-12-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a simultaneous assessment of the relationship between economic performance and three groups of economic reforms: domestic finance, trade, and the capital account. Among these, domestic financial reforms, and trade reforms, are robustly associated with economic growth, but only in middle-income countries. In contrast, we do not find any systematic positive relationship between capital account liberalization and economic growth. Moreover, the effect of domestic financial reforms on economic growth in middle-income countries is explained by improvements in measured aggregate TFP growth, not by higher aggregate investment. We present evidence that variation in the quality of property rights helps explain the heterogeneity of the effectiveness of financial and trade reforms in developing countries. The evidence suggests that sufficiently developed property rights are a precondition for reaping the benefits of economic reform. Our results are robust to endogeneity bias and a number of alternative specifications.

IEO Evaluation Report on the IMF's Approach to Capital Account Liberalization 2005

IEO Evaluation Report on the IMF's Approach to Capital Account Liberalization 2005

Author: International Monetary Fund. Independent Evaluation Office

Publisher: International Monetary Fund

Published: 2005-08-09

Total Pages: 114

ISBN-13: 1589064151

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Drawing on evidence from a sample of emerging market economies over the period 1990-2004, this evaluation report reviews the IMF’s approach to capital account liberalization and related issues. The evaluation seeks to contribute to transparency by documenting what in practice has been the IMF's approach to these issues and to identify areas where the IMF’s instruments and operating methods might be improved, in order to deal with these issues more effectively.


Book Synopsis IEO Evaluation Report on the IMF's Approach to Capital Account Liberalization 2005 by : International Monetary Fund. Independent Evaluation Office

Download or read book IEO Evaluation Report on the IMF's Approach to Capital Account Liberalization 2005 written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2005-08-09 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on evidence from a sample of emerging market economies over the period 1990-2004, this evaluation report reviews the IMF’s approach to capital account liberalization and related issues. The evaluation seeks to contribute to transparency by documenting what in practice has been the IMF's approach to these issues and to identify areas where the IMF’s instruments and operating methods might be improved, in order to deal with these issues more effectively.

Financial Liberalization and Financial Fragility

Financial Liberalization and Financial Fragility

Author: Asli Demirgüç-Kunt

Publisher: World Bank Publications

Published: 1998-06-01

Total Pages: 53

ISBN-13:

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A study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant institutional characteristics. the data also show that, after liberalization, financially repressed countries tend to have improved financial development even if they experience a banking crisis. This is not true for financially restrained countries. This paper’s results support a cautious approach to financial liberalization where institutions are weak, even if macroeconomic stabilization has been achieved.


Book Synopsis Financial Liberalization and Financial Fragility by : Asli Demirgüç-Kunt

Download or read book Financial Liberalization and Financial Fragility written by Asli Demirgüç-Kunt and published by World Bank Publications. This book was released on 1998-06-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant institutional characteristics. the data also show that, after liberalization, financially repressed countries tend to have improved financial development even if they experience a banking crisis. This is not true for financially restrained countries. This paper’s results support a cautious approach to financial liberalization where institutions are weak, even if macroeconomic stabilization has been achieved.

Financial Liberalization and Economic Performance

Financial Liberalization and Economic Performance

Author: Luiz Fernando de Paula

Publisher: Taylor & Francis

Published: 2012-07-26

Total Pages: 273

ISBN-13: 1136854908

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Since the beginning of the 1990s, Brazil has followed a pattern of economic development inspired by Washington Consensus. This framework includes a set of liberalising and market friendly policies such as privatisation, trade liberalization, stimulus to foreign direct investment, tax reform, and social security reforms. This book assesses the determinants and impacts of financial liberalisation in Brazil considering its two dimensions: the opening up of the balance of payments capital account, and the penetration by foreign bank of the domestic banking sector. The author combines theoretical and empirical analyses. Some make use of mathematical models and/or statistical techniques; however, they are only used when they are strictly necessary to the analysis.


Book Synopsis Financial Liberalization and Economic Performance by : Luiz Fernando de Paula

Download or read book Financial Liberalization and Economic Performance written by Luiz Fernando de Paula and published by Taylor & Francis. This book was released on 2012-07-26 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the beginning of the 1990s, Brazil has followed a pattern of economic development inspired by Washington Consensus. This framework includes a set of liberalising and market friendly policies such as privatisation, trade liberalization, stimulus to foreign direct investment, tax reform, and social security reforms. This book assesses the determinants and impacts of financial liberalisation in Brazil considering its two dimensions: the opening up of the balance of payments capital account, and the penetration by foreign bank of the domestic banking sector. The author combines theoretical and empirical analyses. Some make use of mathematical models and/or statistical techniques; however, they are only used when they are strictly necessary to the analysis.