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Financial Liberalization and Domestic Policy Space: Theory and Practice with Reference to Latin America

In: Financial Liberalization and Economic Performance in Emerging Countries

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  • Jan Kregel

Abstract

Although they were not included in the original policy proposals of the Washington Consensus, opening domestic capital markets to foreign capital inflows and deregulation of domestic capital markets have been a crucial element of structural adjustment policies practised by Latin American developing countries and as part of the conditionality attached to IMF and World Bank lending programmes starting in the 1970s. Sup-port for these measures comes from a straightforward application of the neoclassical approach to efficient distribution of economic resources on a global level. This position still dominates the thinking of multilateral institutions, despite the fact that it is based on a faulty theoretical justification, as demonstrated by the 1960s Cambridge Controversies in the theory of capital.

Suggested Citation

  • Jan Kregel, 2008. "Financial Liberalization and Domestic Policy Space: Theory and Practice with Reference to Latin America," Palgrave Macmillan Books, in: Philip Arestis & Luiz Fernando Paula (ed.), Financial Liberalization and Economic Performance in Emerging Countries, chapter 2, pages 9-25, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-0-230-22774-3_2
    DOI: 10.1057/9780230227743_2
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    Cited by:

    1. Guizzo, Danielle & Strachman, Eduardo & Dalto, Fabiano & Feijo, Carmem, 2018. "Financialisation and Development: how can emerging economies catch up?," MPRA Paper 87076, University Library of Munich, Germany.

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