Integration of the developing national economies into the evolving world financial system has been achieved by a series of policies aimed at liberalizing their financial sectors. The motive behind liberalization was to restore growth and stability by raising savings and improving economic efficiency. A major consequence, however, has been the exposure of these economies to short-term capital movements, which have increased financial instability and caused a series of financial crises in the developing countries.


Central Bank Banking Sector Domestic Economy Current Account Balance Financial Liberalization 
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© International Development Research Centre 1998

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