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The Capital Markets Liberalization task force aims to build a comprehensive and balanced view of alternative approaches to capital market liberalization. IPD's task force questions conventional assumptions about capital market liberalization, and examines whether and under what conditions, such policies promote overall macro-economic growth and stability rather than poverty and instability. Additional questions for inquiry include the effectiveness of capital market liberalization, the process and preconditions of capital market liberalization, and the need for global reforms to precede or accompany it. Capital Market Liberalization Task Force Chairs: Jose Antonio Ocampo - Under-Secretary-General for Economic and Social Affairs, United Nations Joseph Stiglitz - Professor, Columbia University Economics Department, Graduate School of Business, School of International and Public Affairs
Read more about the IPD CML Task Force  |
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| IPD Book Series: Capital Market Liberalization and Development |
| Publication: Edited by Joseph E. Stiglitz and Jose Antonio Ocampo |
| Capital market liberalization has been a key battle in the debate on globalization for much of the previous two decades. In an effort to answer some of the critical policy debates surrounding capital market liberalization, this volume brings together some of the leading researchers and practitioners in the field, to provide an analysis of both the risks and alternate policy options available to enhance macroeconomic management. |
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| IPD Book Series: Stability with Growth |
| Publication: Joseph E. Stiglitz, Jose Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar |
This new book presents the current debates on macroeconomics, capital market liberalization, and development. It then begins to develop a new framework to assess alternative policies. This new framework focuses on real stability and long-term sustainable and equitable growth, offers a variety of non-standard ways to stabilize the economy and promote growth, and accepts that market imperfections necessitate government interventions.
The first part of the book introduces the key questions and looks at the objectives of economic policy from conservative, Keynesian, and heterodox perspectives. The second part examines the central issues of macroeconomics, presenting an analysis of economic models and policies from different perspectives. The third part presents a similar analysis for capital market liberalization (CML).
Stability with Growth may be purchased on Amazon.com . |
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| Task Force Books: Capital Markets Liberalization and Macroeconomics Overview Book |
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| This year the Macroeconomics Task Force and the Capital Markets Liberalization Task Force will be publishing an overview book for Policymakers and Civil Society. This book begins with a "Point-Counterpoint: A Citizen's Handbook on Economic Controversies", in which we present the both sides of the latest debates on macroeconomics and capital markets liberalization. In the second part of the book we examine the central issues of macroeconomics, presenting in a more systematic way an analysis of objectives, models, and policy perspectives on stabilization. We then examine the central issues of capital market liberalization. |
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| Task Force Books: Capital Markets Liberalization Volume I |
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| The Capital Markets Liberalization task force members are producing a Companion Volume that will address in more depth specific topics and debates covered in the Overview Chapter. Click the link for a full outline of the book. |
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| Capital Market Liberalization, Globalization, and the IMF |
| Article Link: by Joseph Stiglitz |
| One of the most controversial aspects of globalization is capital-market liberalization -- not so much the liberalization of rules governing foreign direct investment, but those affecting short-term capital flows, speculative hot capital that can come into and out of a country. In the 1980s and the 1990s, the IMF and the US Treasury tried to push capital-market liberalization around the world, encountering enormous opposition, not only from developing counties, but from economists who were less enamored of the doctrines of free and unfettered markets, of market fundamentalism, that were at the that time being preached by the international economic institutions. The economic crises of the late 1990s and the early years of the new millennium, which were partly, or even largely, attributable to capital-market liberalization, reinforced those reservations. This paper takes as its point of departure a recent IMF paper, to provide insights both in how the IMF could have gone so wrong in its advocacy of capital-market liberalization and into why capital-market liberalization has so often led to increased economic instability, not to economic growth. See also the accompanying slide presentation |
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