Financial Liberalization: In Retrospect and the Way Ahead

Piya Mahtaney ()
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Piya Mahtaney: St. Xavier’s College

Chapter Chapter 6 in Structural Transformation, 2021, pp 107-132 from Springer

Abstract: Abstract The present investment flows fall far short of present requirements; the chapter will begin with an overview of the reasons, and in doing so, it will demonstrate that looking ahead tapping most growth opportunities will critically depend on taking a medium or long-term approach. This is in veritable contrast to what has prevailed for over two decades in the global financial system which almost encapsulated by what may be termed as short-termism. This chapter does not rehash the argument against financial liberalization, as a matter of fact it demonstrates that there exists an exigent need for a deeper and continued process of liberalization in the context or realm of long-term finance. It will then proceed with a substantiation of the criticality of stepping up the pace of financial development. This will be followed by an enumeration of the main changes in post-crisis financial regulation, and in doing so, it will demonstrate that the “existence political economy of reform” wields a discernible influence in determining the expediency, continuity and nature of reform.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-33-4662-8_6

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DOI: 10.1007/978-981-33-4662-8_6

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