A fundamental issue in undertaking capital account liberalization is how to reap the benefits from capital market access while coping safely with the risks associated with international capital flows.

At the beginning of the 1990s, policy doctors were almost unanimous in advocating a strong dose of capital and financial market liberation for developing countries as a way to improve their prospects ...

The Chinese Communist Party’s prioritizing of political control over economic efficiency stands in the way of China’s rise in global finance. When China’s policymakers launched the ...

In most countries’ experience, the course of financial liberalization—much like the course of true love in Shakespeare—”never did run smooth.” The process of reforming an economy from one where the ...

As it transforms from an economic backwater to the most connected hub in the global economy, China is driving seismic changes, within its own borders and beyond. It is the second time in recent ...