The overall impact of financial globalization on the domestic financial sector is profound. Liberalization of capital flows has effectively made domestic financial repression obsolete. The consequences have not been uniformly favorable. Following liberalization, domestic interest rates in developing countries have moved to a premium over industrial country rates, and can surge at times of currency speculation. Heightened interest rate and exchange...
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INFORMATION
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2001/04/30
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Publication
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22239
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1
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1
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2010/07/01
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Finance for growth : policy choices in a volatile world
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financial system
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