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Capital Market Liberalization and Development$
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José Antonio Ocampo and Joseph E. Stiglitz

Print publication date: 2008

Print ISBN-13: 9780199230587

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780199230587.001.0001

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Capital Market Liberalization and Poverty

Capital Market Liberalization and Poverty

(p.121) 5 Capital Market Liberalization and Poverty
Capital Market Liberalization and Development

Andrew Charlton

Oxford University Press

This chapter reviews the evidence on the effects of capital market liberalization on the poor in developing countries. Existing literature has failed to find a robust link between CML and economic growth. The chapter concludes that CML can exacerbate poverty and inequality because it increases macroeconomic volatility. In addition, financial integration can infringe upon governments' policy-making autonomy and reduce the scope for spending on pro-poor programs. Policy makers should be selective when introducing reforms; orthodox policies pushing CML as part of a liberalization package could be harmful for the poor and requires attention to sequencing and complementary policies to alleviate negative effects.

Keywords:   capital market liberalization, inequality, financial crisis, macroeconomic volatility

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