ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Financial Liberalisation Issues and Evidence

Financial Liberalisation: Issues and Evidence Yoon Je Cho Deena Khatkhate The authors' examination of the experience of financial liberalisation in five Asian countries leads to the broad conclusion that although financial liberalisation is desirable, its modality, design and phasing are no less important. In shallow financial markets, full liberalisation does not appear to be the first best policy. Until the non-bank capital market develops and functions effectively and substantial progress is made in regard to structural adjustments in trade, industry and the legal system underlying the financial system as a whole, a second best policy may be to have a diminishing degree of government intervention in the financial markets spread over a period of time, deriving guidance from market-related indicators.

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