This paper reviews briefly the arguments for capital market liberalization, and identifies their theoretical and empirical weaknesses. This provides the foundations for the argument for intervention in short-term capital flows. The paper concludes with a brief discussion of the various ways in which such interventions may be implemented.
Stiglitz, Joseph. "Capital Market Liberalization, Economic Growth and Instability." World Development 28, no. 6 (2000): 1075-86.
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