Macroeconomic aspects of financial liberalization

Authors

  • Rajmund Mirdala Technical University of Košice, Faculty of Economics, Department of Economic Theories, Slovakia

DOI:

https://doi.org/10.2298/PAN0604439M

Keywords:

Capital account liberalization, Financial liberalization, Financial integration

Abstract

The positive and the negative macroeconomic aspects of the financial liberalization for the developing and emerging economies are well described in the present literature. But it is not easy to clearly summarize the final effects of the financial integration on the certain country. For instance the argument about the growth benefits of the capital account liberalization is likely to be inadequate considering the financial crises in the emerging markets at the end of the last century. On the other hand, many authors (especially in the financial literature) report that the equity market liberalizations help to significantly boost the economic growth. There are also some examples on the microeconomic level (firm level or industry level) when the international financial integration brings certain benefits to the integrated enterprises and the capital flows restriction leads to the distortionary effects. In the paper we analyze the macroeconomic effects of the capital flows liberalization.

Key words: Capital account liberalization, Financial liberalization, Financial integration.
JEL: F15, F36, F41.

Downloads

Download data is not yet available.

Downloads

Published

2006-10-10

How to Cite

Mirdala, R. (2006). Macroeconomic aspects of financial liberalization. Panoeconomicus, 53(4), 439–456. https://doi.org/10.2298/PAN0604439M

Issue

Section

Original scientific paper