The economic mantra of the 1990s, taught by leading economists and institutions alike, was financial openness and capital account convertibility. The echoes are now dying out after the East Asian crisis and the popular approach prevailing is to go in for a kind of tempered financial liberalization where the flood ports are thrown open only after the domestic economy has been put through the paces of internal financial reforms and judicial prudential regulations.
Author: Nandakumar, Parameswar, Barot, Bharat, Wague, Cheick
Source: Indian Institute of Management Kozhikode
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