Introduction to Issues in Finance, Corporate Control, and Growth: Lessons from Developing and Transitional Economies

摘要

The past 15 years have witnessed both an unprecedented volatility in financial flows with associated crises and the rapid transformation of financial systems in many developing and transitional economies. There has been considerable disaccord in the literature about the relationship between these two phenomena. Some argue that the liberalization of capital accounts, deregulation, bank privatization, and deconcentration of corporate ownership via stock markets creates flexibility to deal with increased volatility. Others argue it is the liberalization itself that has created the susceptibility of economies to crises and in turn contributed to the global financial instability. The focus here is to understand the course of events of recent years. It is also to consider alternative designs of corporate and financial structures to cope with the vicissitudes of financial flows while promoting growth and development. Drawing on research on the experience of both transitional and developing countries, this symposium begins to address these fundamental issues.