TY  - BOOK
AU  - Henry,Peter Blair
AU  - Lorentzen,Peter Lombard
ED  - National Bureau of Economic Research.
TI  - Domestic Capital Market Reform and Access to Global Finance: Making Markets Work 
T2  - NBER working paper series
PY  - 2003///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - November 2003; Hardcopy version available to institutional subscribers
N2  - Contrary to the predictions of standard economic theory, capital market liberalization has been a mixed blessing for many countries. Liberalization of debt inflows exposes economies to the risk of crises stemming from sudden changes in investor sentiment. Equity market liberalizations, on the other hand, have promoted growth in almost every liberalizing country. Yet equity market liberalizations have not had as strong an effect as might be expected. To convince outsiders to invest, countries must put in place laws and supporting institutions to protect the rights of minority shareholders. Countries with such protections tend to have larger, more efficient, and more stable stock markets than those that do not
UR  - https://www.nber.org/papers/w10064
UR  - http://dx.doi.org/10.3386/w10064
ER  -