Abstract
Financial market liberalisation used to be the most controversial policy among those included in the agenda of the Structural Adjustment Plans developed in the late 1980s for Latin American countries. Some claimed that financial liberalisation promoted domestic financial development, enhancing, therefore, efficiency in credit allocation: credit would be better allocated to the most productive activities, which in turn would contribute to longterm growth. Others suggested that financial liberalisation would mostly motivate speculative behaviour, boosting, therefore, financial fragility and thus increasing the risk of economic crises.
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Arza, V., Español, P. (2010). Speculative Financial Behaviour and Financial Fragility in Developing Countries: The Case of Argentina 1992–2001. In: Tavasci, D., Toporowski, J. (eds) Minsky, Crisis and Development. Palgrave Macmillan, London. https://doi.org/10.1057/9780230292321_16
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DOI: https://doi.org/10.1057/9780230292321_16
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