Document Type



Politics (Scripps), Politics and Economics (CGU)

Publication Date



Economic Policy | Economics | Economic Theory | International Economics | Political Economy


Debates continue to rage about the causes of recent currency and financial crises around the globe and their implications for the desirability of domestic and international financial liberalization. Beneath the heated exchanges of the most vocal disputants, a quiet consensus is beginning to emerge among serious scholars and policy officials. The big lesson from these crises is that while financial liberalization is still a desirable goal, it must be approached very carefully. It’s not just that without the proper pre-conditions liberalization will not provide full benefits. The results can sometimes be disastrous. What was once considered to be an arcane topic of interest only to a few economic and financial experts – the optimal sequencing of reforms – has forced itself front and center.


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© 2003 Nancy Neiman Auerbach and Thomas D. Willett

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