FINANCIAL LIBERALISATION, STOCKMARKETS AND ECONOMIC DEVELOPMENT*
聚焦20世纪80-90年代发展中国家股票市场在金融自由化中的作用，分析公司融资模式与主流模型预测的矛盾，并探讨外资流动、股市与汇市互动对实体经济稳定和长期增长的影响。
The paper concentrates on the role of the stock markets in the liberalisation process in DCs in the 1980s and 1990s, and explores, among other things, their effects on the financing of corporate growth. The observed financing patterns will be seen to contradict the predictions of most economic models, and are therefore surprising not just for the M.S, but also for other economists. At the macro-economic level, the paper considers foreign portfolio f1ows, the interactions between the stock and the currency markets, and their implications for the stability of the real economy and its long-term growth.