The scope and limits of financial liberalisation in developing countries: A critical survey
批判性综述了发展中国家金融自由化的理论与经验，指出市场失灵使简单自由化策略不适用，主张将自由化与适合实体经济的金融机构发展相结合。
This article reviews the growing literature on financial reform in developing countries. We draw both on the theoretical contributions outlining the case for and against liberalisation as well as on the experience of many developing countries with liberalisation. We argue that the existence of market failures in financial markets hampers the liberalisation process and indeed suggests that the simple liberalising strategy envisaged in much of the literature is inappropriate. We argue instead for an alternative strategy which integrates some aspects of liberalisation with the development of appropriate financial institutions designed to serve best the needs of the real economy.