Korea paper warns developing economies over financial openness
A working paper published by the Bank of Korea this week urged caution among developing countries considering opening up their capital markets.
The paper – Capital Market Openness and Output Volatility, by Kwang-Myoung Hwang, Donghyun Park and Kwanho Shian – analyses the impact of financial openness using data from 21 advanced and 81 developing countries between 1971 and 2010.
The authors find that developing countries suffer greater output volatility as a result of opening their capital markets
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