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Oręziak Leokadia
Liberalizacja przepływów kapitałowych a kryzys na rynkach wschodnich
Liberalisation of Capital Flow and a Crisis on Eastern Markets
Zeszyty Naukowe / Szkoła Główna Handlowa. Kolegium Gospodarki Światowej, 1999, nr 6, s. 20-34
Międzynarodowe rynki finansowe, Kryzys finansowy państwa, Liberalizm gospodarczy
International financial markets, State financial crisis, Laissez faire
Azja Wschodnia
Eastern Asia
Omówiono kryzys finansowy, jaki w 1997 r. i 1998 r. dotknął kraje Azji Południowo-Wschodniej. Zwrócono uwagę na zależność między kryzysami a wprowadzeniem liberalizacji przepływów gotówkowych.

The financial crisis that hit the South-East Asian countries very clearly brought before everyone's eyes the risks attending free capital flow in international exchange. This crisis also made some of these countries consider restoring restrictions to already liberalised capital transactions. Restoration of those restrictions was recognised as a solution enabling relatively rapid stabilisation of depreciating currencies and reduction of interest rates, both essential to improving the state of the economy. Developing countries and countries undergoing economic transformation, with relatively limited domestic capital resources, are particularly interested in making use of resources accessible on the international financial market. Liberalisation by those countries of capital turnover balance transactions gives them the chance of greater investment, and has the effect of accelerating economic growth and improvement in the standard of living of their populations. The experiences of many countries show that capital flow liberalisation that is inadequately prepared and without solid foundations carries the danger of a serious banking crisis in the country concerned. Studies can be presented, which show that in 18 out of 25 studied banking crises, the countries affected (e.g., Brazil, Chile, Venezuela) introduced significant liberalisation in the five years preceding the crisis. This points to the existence of a cause-and-effect link between those crises and liberalisation of capital flow.(original abstract)
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