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  • 1 0000000404811396 Monetary Fund


Financial sector liberalization was high on the agenda of policymakers during the last quarter of the twentieth century. But there were significant differences in the pace and scale of reform. This pamphlet examines the factors triggering-or impeding and even reversing-financial reform in 35 economies, both industrial and developing.

The Economic Issues Series

Abdul Abiad is an Economist in the IMF’s European Department. He co-authored this study while in the IMF’s Research Department, where he worked mainly on financial sector issues. He has a Ph. D. from the University of Pennsylvania.

Ashoka Mody is Assistant Director in the IMF’s European Department. He has published widely in academic and professional journals and is the author and editor of several books on finance and development. Before joining the IMF, he had an extended career with the World Bank, where he managed the Global Development Finance Report in his last assignment. He previously worked at AT&T’s Bell Laboratories and has been a Visiting Professor at the Wharton School of the University of Pennsylvania. He has a Ph. D. from Boston University.

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