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Ms. Patricia A Reynolds

In the wake of the 1990s’ experience with economic and financial crises, there has been considerable debate about the reforms needed to make the global financial system more stable. A key area of contention is the role played by financial liberalization. In a February 23 seminar at the IMF Institute, Joshua Aizenman, professor of economics at the University of California at Santa Cruz, examined the complex trade-off between liberalization’s adverse intermediate effects and its more arguable long-run benefits. He cautioned that successful reforms will need to factor in market imperfections.