These first steps of development of a proper capital market within the meaning used in developed countries are all the more significant because they represent the very driving force of further market growth. However, the development of the debt market must be properly guided to be sustainable and stable, as well as beneficial to all participants and the market itself.
Many crises later, the view has somewhat shifted, in particular, regarding emerging markets and developing countries, which is the group of countries that I will focus my remarks on. Not only can capital flow reversals and in the extreme form sudden stops create significant costs in terms of output losses, financial instability and even political instability.