The most significant impact of IT has been the manner in which it has facilitated financial transactions across the globe. Effective use of technology has a multiplier effect on growth and development of the economy. IT plays a fundamental role in banking.
Capital account liberalisation Liberalisation of the capital account has been a gradual process with a distinction being made between households, corporates and financial intermediaries, along with the  BIS Review 28/2008  1  recognition of a hierarchy of preferences for capital flows. The equity markets are more liberalised, relative to debt markets.