We are hopeful that this  2  BIS Review 125/2007  process will facilitate capital market development and the first paper after the lunch break will address some of the issues relating to financial liberalization and the implications for capital market development.
We are mindful here that the South East Asian capital markets were highly liberalized – in fact that is why money was able to move out so quickly in 1997. Yet everything points to the fact that financial liberalization assists in capital market development, particularly if they have global objectives.