Ocampo et al. point out that capital market liberalization may exacerbate the market inefficiencies, increasing volatility and reducing the efficiency with which resources are allocated. Häusler et al. think that a strong banking system is likely to play a key role in facilitating the development of local securities and derivatives. Smith and Walter focus on the role of financial markets and their respective institutions and the faultlines in the system that have come to light. (pp. 119–123)

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PhD C., University of Craiova

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