@article{oai:nagoya.repo.nii.ac.jp:00004754,
 author = {栁坪, めぐみ and Yanagitsubo, Megumi},
 journal = {国際開発研究フォーラム, Forum of International Development Studies},
 month = {Mar},
 note = {As the experiences of the East Asian economies suggest, capital account liberalisation may bring about both costs and benefits. Financial instability, however, may be caused not by capital account liberalisation per se, but by inconsistent supporting policies and deficient institutional frameworks, such as insufficient prudential regulation and monitoring, weaknesses of the domestic financial sector and inflexible exchange rate policies. Therefore, this paper examines the relationship between capital account liberalisation in the pre-crisis period and the financial crises in East Asia, by looking at both crisis-economies and noncrisis economies. Financial liberalisation of the East Asian economies can be divided into four patterns according to the relationship between domestic sector reform and capital account liberalisation. In particular, one significant feature of the crisis economies’ liberalisation is that removal of controls on short-term capital inflows preceded the establishment of sound domestic financial systems. The result of empirical analysis using the leading indicator approach support to the argument that liberalisation of speculative, short-term capital inflows without the necessary preparation, which includes sufficient international liquidity, may lead to financial fragility. Although this paper focuses on the effects of capital account liberalisation of the pre-crisis period on the financial crisis, it is also important to note the relationship between the pattern of liberalisation and the severity of the crisis. Further development of this research is expected.},
 pages = {131--157},
 title = {資本自由化と金融危機 東アジアにおける自由化パターンとその影響},
 volume = {23},
 year = {2003}
}