Sequencing of Reforms, Financial Globalization, and Macroeconomic Vulnerability

Sebastian Edwards

NBER Working Paper No. 14384
Issued in October 2008

---- Acknowledgments ----

This is a revised version of a paper presented at the TRIO Conference, Tokyo, September, 4-5, 2007. I thank Alberto Naudon for his assistance. I have benefited from conversations with Anella Munro. I thank the conference participants for their suggestions; I also thank seminar participants at the Australian National University for their comments. I am grateful to Masahiro Kawai, Takeo Hoshi and an anonymous referee for helpful comments and suggestions. I thank Barry Eichengreen and Ugo Panizza for making available their data on liability mismatch in the banking system. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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