Prasad, Eswar S.; Rajan, Raghuram G. - In: Journal of Economic Perspectives 22 (2008) 3, pp. 149-72
In the mid-1990s, mainstream economists of nearly all stripes commonly recommended capital account liberalization -- that is, allowing a free flow of funds in and out of a country's economy -- as an essential step in the process of economic development. But then came the East Asian financial...