Did financial liberalisation help developing countries?

The San Francisco Fed's latest Economic Letter is a piece by Joshua Aizenman from UC Santa Cruz on Financial liberalization: How well has it worked for developing countries? It looks at how the expectation that "a strong dose of capital and financial market liberation" would improve prospects for economic growth in developing countries by making foreign saving available to local entrepreneurs, who would invest it.

Have the waves of market-oriented liberalisation that swiftly followed had the desired effect? Aizenman draws on his 2004 paper Sources for Financing Domestic Capital, which evaluated the patterns of capital stock financing of developing countries in the 1990s. He concludes:

The results indicate that the period was, indeed, characterized by a rapid increase in gross capital flows, but that self-financing ratios in developing countries remained stable. This approach does not permit an inference about direct causality... Rather, all that can be inferred is that, despite greater financial integration, foreign savings, on average, have not been a viable source of financing developing countries' domestic capital. The main benefit would seem to be greater financial diversification.

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