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The reform of finance system in developing countries has startedfrom the middle of 1970s, directed by Ronald I. McKinnon and Edward S.Shaw’s financial deepening theories. From then on, many developingcountries in Asia and Latin America stepped on the great road of financialliberalization in wide scope, driven by economic and financialglobalization and their own demand of macro economic reform. Althoughthere are many difference on these countries’ reform policies in theprocess of financial libera...
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