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July/August 2003, 
Vol. 85, No. 4
Posted 2003-07-01

Equity Market Liberalization in Emerging Markets

by Geert Bekaert, Campbell R. Harvey, and Christian T. Lundblad

This article begins by analyzing the progress that has been made on dating equity market liberalization. The authors examine regulatory changes, the ability of investors to access the local market via proxies such as country funds, and the behavior of foreign portfolio holdings. They also summarize some recent research on the impact of liberalization on the real sector.