Rajan, Ramkishen S. creator text xu| 2002 continuing ng p.3017-021. Theory offers a number of plausible benefits from international financial liberalisation. However, a careful examination of available empirical literature on the subject suggests much less reason to be sanguine about the benefits. In view of the widely-noted concerns regarding short-term indebtedness, a strong case can be made for the setting of prudential limits on the amount of short-term debt that a country can accumulate. Somewhat less clear is what steps need to be taken to reduce vulnerability due to uncovered long-term foreign currency borrowing. - Reproduced. Liberalization Financial administration Economic and Political Weekly 180718