Recent decades have seen a wave of liberalization in the markets for goods and services and financial markets and the development of financial systems. This has resulted in a series of benefits - illustrated by the development of the financial sectors of developing countries - and potential costs - rising uncertainty, increasing financial instability and a greater probability of crises. The characteristics and extent of the net benefits - in terms of financial stability - of waves of internal and external financial liberalization are the subject of a controversial debate, which remains today the main occupation of public authorities in developed countries and developing countries (Including Tunisia and Morocco).
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