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Labondance, F. (2014). Financial Stability and Economic Performance. Economic Modelling, 48, 25–40. De Paula, L. F. (2011). Financial Liberalization and Economic Performance: Brazil at the Crossroads. London: Routledge, Taylor and Francis Group. 38 P.  B. (1996). Financial Restraints in the South Korean Miracle. Journal of Development Economics, 64(2), 459–479. Edwards, S. (1989). On the Sequencing of Structural Reforms. Working Paper, No. 70, OECD Department of Economics and Statistics. Eichengreen, B.

There is also a ‘high chance’ that the framework would push riskier activity into less regulated parts of the 34 P. Arestis financial system. Clearly, then, Basel III has failed to correct the mechanism through which the main cause of the ‘great recession’ emerged. Radical measures to increase stability and competition in the financial sector have been bypassed. Under such circumstances it should not be surprising for another similar crisis to take place. All in all, and given the key role of Basel III in the global regulatory system, it would appear that financial stability remains unresolved and elusive.

In a relevant study, Caprio et al. (1994) reviewed the financial reforms in a number of primarily developing countries with the experience of six countries studied at some depth and length. They concluded that managing the reform process rather than adopting a laissez-faire process was important, and that sequencing along with the initial conditions in finance and macroeconomic stability were critical elements in implementing successfully financial reforms. Differential speeds of adjustment are now thought of as possible causes of serious problems to attempts at financial liberalization (McKinnon 1991).

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