It is recognized that Latin America is heterogeneous in terms of its net trade position, which in association with different approaches to liberalization, makes it difficult to generalize findings across the region.
These markets face a "two steps forward, one step back" approach to financial liberalization, Mr. Villamin said.
However, some aspects of reform, such as privatization of state-owned enterprises, progressed slowly, and the government's cautious approach to economic liberalization remained an obstacle for foreign investment, as did the issue of nationalized property, which continued to be a source of consternation.
The RPS was backward in terms of its approach to market liberalization.
This includes the state's approach to economic liberalization and the need for firms to pursue capital investment so as to keep up with technological innovation (Weiss 2003; Pirie 2005).
The state's approach to economic liberalization and the firms' demand for capital for technological upgrading are the major factors that have underpinned the economic adjustment and pursuit of technological innovation in Korea (Wang 2007).
The SADC – comprised of 15 countries, 277 million people, and a GDP of US$575 billion (Table 1) – has taken a proactive approach to regional trade liberalization, with a strong regional agenda to pursue liberalization (28, 29).
While the BRI was initiated by China, it is now a global enterprise that is led by Asia with participating countries from Europe and Africa, giving both substance and voice to Asia's aspiration to offer an alternative approach to the market liberalization orthodoxy of the West.
Bhattacharya et al. (1997) used a two-stage DEA approach to examine the impact of liberalization on the efficiency of the Indian banking industry.
While most countries included in this analysis were signatory to the GATT prior to WTO establishment, others, concerned with the protection of domestic industries from foreign competition, proceeded with a more cautious approach to determining the depth and timing of trade liberalization [ 50, 103].
