Money and Capital in Economic Development
Title | Money and Capital in Economic Development PDF eBook |
Author | Ronald I. McKinnon |
Publisher | Brookings Institution Press |
Pages | 204 |
Release | 2010-12-01 |
Genre | Business & Economics |
ISBN | 9780815718499 |
This books presents a theory of economic development very different from the "stages of growth" hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. He suggests a "bootstrap" approach in which successful development would depend largely on policy choices made by national authorities in the developing countries themselves. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment. In addition to challenging much of the conventional wisdom of development, the author's revision of accepted monetary theory may be relevant for mature economies that face monetary problems.
Capital Markets and Financial Intermediation
Title | Capital Markets and Financial Intermediation PDF eBook |
Author | Colin Mayer |
Publisher | Cambridge University Press |
Pages | 384 |
Release | 1995-09-29 |
Genre | Business & Economics |
ISBN | 9780521558532 |
Financial intermediation is currently a subject of active research on both sides of the Atlantic. The integration of European financial markets, in particular, highlights several important issues. In this volume, derived from a joint CEPR conference with the Fundacion Banco Bilbao Vizcaya (BBV), leading academics from Europe and North America review 'state-of-the-art' theories of banking and financial intermediation and discuss their policy implications. The principal focus is on the risks of increased competition, the appropriate regulation of banks, and the differences between Anglo-American and Continental European forms of financial markets. Relationship banking, stock markets and banks, banking and corporate control, financial intermediation in Eastern Europe, monetary policy and the banking system, and financial intermediation and growth are also discussed.
Finance Markets, the New Economy and Growth
Title | Finance Markets, the New Economy and Growth PDF eBook |
Author | Luigi Paganetto |
Publisher | Routledge |
Pages | 196 |
Release | 2017-11-30 |
Genre | Business & Economics |
ISBN | 1351158279 |
The existence of significant differences in the organization of the US and European financial markets prompts a number of important questions. Firstly, is it possible to determine the type of institutions that are more conducive to growth? Secondly, did the financial markets play a key role in securing the growth and prosperity of the US during the 1990s? A third issue is the effect of the recent changes in the organization of the financial markets. The last issue addressed relates to the effects on investment and growth of the different corporate governance structures that prevail in the various countries. By exploring the differences between the financial markets in the US and Europe this book helps the reader assess the role of financial markets in securing investment and growth.
Financial Structure and Economic Growth
Title | Financial Structure and Economic Growth PDF eBook |
Author | Aslı Demirgüç-Kunt |
Publisher | MIT Press |
Pages | 452 |
Release | 2001 |
Genre | Business & Economics |
ISBN | 9780262541794 |
CD-ROM contains: World Bank data.
Financial Development and Economic Growth
Title | Financial Development and Economic Growth PDF eBook |
Author | Niels Hermes |
Publisher | Routledge |
Pages | 381 |
Release | 2013-04-15 |
Genre | Business & Economics |
ISBN | 1135635447 |
This collection brings together a collection of theoretical and empirical findings on aspects of financial development and economic growth in developing countries. The book is divided into two parts: the first identifies and analyses the major theoretical issues using examples from developing countries to illustrate how these work in practice; the second part looks at the implications for financial policy in developing countries.
Financial Development and Economic Growth
Title | Financial Development and Economic Growth PDF eBook |
Author | Ross Levine |
Publisher | World Bank Publications |
Pages | 84 |
Release | |
Genre | |
ISBN |
The International Monetary Fund (IMF) presents the full text of the December 2000 paper entitled "Financial Development and Economic Growth: An Overview," prepared by Mohsin S. Khan and Abdelhak S. Senhadji. The text is available in PDF format and the paper is part of the IMF's Working Paper series. This paper provides a review of literature on financial markets and discusses the relationship between financial development and economic growth.
Creating an Efficient Financial System
Title | Creating an Efficient Financial System PDF eBook |
Author | Thorsten Beck |
Publisher | World Bank Publications |
Pages | 43 |
Release | 2006 |
Genre | Capital market |
ISBN |
Financial sector development fosters economic growth and reduces poverty by widening and broadening access to finance and allocating society's savings more efficiently. The author first discusses three pillars on which sound and efficient financial systems are built: macroeconomic stability and effective and reliable contractual and informational frameworks. He then describes three different approaches to government involvement in the financial sector: the laissez-faire view, the market-failure view and the market-enabling view. Finally, the author analyzes the sequencing of financial sector reforms and discusses the benefits and challenges that emerging markets face when opening their financial systems to international capital markets.