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Author : Sylvanus I. Ikhide,Abayomi A. Alawode
Publisher : Unknown
Page : 52 pages
File Size : 52,6 Mb
Release : 2001
Category : Business cycles
ISBN : STANFORD:36105111642919
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 412 pages
File Size : 42,8 Mb
Release : 1991-03-15
Category : Business & Economics
ISBN : 1557757798
Financial sector liberalization can spur economic growth and development, but reforms to liberalize the financial sector can also entail risks if they are not properly designed and implemented. One of the central questions for countries reforming their financial systems is how to sequence the reforms so as to maximize the benefits of liberalization and contain its risks. Edited by R. Barry Johnston and V. Sundararajan of the IMF's Monetary and Exchange Affairs Department, this book attempts to answer this and related questions by drawing lessons from financial sector reforms in selected countries. In particular, the book surveys financial sector reforms in Indonesia, Thailand, and Korea between the mid-1980s and mid-1990s.
Author : Vicente Galbis
Publisher : International Monetary Fund
Page : 32 pages
File Size : 45,5 Mb
Release : 1994-09-01
Category : Business & Economics
ISBN : 9781451852462
This paper provides a review of the literature on both analytical issues and country experiences on the sequencing of financial sector reforms. It discusses the choice between big-bang and gradual reforms, the relationship of financial sector reforms to other economic reforms, the internal sequencing of financial sector measures and the influence of initial conditions. It is concluded that a pragmatic approach to the sequencing issue is necessary as there are only a few general principles valid for all countries.
Author : Ronald I. Mckinnon
Publisher : JHU Press
Page : 260 pages
File Size : 42,9 Mb
Release : 1993-10
Category : Business & Economics
ISBN : 0801847435
Can knowledge of financial policies in developing countries over four decades help the socialist economies of Asia and Eastern Europe become open market economies in the 1990s? In all these countries the loss of fiscal and monetary control has often resulted in high inflation that undermines the liberalization process itself. In the second edition of The Order of Economic Liberalization, Ronald McKinnon builds on his influential work on the liberalization of financial markets in less developed countries and outlines the progression necessary to move from a "repressed" to an open economy. New to this edition are chapters that contrast the gradual Chinese approach to liberalizing domestic and foreign trade with the "big bang" approach followed by some Eastern European countries and republics of the former Soviet Union. Financial control and macroeconomic stability, McKinnon argues, are more critical to a successful transition than is any crash program to privatize state-owned industrial assets and the banking system.
Author : Shakil Faruqi,Suman K. Bery
Publisher : World Bank Publications
Page : 288 pages
File Size : 52,6 Mb
Release : 1994-01-01
Category : Business & Economics
ISBN : 0821330136
"Compares financial sector reforms and their impact on economic growth and stability in selected countries of Latin America and Asia. Articles range from the quite specific (e.g., securities regulation in Thailand), to more general"--Handbook of Latin American Studies, v. 57.
Author : Mr.R. B. Johnston,Ceyla Pazarbasioglu
Publisher : International Monetary Fund
Page : 32 pages
File Size : 46,8 Mb
Release : 1995-10-01
Category : Business & Economics
ISBN : 9781451948110
This paper analyzes the different channels through which financial variables and financial sector reform can affect economic growth and efficiency, using panel data for 40 countries which reformed their financial systems. Financial sector reform is hypothesized to affect economic growth and efficiency through three main channels: the real interest rate representing the interest cost of capital, the volume of intermediation, and financial sector efficiency. The results indicate that financial reforms have structural effects; that financial variables and reforms are important determinants of economic performance; that the impact depends on whether countries did or did not face a financial crisis; and that the “quality” of financial sector reform matters.
Author : Mr.Jonathan David Ostry,Mr.Alessandro Prati,Mr.Antonio Spilimbergo,International Monetary Fund
Publisher : International Monetary Fund
Page : 64 pages
File Size : 41,6 Mb
Release : 2009-10-15
Category : Business & Economics
ISBN : MINN:31951D03010077Q
Drawing on a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, this book examines the impact on economic performance in 91 countries of policies designed to increase the role of market forces and competition. Such policies, known as structural reforms, have been broadly pursued by the country groupings analyzed in this study since 1970, but individual country experiences have differed. Real and financial reforms have, for example, boosted income growth widely. Financial reforms have also raised growth through several channels, including lower domestic credit constraints and larger FDI inflows. The growth effects of financial and real reforms reflect a more favorable assessment of the future profitability and solvency of domestic firms in most countries, as embodied in credit ratings. Growth effects, however, differ significantly across countries depending on the reform sequencing strategy adop
Author : Aditya Narain,Ms.Inci Ötker,Ceyla Pazarbasioglu
Publisher : International Monetary Fund
Page : 291 pages
File Size : 40,8 Mb
Release : 2012-04-19
Category : Business & Economics
ISBN : 9781616352295
The IMF, with the Bank for International Settlements and the Financial Stability Board, has been at the forefront of discussions on reform of the global financial system to reduce the possibility of future crises, as well as to limit the consequences if they do occur. The policy choices are both urgent and challenging, and are complicated by the relationship between sovereign debt and risks to the banking sector. Building a More Resilient Financial Sector describes the key elements of the reform agenda, including tighter regulation and more effective supervision; greater transparency to strengthen market discipline and limit incentives for risk taking; coherent mechanisms for resolution of failed institutions; and effective safety nets to limit the impact on the financial system of institutions viewed as "too big to fail." Finally, the book takes a look ahead at how the financial system is likely to be shaped by the efforts of policymakers and the private sector response.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 34 pages
File Size : 49,9 Mb
Release : 1990-01-01
Category : Business & Economics
ISBN : 9781451927603
This paper identifies macroeconomic stability, effective bank supervision, and an appropriate sequencing of stabilization, banking regulations, and interest rate policies as common characteristics of the relatively successful experiments in financial sector liberalization. Recent theoretical developments help to explain why interest rates in free markets for bank credit may fall short of market-clearing levels, or may rise to risky levels with adverse consequences for financial institutions and the economy at large. To prevent such outcomes, macro-economic stabilization and improved bank supervision should generally precede complete removal of control on bank interest rates.
Author : Mr.Bart Turtelboom
Publisher : International Monetary Fund
Page : 46 pages
File Size : 55,5 Mb
Release : 1991-12-01
Category : Business & Economics
ISBN : 9781451939187
This paper undertakes a survey of theoretical considerations and an analysis of the experience of five African countries with interest rate liberalization. Despite substantial progress in monetary policy reforms, liberalization has only partially affected the level and variability of interest rates. Several factors—macroeconomic instability, oligopolistic financial markets, the absence of developed capital markets, as well as the sequencing of the liberalization programs and the asymmetric availability of information—explain the increase in the spread between lending and deposit rates as well as the rather inflexible pattern of interest rates during the transition to a market-based financial system.
Author : Friedrich Ivan Schneider,Shogo Ishii,Karl Friedrich Habermeier,Jorge Iván Canales-Kriljenko,Bernard Laurens,International Monetary Fund Staff,John Leimone,Judit Vadasz
Publisher : Unknown
Page : 94 pages
File Size : 40,8 Mb
Release : 2002
Category : Banks and banking
ISBN : 1589060857
This paper analyses the links between capital account liberalisation and other policies influencing financial sector stability. Drawing on country experiences, it develops an operational framework for the co-ordination of capital account liberalisation, particularly with structural policies to strengthen the domestic financial system.
Author : Thierry Tressel,Enrica Detragiache
Publisher : International Monetary Fund
Page : 44 pages
File Size : 40,9 Mb
Release : 2008-12
Category : Business & Economics
ISBN : IND:30000087928267
This paper uses a Binary Classification Tree (BCT) model to analyze banking crises in 50 emerging market and developing countries during 1990-2005. The BCT identifies key indicators and their threshold values at which vulnerability to banking crisis increases. The three conditions identified as crisis-prone-(i) very high inflation, (ii) highly dollarized bank deposits combined with nominal depreciation or low liquidity, and (iii) low bank profitability-highlight that foreign currency risk, poor financial soundness, and macroeconomic instability are key vulnerabilities triggering banking crises. The main results survive under alternative robustness checks, confirming the importance of the BCT approach for monitoring banking system vulnerabilities.
Author : United Nations. Economic and Social Commission for Asia and the Pacific
Publisher : United Nations Publications
Page : 224 pages
File Size : 53,5 Mb
Release : 1998
Category : Business & Economics
ISBN : UCSD:31822028422178
Author : Wei Liao,Mr.Sampawende J.-A. Tapsoba
Publisher : International Monetary Fund
Page : 24 pages
File Size : 44,5 Mb
Release : 2014-05-01
Category : Business & Economics
ISBN : 9781484366295
China has been moving to a more market oriented financial system, which has implications for the monetary policy environment. The paper investigates the stability of the money demand function (MDF) in light of progress in financial sector reforms that, for example, have resulted in significant financial innovation (so-called shadow banking) and more liberalized interest rates. The analysis of international experience suggests that rapid development of the financial system often leads to structural shifts in the MDF. For example, financial innovation and liberalization alter the sensitivity of money balances to income and the interest rate. For China, we find that the stable long-run relationship between money demand, output, and interest rates that existed between 2002 and 2008 disappears after 2008. This coincides with the period of rapid financial innovation, especially the growth in off-balance sheet and nonbank financial intermediation. The results suggest that usefulness of M2 as an intermediate monetary target has declined with financial innovation and reform. A result that underscores the importance of moving toward increased reliance on more price-based targets such as interest rates.
Author : Mr.Abdelali Jbili
Publisher : International Monetary Fund
Page : 39 pages
File Size : 51,7 Mb
Release : 1997-07-01
Category : Business & Economics
ISBN : 9781451955170
This paper reviews and assesses the financial sector reforms in Algeria, Morocco and Tunisia. After a description of the financial sector before reforms, it explains the main features of the comprehensive reform process in each country. It also reviews the sequencing of reforms and discusses econometric evidence of the impact of the reforms on saving in each of the three countries. Subsequently, the paper sets out remaining issues to be addressed in the three countries, including a further strengthening of the banking system and development of financial instruments and markets.