Download Financial Liberalization : How Far, How Fast? by Gerard Caprio, Patrick Honohan, Joseph E. Stiglitz PDF

By Gerard Caprio, Patrick Honohan, Joseph E. Stiglitz

This quantity addresses some of the most topical and debatable matters in banking and fiscal coverage. It explains why governments have felt the necessity to liberalize banking and finance, for instance, via privatizing banks and permitting rates of interest to be set by means of the industry. It describes how the implications haven't continually been tender, and considers how monetary liberalizations can be approached larger sooner or later. as well as a transparent and concise presentation of present theories and international event, there are six conscientiously selected kingdom case reports.

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The funds borrowed were being invested in overexpansion of productive capacity. The phasing of interest rate liberalization too was misconceived, with bank deposit interest rates held well below competitive levels, driving resources off-balance sheet and away from the regulated banking sector altogether. Here Cho points out that moral suasion meant that formal deregulation did not result in completely free market determination of many interest rates. The reasons for this pattern of deregulation include a mechanical adherence to the importance of monetary aggregates (which induced the authorities to retain controls on these, while liberalizing near-substitutes), the preoccupation with maintaining an orderly long-term capital market (which distracted them from paying attention to the emergence of a new and much more disorderly short-term corporate paper market), and the persistence of directed policy lending (which meant that interest rate spreads needed to be wide enough to allow for crosssubsidization, but at the cost of losing market share for the banks).

Indeed, causality tests suggest that financial variables led growth, and not the reverse. Although nominal interest rates fell sharply with the initial liberalization, real interest rates have tended to be higher than before. Furthermore, the completion of the interest rate liberalization program has been marked by a substantial widening of quoted spreads. Though the sector was opened to new entrants, competition in banking has been marked by a continued dominance of the traditional banks (state-owned and foreignowned), albeit with their combined market share falling rapidly from well over 90 percent in 1988–92 to less than 70 percent in 1996–98.

1996. ” In D. ), Financing Prosperity into the 21st Century, pp. 400– 421. New York: Macmillan. Claessens, S. and M. Jansen, eds. 2000. The Internationalization of Financial Services – Issues and Lessons for Developing Countries. Dordrecht: Kluwer. Cuddington, J. 1986. ” Princeton Studies in International Finance No. 58. Cull, R. 2001. ” Economic Development and Cultural Change 49. de Roover, R. 1963. The Rise and Decline of the Medici Bank. New York: Cambridge University Press. , W. Helkie, R.

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