Financial systems and development

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Montes-Negret, Fernando. "The Decline and Re- Akyuz, Yilmaz. 1988. "Financial System and Policovery of Colombia's Banking System: 1982- cies in Turkey in the 1980s." Geneva: United Na- 1987." tions Conference on Trade and Development Neal, Craig R. "An Analysis of Macro-Financial (UNCTAD), Money, Finance and Development Data for Eighty-Five Developing Countries." Division. Processed. Polizatto, Vincent P. "Prudential Regulation and Allan, David E., Mary E. Hiscock, and Derek Roe- Banking Supervision: Building an Institution." buck. 1974. Credit and Security: The Legal Problems Ranganathan, Ashok. "Sources of Finance-An of Development Financing. New York: Crane, Rus- Analysis of Four Companies." sak. Reilly, T. C. "Purposes, Issues, and Approaches in Aoki, Masahiko, ed. 1984. The Economic Analysis of Capital Market Development." the Japanese Firm. New York: North-Holland. Renaud, Bertrand. "Understanding the Collateral Asian Development Bank. 1985. Improving Domes- Qualities of Housing for Financial Development: tic Resource Mobilization through Financial Develop- The Korean 'Chonse' as Effective Response to ment. Manila. Financial Sector Shortcomings." Atiyas, Izak. 1989. "The Private Sector's Response Sheng, Andrew. "Financial Adjustment in a Pe- to Financial Liberalization in Turkey: 1980-82." riod of Disinflation: The Case of Malaysia." Policy, Planning, and Research Working Paper Silverberg, Stanley. "U.S. Banking Problems in 147. Washington, D.C.: World Bank, Country the 1980s. " Economics Department. Processed. Skully, Michael T. "Contractual Savings Institu- Bacon, Jeremy, and James K. Brown. 1977. The tions: An Examination of Life Insurance Compa- Board of Directors: Perspectives and Practices in Nine nies, Private Pension Funds, and National Countries. New York: Conference Board. Provident/Social Security Pension Funds in De- Bagehot, Walter. 1873. Lombard Street: A Description veloping Countries." of the Money Market. London: Kegan, Paul. Sundaravej, Tipsuda, and Prasarn Trairatvorakul. Balino, Tomas J. T. 1987. "The Argentine Banking "Experiences of Financial Distress in Thailand. " Crisis of 1980. " IMF Working Paper 87/77. Wash- Tenconi, Roland. "Restructuring of the Banking ington, D.C.: International Monetary Fund. Pro- System in Guinea." cessed. Baltensperger, Ernst, and Timothy M. Devinney. Selected bibliography 1985. "Credit Rationing Theory: A Survey and Synthesis." Journal of Institutional and Theoretical The word "processed" describes works that are Economics 141, 4: 475-502. reproduced from typescript by mimeograph, Bank for International Settlements. 1986. Recent Inxerography, or similar means; such works may not novations in International Banking. Basle. be cataloged or commonly available through li- Banking Laws Committee, Government of India. braries, or may be subject to restricted circulation. 1978. Report on Personal Property Security Law, 1977. Delhi: Government of India Press. Adams, Dale, and Jerry R. Ladman. 1979. "Lend- Beckerman, Paul. 1988. "Consequences of Uping to the Rural Poor through Informal Groups: ward Financial Repression." International Review A Promising Financial Market Innovation?" Sav- of Applied Economics 2 (June): 233-49. ings and Development 2. Benston, George J., and George G. Kaufman. Adams, Dale, and Robert C. Vogel. 1986. "Rural 1988. Risk and Solvency Regulation of Depository In- Financial Markets in Low-Income Countries: Re- stitutions: Past Policies and Current Options. Staff cent Controversies and Lessons." World Develop- Memorandum 88-1. Chicago: Federal Reserve ment 14, 4: 447-87. Bank of Chicago, Research Department. Adams, Dale, Douglas Graham, and J. D. Von Bernanke, Ben. 1983. "Non-Monetary Effects of Pischke, eds. 1984. Undermining Rural Develop- the Financial Crisis in the Propagation of the ment with Cheap Credit. Boulder, Colo.: Westview Great Depression." American Economic Review 73, Press. 3 (June): 257-76. Adera, Abebe. 1987. "Agricultural Credit and the Bhatt, V V 1986. "Improving the Financial Struc- Mobilization of Resources in Rural Africa." Sav- ture in Developing Countries." Finance & Develings and Development 11, 1: 29-73. opment 23, 2: 20-22. Agarwala, Ramgopal. 1983. Price Distortions and - . 1987. "Financial Innovations and Credit Growth in Developing Countries. World Bank Staff Market Evolution." Economic and Political Weekly Working Paper 575. Washington, D.C. 22, 22: 45-54. 136
Blejer, Mario I. 1983. "Liberalization and Stabiliza- Reform in Pacific Basin Countries. New York: Lextion Policies in the Southern Cone Countries: An ington Books. Introduction." Journal of Interamerican Studies and Cho, Yoon Je. 1984. "On the Liberalization of the World Affairs 25, 4 (November). Financial System and Efficiency of Capital Allo- Blejer, Mario I., and Silvia B. Sagari. 1988. "Se- cation under Uncertainty." Ph.D. diss., Stanford quencing the Liberalization of Financial Mar- University. kets." Finance & Development (March): 18-27. . 1986. "Inefficiencies from Financial Liber- Born, Karl Erich. 1983. International Banking in the alization in the Absence of Well-Functioning Eq- 19th and 20th Centuries. New York: St. Martin's uity Markets." Journal of Money, Credit and Bank- Press. ing 18, 2 (May): 191-99. Bosworth, Barry P., Andrew S. Carron, and Elisa- . 1988a. "The Effect of Financial Liberalizabeth H. Rhyne. 1987. The Economics of Federal tion on the Efficiency of Credit Allocation: Some Credit Programs. Washington, D.C.: Brookings Evidence from Korea." Journal of Development Institution. Economics 29: 101-10. Bratton, Michael. 1986. "Financing Smallholder . 1988b. "Some Policy Lessons from the Production: A Comparison of Individual and Opening of the Korean Insurance Market." Group Credit Schemes in Zimbabwe." Public World Bank Economic Review 2, 2: 239-54. Administration and Development 6: 115-32. Christen, Robert Peck. n.d. "What Microen- Braverman, Avishay, and J. Luis Guasch. 1989. terprise Credit Programs Can Learn from the "Rural Credit Reforms in LDCs: Issues and Evi- Moneylenders." Cambridge, Mass.: ACCION dence." Journal of Economic Development (June). International. Processed. Brothers, Dwight S., and Leopoldo Solis M. 1966. Coats, Warren L., Jr. 1976. "A Review and Correc- Mexican Financial Development. Austin: Univer- tion of the Case for Inflationary Finance." Desity of Texas Press. partmental Memorandum 76/36. Washington, Cable, John. 1985. "Capital Market Information D.C.: International Monetary Fund. Processed. and Industrial Performance: The Role of West . 1988. "Capital Mobility and Monetary Pol- German Banks." Economic Journal 95 (March): icy: Australia, Japan, and New Zealand." In 118-32. Hang-Sheng Cheng, ed. Monetary Policy in Pacific Cameron, Rondo E. 1953. "The Credit Mobilier Basin Countries. Boston: Kluwer Academic Puband the Economic Development of Europe." lishers. Journal of Political Economy 61, 6 (December): 461- Coats, Warren L., Jr., and D. R. Khatkhate, eds. 88. 1980. Money and Monetary Policy in Less Developed -. 1967. Banking in the Early Stages of Industri- Countries: A Survey of Issues and Evidence. Oxford: alization: A Study in Comparative Economic History. Pergamon Press. New York: Oxford University Press. . 1984. "Monetary Policy in Less Developed Cameron, Rondo E., ed. 1972. Banking and Eco- Countries: Main Issues." Developing Economies nomic Development: Some Lessons of History. New 22, 4: 329-48. York: Oxford University Press. Cole, David C., and Yung Chul Park. 1983. Finan- Campbell, John Y., and Robert J. Shiller. 1988. cial Development in Korea, 1945-1978. Cambridge, "Stock Prices, Earnings and Expected Divi- Mass.: Harvard University Press. dends. " NBER Working Paper 2511. Cambridge, Corbett, Jenny. 1987. "International Perspectives Mass.: National Bureau of Economic Research. on Financing: Evidence from Japan." Oxford Re- Processed. view of Economic Policy 3, 4 (Winter): 30-55. Chandavarkar, Anand G. 1988. "The Role of In- Corbo, Vittorio, and Jaime de Melo, eds. 1985. Libformal Credit Markets in Support of Micro- eralization with Stabilization in the Southern Cone of businesses in Developing Countries." Paper pre- Latin America. Special issue of World Development pared for the World Conference on "Support for 13, 8 (August). Microenterprises," sponsored by the Inter- Corbo, Vittorio, Jaime de Melo, and James Tybout. American Development Bank, the U.S. Agency 1986. "What Went Wrong with the Recent Refor International Development, and the World forms in the Southern Cone." Economic Develop- Bank, Washington, D.C., June 6-9. Processed. ment and Cultural Change 34: 607-40. Chen, Marty. 1983. "The Working Women's Fo- Corbo, Vittorio, Morris Goldstein, and Mohsin S. rum: Organizing for Credit and Change." Seeds Khan, eds. 1987. Growth-Oriented Adjustment Pro- 6. grams: Proceedings of a Symposium Held in Washing- Cheng, Hang-Sheng, ed. 1986. Financial Policy and ton, D.C., February 25-27, 1987. Washington, 137
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~~~~/ , -. \-E:-: - :: 0 0 - PUB768
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Oxford University Press NEW YORK OX
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countries' financial institutions i
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4 Financial sector issues in develo
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7.1 Shares of medium- and long-term
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* Fractional reserve banking. The p
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NTB Nontariff barrier * Growth rate
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and grew even faster in 1988 than i
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etter loan recovery procedures, mor
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l~ ~~~ ~ ~~~~~~~~~~~~~~~~~~~ ;:: ;
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The early years of the recovery wer
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Figure 1.4 Growth of export volume
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Figure 1.6 Saving and investment ra
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edly, in Argentina, Brazil, and Mex
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5~~~~ '~ ' S " ''t.*:'.: .:,0!3gft"
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Box 1.2 Debt concepts A variety of
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Table 1.1 Selected economic indicat
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Figure 1.8 Domestic and external li
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Box 1.3 Foreign equity investment E
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j Box 2.1 Life without money "Some
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other ways too. By imposing direct
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Box 2.2 Transaction costs and the s
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Box 2.3 Real interest rates and gro
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I Box 2.4 Swapping risk All economi
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Box 2.5 Deposit insurance Most high
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GOVERNMENT. As well as being regula
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and receivables, whereas developmen
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with the expansion of nonlocal trad
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over. Even so, bankers and industri
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Box 3.3 Financial swindles i Swindl
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Box 3.4 Financial underdevelopment
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Box 3.6 Universal banking One of th
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1960s. They speeded the internation
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4 Financial sector issues in develo
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Box 4.1 Directed credit in Turkey ,
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Box 4.2 Lending program for small e
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Box 4.4 The Botswana Development Co
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markets to finance their deficits,
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0~~~~~ = == X .. _- -- = -_ _ _ __
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Figure 4.3 Financial savings and th
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Box 4.8 Financial indexation in Bra
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Financial systems in distress Not s
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t !< 4> - !: e z u- >as uei- i.e_.S
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tem. They have succeeded in stemmin
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governments gave too little thought
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Box 5.4 The U.S. savings and loan c
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or take a step in the other directi
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have been even larger. The cost of
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~Foundations offinancial systems If
Page 100 and 101: (an issue closely related to the as
Page 102 and 103: several centuries. The spread of su
Page 104 and 105: Bankruptcy and reorganization monit
Page 106 and 107: Box 6.5 Elements of a bank supervis
Page 108 and 109: they attempted to discipline bank m
Page 110 and 111: Developing financial systems What s
Page 112 and 113: Figure 7.1 Shares of medium- and lo
Page 114 and 115: Box 7.3 The financial history of a
Page 116 and 117: Box 7.4 Housing finance The formal
Page 118 and 119: Box 7.5 Bank modernization: Indones
Page 120 and 121: DEVELOPMENT FINANCE INSTITUTIONS. T
Page 122 and 123: esources in government securities o
Page 124 and 125: strides in recent years in establis
Page 126 and 127: Issues in informal finance Small-sc
Page 128 and 129: Box 8.2 Rotating savings and credit
Page 130 and 131: original amount to the renter by th
Page 132 and 133: cooperatives' managers because it a
Page 134 and 135: Box 8.4 The Badan Kredit Kecamatan:
Page 136 and 137: Toward more liberal and open financ
Page 138 and 139: a brief period firms faced rapid ch
Page 140 and 141: Box 9.2 Financial reform in Korea K
Page 142 and 143: In the next stage, financial reform
Page 144 and 145: industry, policy reforms and the re
Page 146 and 147: Conclusions of the Report challenge
Page 148 and 149: tion "Risks and costs of finance" d
Page 152 and 153: D.C.: International Monetary Fund a
Page 154 and 155: Harberger, Arnold C. 1985. "Lessons
Page 156 and 157: croenterprises: Programs or Markets
Page 158 and 159: Douglas Graham, and J. D. Von Pisch
Page 160 and 161: Table A.2 Population and GNP per ca
Page 162 and 163: Table A.5 GDP structure of producti
Page 164 and 165: Table A.8 Growth of export volume,
Page 166 and 167: Table A.10 Growth of long-term debt
Page 168 and 169: Table A.12 Composition of debt outs
Page 170 and 171: Contents Key 157 Introduction and m
Page 172 and 173: Introduction The World Development
Page 174 and 175: Throughout the World Development In
Page 176 and 177: Population _ 0-15 million The color
Page 178 and 179: Table 1. Basic indicators __ GNP pe
Page 180 and 181: Table 2. Growth of production______
Page 182 and 183: Table 3. Structure of production __
Page 184 and 185: Table 4. Agriculture and food Value
Page 186 and 187: Table 5. Commercial energy ~~Energy
Page 188 and 189: Table 6. Structure of manufacturing
Page 190 and 191: Table 7. Manufacturing earnings and
Page 192 and 193: Table 8. Growth of consumption and
Page 194 and 195: Table 9. Structure of demand Distri
Page 196 and 197: Table 10. Structure of consumption_
Page 198 and 199: Table 11. Central government expend
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Table 12. Central government curren
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Table 13. Money and interest rates
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Table 14. Growth of merchandise tra
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Table 15. Structure of merchandise
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Table 16. Structure of merchandise
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Table 17. OECD imports of manufactu
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Table 18. Balance of payments and r
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Table 19. Official development assi
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Table 20. Official development assi
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Table 21. Total external debt Long-
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Table 22. Flow of public and privat
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Table 23. Total external public and
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Table 24. External public debt and
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Table 25. Terms of external public
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Table 26. Population growth and pro
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Table 27. Demography and fertility
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Table 28. Health and nutrition popu
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Table 29. Education Percentage ofag
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Table 30. Income distribution and I
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Table 31. Urbanization Urban popula
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Table 32. Women in development_____
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Technical notes This twelfth editio
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Box A.1. Basic indicators for count
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Box A.2. Selected indicators for no
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from the Food and Agriculture Organ
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Exports of goods and nonfactor serv
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spectively. Since 1987 data are not
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The table reports the value of manu
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teed, and private nonguaranteed lon
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the Demographic and Health Surveys,
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also the one used within the global
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Bibliography Production and domesti
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Country classifications: World Deve
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I i
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