Financial systems and development

More documents

Recommendations

Info

D.C.: International Monetary Fund and the Developing Countries. New York: Oxford Univer- World Bank. sity Press. Corrigan, E. Gerald. 1987. Financial Market Struc- Dornbusch, Rudiger, and Mario Henrique Simonture: A Longer View. Seventy-second Annual Re- sen, eds. 1983. Inflation, Debt, and Indexation. port. New York: Federal Reserve Bank of New Cambridge, Mass.: MIT Press. York. Easterly, William R. 1989. "Fiscal Adjustment and Cortes, Mariluz, Albert Berry, and Ashfaq Ishaq. Deficit Financing during the Debt Crisis." Policy, 1987. Success in Small and Medium-Scale Enter- Planning, and Research Working Paper 138. prises: The Evidencefrom Colombia. New York: Ox- Washington, D.C.: World Bank, Country Ecoford University Press. nomics Department. Processed. Crick, W. F., ed. 1965. Commonwealth Banking Sys- Edwards, Jeremy. 1987. "Recent Developments in tems. Oxford: Clarendon Press. the Theory of Corporate Finance." Oxford Review Dalhuisen, J. H. 1986. Dalhuisen on International of Economic Policy 3, 4 (Winter): 1-12. Solvency and Bankruptcy. New York: Matthew Edwards, Jeremy, John Kay, and Colin Mayer. Bender. 1987. The Economic Analysis of Accounting Profit- Darmawi, H. 1972. "Land Transactions under In- ability. New York: Clarendon Press. donesian Adat Law." Journal of The Law Associa- Edwards, Sebastian. 1984. The Order of Liberalization for Asia and the Western Pacific 3: 283-316. tion of the External Sector in Developing Countries. Davis, Steven I. 1985. Excellence in Banking. Lon- Essays in International Finance 156. Princeton, don: Macmillan. N.J.: International Finance Section, Department de Juan, Aristobulo. 1987. "From Good Bankers to of Economics, Princeton University. Bad Bankers: Ineffective Supervision and Man- . 1985. "The Behavior of Interest Rates and agement Deterioration as Major Elements in Real Exchange Rates during a Liberalization Epi- Banking Crises." Washington, D.C.: World sode: The Case of Chile 1973-83." NBER Work- Bank, Financial Policy and Systems Division, ing Paper 1702. Cambridge, Mass.: National Bu- Country Economics Department. reau of Economic Research. Processed. de Melo, Jaime, and James Tybout. 1985. "The Ef- Edwards, Sebastian and Alejandra. 1987. Monefects of Financial Liberalization on Savings and tarism and Liberalization: The Chilean Experiment. Investment in Uruguay." Economic Development Cambridge, Mass.: Ballinger. and Cultural Change (July): 561-87. Emery, Robert F. 1970. The Financial Institutions of Desai, B. M. 1980. Group Lending Experiences in Southeast Asia: A Country-by-Country Study. New Reaching Small Farmers. Economics and Sociology York: Praeger. Occasional Paper 761. Columbus: Ohio State Fama, Eugene. 1985. "What's Different about University. Banks?" Journal of Monetanj Economics 15, 1 (Jan- Diamond, William. 1957. Development Banks. Balti- uary): 29-39. more, Md.: Johns Hopkins University Press. Fardoust, Shahrokh. 1989. "Long-Term Outlook Diamond, William, ed. 1968. Development Finance for the World Economy." Washington, D.C.: Companies: Aspects of Policy and Operation. Balti- World Bank, International Economic Analysis more, Md.: Johns Hopkins Press. and Prospects Division, International Economics Diamond, William, and V S. Raghavan, eds. 1982. Department. Processed. Aspects of Development Bank Management. Balti- Feder, Gershon, and others. 1988. Land Policies and more, Md.: Johns Hopkins University Press. Farm Productivity in Thailand. Baltimore, Md.: Diaz-Alejandro, Carlos. 1982. "No Less Than One Johns Hopkins University Press. Hundred Years of Argentine Economic History, Felix, David. 1987. "Alternative Outcomes of the Plus Some Comparisons." Center Discussion Latin American Debt Crisis: Lessons from the Paper 392. New Haven, Conn.: Economic Past." Latin American Research Review 22, 2: 3-46. Growth Center, Yale University. Processed. Ferguson, E. James. 1961. The Power of the Purse: A 1985. "Good-bye Financial Repression, History of American Public Finance, 1776-1790. Hello Financial Crash." Journal of Development Chapel Hill: University of North Carolina Press. Economics 19, 112: 1-24. Fetter, Frank WVhitson. 1931. Monetary Inflation in Donaldson, T. H. 1986. How to Handle Problem Chile. Princeton, N.J.: Princeton University Loans: A Guide for Bankers. Basingstock, England: Press. Macmillan. Fischer, Stanley. 1986. Indexing, Inflation and Eco- Dornbusch, Rudiger, and F. Leslie Helmers, eds. nomic Policy. Cambridge, Mass.: MIT Press. 1988. The Open Economy: Tools for Policymakers in . 1987. "Economic Growth and Economic 138
Policy." In Vittorio Corbo, Morris Goldstein, Washington, D.C.: World Bank, Country Ecoand Mohsin S. Khan, eds. Growth-Oriented Ad- nomics Department. Processed. justment Programs: Proceedings of a Symposium Gertler, Mark. 1988. "Financial Structure and Ag- Held in Washington, D.C., February 25-27, 1987. gregate Economic Activity: An Overview." Jou r- Washington, D.C.: International Monetary Fund nal of Money, Credit and Banking 20, 3 (August): and the World Bank. 559-88. . 1988. "Economic Development and the Goldsmith, Raymond William. 1969. Financial Debt Crisis." Policy, Planning, and Research Structure and Development. New Haven, Conn.: Working Paper 17. Washington, D.C.: World Yale University Press. Bank, Country Economics Department. Pro- - . 1971. "The Development of Financial Incessed. stitutions during the Post-War Period." Banca Fisher, Irving. 1933. "The Debt-Inflation Theory of Nazionale del Lavoro Quarterly Review 97 (June): Great Depressions." Econometrica 1:337-57. 129-92. Freris, A. F. 1986. The Greek Economy in the Twenti- - . 1983. The Financial Development of India: eth Century. New York: St. Martin's Press. 1860-1977. New Haven, Conn.: Yale University Friedman, Benjamin M., ed. 1985. Corporate Capital Press. Structures in the United States. Chicago: Univer- - . 1985. Comparative National Balance Sheets: A sity of Chicago Press. Study of Twenty Countries, 1688-1978. Chicago: Fry, Maxwell J. 1980. "Savings, Investment, University of Chicago Press. Growth and the Cost of Financial Repression." . 1986. Brasil 1850-1984: Desenvolvimento World Development 8: 317-27. Financeiro sob um Seculo de Inflacao (Brazil 1850- . 1988. Money, Interest, and Banking in Eco- 1984: Financial development under a century of nomic Development. Baltimore, Md.: Johns inflation). Sao Paulo: Harper & Row de Brasil. Hopkins University Press. . 1987. Premodern Financial Systems. Cambridge: Cambridge University Press. Furubotn, Eirik G., and Svetozar Pejovich, eds. brdeCarigUnvstyPs. FuruboThe EiriomG., an Pich, .veto eds. Goode, R. M. 1988. Legal Problems of Credit and Se- 1974. The Economics of Property Rights. Cam- *'Lno:Set&Mxel brde. Ms. Balne.° curity. London: Sweet & Maxwell . brde as:Bligr Gordon, David L. 1983. Development Finance Coin- Galbis, Vicente. 1977. "Financial Intermediation panies, Satad Privately lowne Riew. Worl and Economic Growth in Less Developed Coun- Bank Staff Wrinaper 578 . W orld tries: A Theoretical Approach." Journal of Devel- D C. opment Studies 13, 2 (January).D.C opment Stuie 13,fl (anuy n InterestRatePolicies Grossfeld, Bernhard, and Werner Ebke. 1978. . 1979. "Inflation and Interest Rate Policies "Controlling the Modern Corporation: A Comin Latin America, 1967-76." IMF StaffPapers 26, 2 parative View of Corporate Power in the United (June): 334-66. States and Europe." American Journal of Coinpara- 1981. "Interest Rate Management: The tive Law 26 (Summer): 397-433. Latin American Experience." Savings and Devel- Hammond, Bray. 1957. Banks and Politics in America opment 5, 1. from the Revolution to the Civil War. Princeton, . 1982. "Analytical Aspects of Interest Rate N.J.: Princeton University Press. Policies in Less Developed Countries." Savings Hanson, James A., and Roberto de Rezende and Development 6, 2. Rocha. 1986. High Interest Rates, Spreads, and the . 1986. "Financial Sector Liberalization un- Costs of Intermediation: Two Studies. World Bank der Oligopolistic Conditions and a Bank Holding Industrv and Finance Paper 18. Washington, Company Structure." Savings and Developnmenit D. C. 10, 2: 117-40. Hanson, James A., and Craig R. Neal. 1986. Inter- Galvez, Julio, and James Tybout. 1985. "Microeco- est Rate Policies in Selected Developing Countries, nomic Adjustments in Chile during 1977-81: The 1970-82. World Bank Industry and Finance Pa- Importance of Being a Grupo." World Development per 14. Washington, D.C. 13, 8: 969-94. . 1987. "The Demand for Liquid Financial Gautama, Sudargo, and others. 1973. Credit and Assets: Evidence from 36 Developing Coun- Security in Indonesia: The Legal Problems of Develop- tries." Washington, D.C.: World Bank, Industry ment Finance. New York: Crane, Russak. Department. Processed. Gelb, Alan, and Patrick Honohan. 1989. Financial Haque, Nadeem. 1988. "Fiscal Policy and Private Sector Reforms in Adjustment Programs. Policy, Sector Saving Behavior in Developing Econo- Planning, and Research Working Paper 169. mies. " IMF Staff Papers 35, 2: 316-35. 139
Page 1:
~~~~/ , -. \-E:-: - :: 0 0 - PUB768
Page 4 and 5:
Oxford University Press NEW YORK OX
Page 6 and 7:
countries' financial institutions i
Page 8 and 9:
4 Financial sector issues in develo
Page 10 and 11:
7.1 Shares of medium- and long-term
Page 12 and 13:
* Fractional reserve banking. The p
Page 14 and 15:
NTB Nontariff barrier * Growth rate
Page 16 and 17:
and grew even faster in 1988 than i
Page 18 and 19:
etter loan recovery procedures, mor
Page 20 and 21:
l~ ~~~ ~ ~~~~~~~~~~~~~~~~~~~ ;:: ;
Page 22 and 23:
The early years of the recovery wer
Page 24 and 25:
Figure 1.4 Growth of export volume
Page 26 and 27:
Figure 1.6 Saving and investment ra
Page 28 and 29:
edly, in Argentina, Brazil, and Mex
Page 30 and 31:
5~~~~ '~ ' S " ''t.*:'.: .:,0!3gft"
Page 32 and 33:
Box 1.2 Debt concepts A variety of
Page 34 and 35:
Table 1.1 Selected economic indicat
Page 36 and 37:
Figure 1.8 Domestic and external li
Page 38 and 39:
Box 1.3 Foreign equity investment E
Page 40 and 41:
j Box 2.1 Life without money "Some
Page 42 and 43:
other ways too. By imposing direct
Page 44 and 45:
Box 2.2 Transaction costs and the s
Page 46 and 47:
Box 2.3 Real interest rates and gro
Page 48 and 49:
I Box 2.4 Swapping risk All economi
Page 50 and 51:
Box 2.5 Deposit insurance Most high
Page 52 and 53:
GOVERNMENT. As well as being regula
Page 54 and 55:
and receivables, whereas developmen
Page 56 and 57:
with the expansion of nonlocal trad
Page 58 and 59:
over. Even so, bankers and industri
Page 60 and 61:
Box 3.3 Financial swindles i Swindl
Page 62 and 63:
Box 3.4 Financial underdevelopment
Page 64 and 65:
Box 3.6 Universal banking One of th
Page 66 and 67:
1960s. They speeded the internation
Page 68 and 69:
4 Financial sector issues in develo
Page 70 and 71:
Box 4.1 Directed credit in Turkey ,
Page 72 and 73:
Box 4.2 Lending program for small e
Page 74 and 75:
Box 4.4 The Botswana Development Co
Page 76 and 77:
markets to finance their deficits,
Page 78 and 79:
0~~~~~ = == X .. _- -- = -_ _ _ __
Page 80 and 81:
Figure 4.3 Financial savings and th
Page 82 and 83:
Box 4.8 Financial indexation in Bra
Page 84 and 85:
Financial systems in distress Not s
Page 86 and 87:
t !< 4> - !: e z u- >as uei- i.e_.S
Page 88 and 89:
tem. They have succeeded in stemmin
Page 90 and 91:
governments gave too little thought
Page 92 and 93:
Box 5.4 The U.S. savings and loan c
Page 94 and 95:
or take a step in the other directi
Page 96 and 97:
have been even larger. The cost of
Page 98 and 99:
~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 150 and 151: Montes-Negret, Fernando. "The Decli
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
Page 200 and 201: Table 12. Central government curren
Page 202 and 203:
Table 13. Money and interest rates
Page 204 and 205:
Table 14. Growth of merchandise tra
Page 206 and 207:
Table 15. Structure of merchandise
Page 208 and 209:
Table 16. Structure of merchandise
Page 210 and 211:
Table 17. OECD imports of manufactu
Page 212 and 213:
Table 18. Balance of payments and r
Page 214 and 215:
Table 19. Official development assi
Page 216 and 217:
Table 20. Official development assi
Page 218 and 219:
Table 21. Total external debt Long-
Page 220 and 221:
Table 22. Flow of public and privat
Page 222 and 223:
Table 23. Total external public and
Page 224 and 225:
Table 24. External public debt and
Page 226 and 227:
Table 25. Terms of external public
Page 228 and 229:
Table 26. Population growth and pro
Page 230 and 231:
Table 27. Demography and fertility
Page 232 and 233:
Table 28. Health and nutrition popu
Page 234 and 235:
Table 29. Education Percentage ofag
Page 236 and 237:
Table 30. Income distribution and I
Page 238 and 239:
Table 31. Urbanization Urban popula
Page 240 and 241:
Table 32. Women in development_____
Page 242 and 243:
Technical notes This twelfth editio
Page 244 and 245:
Box A.1. Basic indicators for count
Page 246 and 247:
Box A.2. Selected indicators for no
Page 248 and 249:
from the Food and Agriculture Organ
Page 250 and 251:
Exports of goods and nonfactor serv
Page 252 and 253:
spectively. Since 1987 data are not
Page 254 and 255:
The table reports the value of manu
Page 256 and 257:
teed, and private nonguaranteed lon
Page 258 and 259:
the Demographic and Health Surveys,
Page 260 and 261:
also the one used within the global
Page 262 and 263:
Bibliography Production and domesti
Page 264 and 265:
Country classifications: World Deve
Page 266:
I i
show all

Financial systems and development

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?