Financial Reform: Theory and Experience

EAN: 9780521574242
Published 28/08/1996
Language: English

This book examines the analytical basis and practical experience of financial reforms in a number of primarily developing countries. A key finding is that financial reforms have led to improved resource allocation - an a priori belief not hitherto tested. This finding is consistent with the argument that efforts in developing countries to maximize efficiency resource utilization cannot be underestimated in their importance. There are three key lessons that suggest the crucial nature of managing the process rather than adopting a laissez-faire approach. First, more successful reform must take account of information capital; second, initial conditions in balance sheets, human and information capital, and incentive systems are fundamental in determining how to go about reform; and third, that different sequences of reforms can be tolerated and, with certain preconditions, do well.

1. Introduction
motivation for the study Gerard Caprio Jr
Part I. Reforming Finance
Approaches and Importance
2. Finance, public policy and growth Mark Gertler and Andrew Rose
3. Banking on financial reform? Gerard Caprio Jr
4. Credit where it is due? Fabio Schiantarelli, Izak Atiyas, Gerard Caprio Jr, John Harris, and Andrew Weiss
Part II. The Reform Experiences
5. An overview of financial reform episodes Izak Atiyas, Gerard Caprio Jr., and James Hanson
6. The impact of financial reform
the Turkish experience Izak Atiyas and Hasan Ersel
7. Financial policy reform in New Zealand Dimitri Margaritis, Dean Hyslop and David Rae
8. Korea's financial reform since the early 1980s Sang-Woo Nam
9. An assessment of financial reform in Indonesia, 1983–90 John Chant and Mari Pangestu
10. Financial reform in Malaysia Zainal Aznam Yusof, Awang Adek Hussin, Ismail Alowi, Lim Chee Sing, and Sukhdave Sing
Part III. Liberalizing the Capital Account and Domestic Financial Reform
11. An open capital account James Hanson
12. Financial liberalization and the capital account
Chile, 1974–84 Salvador Valdes-Prieto
13. Policy issues in reforming finance
lessons and strategies Gerard Caprio Jr, Izak Atiyas and James A. Hanson.