Finance for Growth: Policy Choices in a Volatile World by World Bank

By World Bank

'Finance for progress' is the results of a iteration of study in response to statistical facts from around the globe. This booklet offers an built-in view of the way monetary region coverage should be optimized within the new century. It concludes that coverage offerings have to create and aid the infrastructure that is necessary to the effective functioning of monetary markets. professionals needs to paintings with the marketplace to assist coordinate deepest incentives with public curiosity. The publication makes a speciality of making finance potent in providing development, combating and minimizing crises, on executive failure in finance, and on harnessing the possibility of a technology-driven international of finance with no frontiers. A copublication of the area financial institution and Oxford college Press.

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Extra resources for Finance for Growth: Policy Choices in a Volatile World (World Bank Policy Research Report)

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1). 2). Nevertheless, over the past several years, the hypothesis that the relation is a causal one has consistently survived a testing series of econometric probes. 2 Possibly the most striking basic indication that the relationship is one of causality is the fact—evident in figure 2 of the overview—that the level of financial development back in 1960 can help to predict subsequent economic growth even after account is taken of other known determinants of growth (including the catch-up effect of a low initial level of per capita income and the 1960 level of school enrollment).

Undoubtedly, with the wrong incentives, this has been a threat. There have also been tangible gains from external liberalization, and above all there is an inevitability about further opening-up to foreign capital markets and financial institutions. However, despite a huge research literature, there is nothing near a professional consensus on whether the net impact of full capital account liberalization on growth, poverty, or volatility should be regarded as favorable or not. Governments can no longer hope to maintain a permanent and wide gap between actual and market-clearing exchange rates and real wholesale interest rates without a panoply of administrative controls on international trade, as well as on payments, to an extent that is demonstrably damaging to growth and living standards.

Liberalization both of domestic and international finance has resulted in a convergence of interest rate movements, though developing countries are now experiencing some increased interest rate volatility and a structural risk premium, partly reflecting exchange rate and other policy risks. Continuing developments in computing and communications technology seem sure to reshape the way in which financial services are delivered worldwide. To some extent the impact on developing economies O V E RV I E W A N D S U M M A R Y will be an acceleration of the trends of recent years, but there will be qualitative changes too.

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