Financial sector reforms, economic growth, and stability: by D. C.) Economic Development Institute (Washington, Shakil

By D. C.) Economic Development Institute (Washington, Shakil Faruqi, Suman K. Bery

Compares monetary area reforms and their effect on financial progress and balance in chosen international locations of Latin the United States and Asia. Articles diversity from the really particular (e.g., securities rules in Thailand), to extra general--Handbook of Latin American experiences, v. fifty seven.

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In particular, the explosion of banking sector activity that followed the financial liberalization of 1988 had occurred without the proper establishment of a supporting infrastructure of regulation. Hence, one consequence had been a seriously overheated economy by 1990 and difficulties for banks that needed to be addressed eventually through a major strengthening of the country's system of prudential regulation and supervision. This was now underway. ) Mooy pointed out that the adjustment policies undertaken by many developing countries in recent years had been motivated by an anxiety to build up greater resilience to external shocks.

An opposing view was that among the faster growing of the reforming economies it was inappropriate to try to maintain the same nominal exchange rate in the face of that fast growth. Indeed, the rate had to be allowed to appreciate to reflect the changes in the necessary structure of production associated with rising real wage levels. Another aspect of the discussion related to Dooley's point about the implicit guarantees accorded to domestic currency liabilities in the banks. Participants generally agreed that such guarantees are indeed provided by the countries represented at the seminar and necessarily so.

0 percent, respectively. This was achieved with a large fall in the external current account deficit and a decline in inflation to less than 5 by 1992. Page 13 In replying to Governor Mooy's introductory remarks, Guillermo Ortiz from Mexico addressed four main points. First, he agreed with Mooy that financial reform needed to be analyzed within the general context of a country's overall adjustment effort. Mexico, like Indonesia, had needed to diversify from an excessive dependence on oil exports.

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