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Author: Joseph E. Stiglitz
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 56
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Book Description
Ideological debates on the role of government in development have focused on two contrasting prescriptions: one calling for large scale government interventions to solve problems of massive market failures, the other for the unfettering of markets, with the dynamic forces of capitalism naturally leading to growth and prosperity. This paper is part of an exploration of a middle road, focusing in particular on the role of government in financial markets. After explaining the importance of, and the limitations on, capital markets, particularly in allocating scarce investment resources, the results are used as a basis of a critique of the two 'extreme' approaches. Recognizing the limitations of government intervention as well as of free markets, the 'new view' of capital markets provides new insights into s variety of policy issues, which are addressed in the final section of the paper.
Author: Joseph E. Stiglitz
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 56
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Book Description
Ideological debates on the role of government in development have focused on two contrasting prescriptions: one calling for large scale government interventions to solve problems of massive market failures, the other for the unfettering of markets, with the dynamic forces of capitalism naturally leading to growth and prosperity. This paper is part of an exploration of a middle road, focusing in particular on the role of government in financial markets. After explaining the importance of, and the limitations on, capital markets, particularly in allocating scarce investment resources, the results are used as a basis of a critique of the two 'extreme' approaches. Recognizing the limitations of government intervention as well as of free markets, the 'new view' of capital markets provides new insights into s variety of policy issues, which are addressed in the final section of the paper.
Author: Benjamin Zycher
Publisher: Routledge
ISBN: 0429723350
Category : Business & Economics
Languages : en
Pages : 310
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Book Description
The links between economic policy and economic growth are simultaneously obvious and obscure, with many factors interacting to influence the overall process. The list of relevant parameters affecting economic growth of interest to scholars and policymakers is lengthy and expanding. Although the importance of government policy is widely recognized,
Author: Thorsten Beck
Publisher: World Bank Publications
ISBN:
Category : Capital market
Languages : en
Pages : 43
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Book Description
Financial sector development fosters economic growth and reduces poverty by widening and broadening access to finance and allocating society's savings more efficiently. The author first discusses three pillars on which sound and efficient financial systems are built: macroeconomic stability and effective and reliable contractual and informational frameworks. He then describes three different approaches to government involvement in the financial sector: the laissez-faire view, the market-failure view and the market-enabling view. Finally, the author analyzes the sequencing of financial sector reforms and discusses the benefits and challenges that emerging markets face when opening their financial systems to international capital markets.
Author: Asl? Demirgüç-Kunt
Publisher: World Bank Publications
ISBN:
Category : Desarrollo economico
Languages : en
Pages : 55
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Book Description
" The empirical literature on finance and development suggests that countries with better developed financial systems experience faster economic growth. Financial development-as captured by size, depth, efficiency, and reach of financial systems-varies sharply around the world, with large differences among countries at similar levels of income. This paper argues that governments play an important role in building effective financial systems and discusses different policy options to make finance work for development."--World Bank web site.
Author: John Zysman
Publisher: Cornell University Press
ISBN: 9780801492525
Category : Business & Economics
Languages : en
Pages : 364
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Book Description
Zysman demonstrates that there is a direct relationship between a nation's financial system and its government's ability to restart the growth engine.
Author: Ronald I. McKinnon
Publisher: Brookings Institution Press
ISBN: 9780815718499
Category : Business & Economics
Languages : en
Pages : 204
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Book Description
This books presents a theory of economic development very different from the "stages of growth" hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. He suggests a "bootstrap" approach in which successful development would depend largely on policy choices made by national authorities in the developing countries themselves. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment. In addition to challenging much of the conventional wisdom of development, the author's revision of accepted monetary theory may be relevant for mature economies that face monetary problems.
Author: John Zysman
Publisher: Cornell University Press
ISBN: 1501717413
Category : Political Science
Languages : en
Pages : 361
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Book Description
The deterioration in the economic performance of the advanced industrial democracies during the 1970s provoked an intense debate about the role of government in economic adjustment and growth. In Governments, Markets, and Growth, John Zysman makes a significant contribution to our understanding of these critical international issues by demonstrating that there is a direct relationship between a nation's financial system and its government's ability to restart the growth engine.Professor Zysman argues that there are three distinct types of financial systems, each with different consequences for the political ties between financial markets, industry, and government. Zysman tests his argument by analyzing and comparing the patterns of industrial adjustment in five advanced nations. He contrasts the differing strategies of industrial adjustments primarily in France and Great Britain, but also in Japan, West Germany, and the United States. Governments, Markets, and Growth will be invaluable to the international banking and business community, a wide variety of government officials, and students of political science, economics, and business administration.
Author: Robert Wade
Publisher: Princeton University Press
ISBN: 9780691117294
Category : Business & Economics
Languages : en
Pages : 500
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Book Description
"George Clooney and Mark Wahlberg lead a talented cast in this harrowing special-effects adventure intercutting the plight of seafarers struggling to reach safe harbor with the heroics of air/sea rescue crews"--Container.
Author: Omar Azfar
Publisher: University of Michigan Press
ISBN: 9780472068173
Category : Business & Economics
Languages : en
Pages : 372
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Book Description
Shows how governments and markets are complementary rather than opposing forces
Author: Stephan Haggard
Publisher: Cornell University Press
ISBN: 1501744496
Category : Political Science
Languages : en
Pages : 351
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Book Description
Ten original essays examine the political and institutional factors that influence the initiation and efficiency of preferential credit policies in Korea, Taiwan, Thailand, Indonesia, the Philippines, Chile, Mexico, and Brazil.
