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February 1999 How financial liberalization affects private saving is theoretically ambiguous, because the link between savings and interest-rate levels is ambiguous and because financial liberalization is a phased, multidimensional process, which sometimes involves reversals. Some dimensions of the process-such as increased household access to housing finance or consumer credit - might reduce rather than increase private saving. And liberalization's long-term effect on saving may differ substantially from its initial effect. Using Principal Components, Bandieri, Caprio, Honohan, and Schiantarelli construct a 25-year time series index of financial liberalization for each of eight developing countries: Chile, Ghana, Indonesia, the Republic of Korea, Malaysia, Mexico, Turkey, and Zimbabwe. They use it in an econometric analysis of private saving in those countries. They find that the pattern of effects differs across countries. In sum, liberalization seems to have had a significant positive direct effect on saving in Ghana and Turkey and a negative effect in Korea and Mexico. No clear effect is discernible in the other countries. There is no evidence of significant, positive, and sizable interest-rate effects. Their results must be taken as an indication that there is no firm evidence that financial liberalization will increase saving. Indeed, under some circumstances, liberalization will be associated with a drop in saving. All in all, it would be unwise to rely on increased private saving as a channel through which financial liberalization can be expected to increase growth. Instead, improved resource allocation must be the primary channel. This paper-a product of Finance, Development Research Group-is part of a larger effort in the group to analyze the effects of financial liberalization. Gerard Caprio may be contacted at gcaprio@worldbank.org.
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"Focuses on the rationale and performance of state-owned financial institutions in emerging markets, as well as on possible government policies for either privatizing or managing them"--Provided by publisher.
Banks and banking --- Financial institutions --- Privatization --- Government ownership
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Political and social forces exert pressure on our globalized economy in many forms, from formal and informal policies to financial theories and technical models. Our efforts to shape and direct these forces to preserve financial stability reveal much about the ways we perceive the financial economy. The Handbook of Safeguarding Global Financial Stability examines our political economy, particularly the ways in which these forces inhabit our institutions, strategies, and tactics. As economies expand and contract, these forces also determine the ways we supervise and regulate. This hi
Capital market --- International finance. --- Economic stabilization. --- Adjustment, Economic --- Business stabilization --- Economic adjustment --- Stabilization, Economic --- Economic policy --- International monetary system --- International money --- Finance --- International economic relations --- Capital markets --- Market, Capital --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory
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This volume summarizes the key lessons of financial history for emerging markets and developing economies today, including the rise and role of central banks, debates on how to make banking secure and sound, the relative efficiency of universal banking compared to the Anglo-American commercial banking model, and the role of savings banks, non-banks and securities markets in development. Two lessons that should be kept in mind in reforming financial systems are the importance of incentives and diversification. Robust financial systems require incentive systems that reward prudent risk-taking and encourage sound portfolio diversification. In addition, reputation has proved to be important: central bankers must demonstrate anew why they have earned a reputation for non-inflationary policies, and private intermediaries must similarly demonstrate again why they have earned a reputation for sound, as opposed to Ponzi, finance. Attempts to reform financial systems without due allowance for the time and effort to develop institutions, including reputation, are likely to prove short-lived.
Private finance --- Economic policy and planning (general) --- anno 1900-1999 --- Finance --- Banks and banking --- Finances --- Banques --- History --- Histoire --- 336.7 --- 336.71 --- 338 <09> --- -Finance --- -AA / International- internationaal --- LDC / Developping Countries - Pays En Développement --- 333.100 --- 333.139.0 --- 333.17 --- 333.50 --- 333.600 --- 333.480 --- -Banks and banking --- -332.10904 --- Funding --- Funds --- Economics --- Currency question --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Financial institutions --- Money --- Geldwezen. Kredietwezen. Bankwezen. Financien. Monetaire econonomie. Beurswezen --- Bankwezen --- Economische geschiedenis --- -History --- -Algemeenheden. Theorie en principes van de bankorganisatie en -techniek. --- Controle en nationalisatie van de banken: algemeen. --- Crises, saneringen en hervormingen van het bankwezen. --- Financiële instellingen: algemeenheden. --- Financiële markten. Kapitaalmarkten (algemeenheden). --- Geldstelsel. --- -336.7 --- 338 <09> Economische geschiedenis --- 336.71 Bankwezen --- 336.7 Geldwezen. Kredietwezen. Bankwezen. Financien. Monetaire econonomie. Beurswezen --- -Private finance --- 332.10904 --- AA / International- internationaal --- Algemeenheden. Theorie en principes van de bankorganisatie en -techniek --- Controle en nationalisatie van de banken: algemeen --- Crises, saneringen en hervormingen van het bankwezen --- Geldstelsel --- Financiële instellingen: algemeenheden --- Financiële markten. Kapitaalmarkten (algemeenheden) --- 20th century --- Finance - History - 20th century. --- Banks and banking - History - 20th century. --- Business, Economy and Management --- Banks and banking - History - 20th century --- Finance - History - 20th century
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