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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