Download e-book for iPad: Finance for Growth: Policy Choices in a Volatile World by World Bank

By World Bank

ISBN-10: 0195216059

ISBN-13: 9780195216059

ISBN-10: 0585451389

ISBN-13: 9780585451381

'Finance for development' is the results of a iteration of analysis in line with statistical facts from world wide. This e-book presents an built-in view of ways monetary quarter coverage will be optimized within the new century. It concludes that coverage offerings have to create and help the infrastructure that is necessary to the effective functioning of economic markets. professionals needs to paintings with the industry to aid coordinate inner most incentives with public curiosity. The publication specializes in making finance powerful in providing development, combating and minimizing crises, on executive failure in finance, and on harnessing the potential for a technology-driven international of finance with no frontiers. A copublication of the realm financial institution and Oxford college Press.

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

Sample text

Opening up has also accelerated improvements in disclosure and the efficiency of the local stock markets, even though these have lost some of their share of the increased business in the listing and trading of local equities. Before the explosion in international equity investment, the classic form of international finance involved debt flows: international borrowing and lending. Though carefully designed tax-like measures can be somewhat effective in damping short-term debt flows, openness to international flows inevitably impacts domestic interest rates and the exchange rate.

Government failure as owner is attributed to the incentives imposed on it by the political process, and the few cases of more successful state banks appear to be linked to a stronger institutional environment and dispersed political powers. And important new statistical evidence summarized in chapter 3 confirms that state ownership generally is bad for financial sector development and growth. Greater state ownership of banks tends to be associated with higher interest rate spreads, less private credit, less activity on the stock exchange, and less nonbank credit, even after controlling for many other factors.

Indeed, it is clear that the private credit variable is only a proxy for a multidimensional but unmeasured impact of financial intermediation on productivity. It works in the regressions, because it tends to be correlated with the other dimensions, but if it becomes a focus of government policy, the traditional correlation with the unobserved, omitted variables will certainly break down, and the hoped-for impact on growth will not occur. ”) In a nutshell, simply boosting credit growth is no guarantee of healthy long-term output growth.

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

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