By John Williamson
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Extra resources for A Survey of Financial Liberalization (Essays in International Economics)
Only Britain and Singapore were spared systemic crises, and several countries experienced more than one crisis. Column 8 examines whether there was a loss of monetary control. It seems that, although a number of countries experienced “teething problems” while they got used to new arrangements, the end result has almost always been to leave countries with a more effective, rather than less effective, system of monetary control. Evidence for Financial Development and Growth Several recent studies conclude that financial development contributes to economic growth.
Jacques Morisset (1993) finds that although the effect of financial liberalization on the quantity of investment was weak (and even negative in some tests) in Argentina, the effect on the quality of investment was consistently positive. Hatice Pehlivan (1996) finds that Turkish banks have put more effort into gathering information on creditworthiness since liberalization. In Sri Lanka, there is some evidence of greater variation among the lending rates faced by different borrowers as risk has begun to be reflected in the terms of lending.
Not improved. Government financing needs met by the central bank, undermining monetary discipline. Government successfully increased nonbank demand for govern- TABLE 7 continued Reallocation of Credit Flows From To Efficiency of Investment Allocation Financial Deepening Impact on Saving and Consumption Impact on Interest Rates Financial Crisis Nepal contd. ment securities with introduction of 1-year and 3-year government securities. Pakistan Sri Lanka Monetary Control M2/GDP increased from 39% in 1991 to 44% in 1993.
A Survey of Financial Liberalization (Essays in International Economics) by John Williamson