Financial Libearalization.
How Far, How Fast?
The goal of this volume is to
bring a more broad-based empirical experience than has been customary to the theoretical
debate on how financial systems should be managed. This is achieved not only with
cross-country economic studies, but also with an account of carefully chosen and widely
contrasting country cases, drawn from Europe, Latin America, Africa, East and South Asia,
and the former Soviet Union. The widespread financial crises of recent years have all too
dramatically illustrated the shortcomings of financial policy under liberalization. The
complexity of the issues mocks any idea that a standard liberalization template will be
universally effective. The evidence here described confirms that policy recommendations
need to take careful account of country conditions. The volume is the outcome of a
research project sponsored by the World Bank's Development Economics Research Group.
Professor Joseph E. Stiglitz is the winner of the 2001 Nobel Prize for Economics.
Contributors: Irfan Aleem,
Gerard Caprio, Yoon Je Cho, Fabrizio Coricelli, Asli Demirguc-Kunt, Enrica Detragiache,
James A. Hanson, Patrick Honohan, Louis Kasekende, Luis Landa, Fernando Montes-Negret,
Joseph Stiglitz, Charles Wyplosz
Contents
1. Introduction and overview:
the case for liberalization and some pitfalls
2. Robust financial restraint
3. How interest rates changed
under liberalization: a statistical review
4. Financial liberalization
and financial fragility
5. Financial restraints and
liberalization in post-war Europe
6. Korea's financial
crisis: a consequence of uneven liberalization
7. Interest rate spreads in
Mexico during liberalization
8. The financial sector in
transition: tales of success and failure
9. Indonesia and India:
contrasting approaches to repression and liberalization
10. Reforming finance in a
low income country: Uganda
308 pages