Finance and Development: Issues and Experience

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Recent progress towards economic and monetary union in Western Europe has highlighted the importance of regional policies, while events in Eastern Europe have focused attention on the role of finance in development and may lead to a substantial diversion of international capital flows. Research on endogenous growth has considered the relationships among growth, convergence and capital market imperfections, focusing on the contribution of capital markets to the real economy and the effects on developing countries of increased access to international capital markets. This volume, derived from a conference on 'Finance and Development in Europe', held by the Centre for Economic Policy Research in Santiago de Compostela on 13-15 December 1991, with financial support from the Regional Government of Galicia, addresses many of these issues. Theoretical papers shed light on the debates over the role of financial structure in economic development and the scope for government intervention to promote regional development. A number of highly topical empirical papers examine the relationship between international lending and economic development in a historical perspective, the recent experience of regional policies in the European Community and its member states and of financial liberalization in the high-growth East Asian economies, and the development of financial markets in the transforming economies of Eastern Europe.
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Product Details

  • ISBN-13: 9780521057561
  • Publisher: Cambridge University Press
  • Publication date: 12/28/2007
  • Pages: 380
  • Product dimensions: 5.98 (w) x 8.98 (h) x 0.83 (d)

Table of Contents

List of figures
List of tables
List of conference participants
1 Introduction 1
Pt. I The Role of Finance in Economic Development
2 International finance and economic development 11
3 A theory of financial development 29
4 Capital market imperfections and regional economic development 65
5 Convergence in the closed and in the open economy 99
Pt. IIA Case Studies - Financial Markets and Economic Development
6 The role of finance in economic development in South Korea and Taiwan 121
7 Finance and development: the case of Southern Italy 158
Pt. IIB Case Studies - Government Policies
8 Macroeconomic control in liberalizing socialist economies: Asian and European parallels 223
9 Regional imbalances and government compensatory financial flows: the case of Spain 261
Pt. III Development Finance
10 Financing and development in Eastern Europe and the former Soviet Union: issues and institutional support 303
11 Overview 343
Index 355
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