Institutional Arrangements for Financial Sector Governance

Pervez Tahir ()
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Pervez Tahir: Planning Commission

SBP Research Bulletin, 2006, vol. 2, 283-310.

Abstract: Whenever the information is imperfect and markets incomplete, which is to say always, and especially in developing countries, then the invisible hand works most imperfectly…. The market system requires clearly established property rights and the courts to enforce them; but often these are absent in developing countries. The market system requires competition and perfect information. But competition is limited and information is far from perfect – and well functioning competitive markets can’t be established overnight.

Date: 2006
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