Financial Liberalisation, Growth and Adjustment: Some Lessons from Developing Countries

Robert Vos

Chapter 8 in Financial Reform in Central and Eastern Europe, 1995, pp 179-220 from Palgrave Macmillan

Abstract: Abstract The experience of developing countries has shown that successful financial liberalisation is clearly not a simple matter of ‘getting the prices right’. Attempts towards financial liberalisation in several Latin American countries have provoked major banking crises and related economic recessions, requiring subsequent government interventions at considerable economic cost. In various East Asian countries financial reforms are rated to have been more successful, but the common denominator to this success appears to lie in a very gradual and cautious approach towards financial liberalisation. Importantly, in these cases good economic performance preceded the liberalisation process and heavy government controls of the financial sector played a key role in successful industrial development.

Keywords: Interest Rate; Financial Institution; Commercial Bank; Real Interest Rate; Deposit Insurance (search for similar items in EconPapers)
Date: 1995
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Working Paper: Financial Liberalization, Growth and Adjustment: Some Lessons from Developing Countries (1993)
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DOI: 10.1007/978-1-349-23800-2_8

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