Normal view MARC view

Money and capital in economic development

Author: McKinnon, Ronald I. Publisher: Brookings Institution Press, 1973.Language: EnglishDescription: 184 p. ; 24 cm.ISBN: 0815756135Type of document: BookBibliography/Index: Includes index
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HB240 .M35 1973
(Browse shelf)
Available 001175615
Total holds: 0

Includes index


Money and Capital in Economic Development Contents 1. Introduction 2. Capital in a Fragmented Economy The Fragmented Economy 5 Liberalization and the Capital Market 8 Production Opportunities, Wealth, and External Finance: A Fisherian Approach 10 Indivisible Investments and Technological Innovation 12 The Importance of High Rates of Interest 14 Uncertainty and Leverage 16 Technical Note 19 1 5 3. The Intervention Syndrome Self-Finance and the Distribution of Income 30 Unemployment and Factor Proportions: Rates of Interest Again 31 The Tax-Subsidy Solution and the Theory of the Second-Best 33 22 4. Money and the Price Level 5. A Critique of Prevailing Monetary Theory Substitution between Money and Physical Capital 44 The Golden Rule and the Full-Liquidity Rule 47 Difficulties with the Neoclassical Approach and the Bias toward Inflation 50 Technical Note 53 37 42 x Contents 6. The Demand for Money in Accumulating Capital: An Alternative View Complementarily between Money and Physical Capital 57 Optimization within the New Model 61 Nonmonetary Financing and Complementarily 65 Policy Implications of the New Approach: A Summary 66 55 7. Financial Repression and Inflation Banking Restraint and Its Consequences for Traditional Credit Markets 6g Common Policy Responses to Financial Repression 74 A Preferred Strategy for Overcoming Repression 77 How Not to Relieve Financial Repression: Brazil in the Mid-1960s 80 Orthodox Deflation and the Supply Constraint 84 68 8. Monetary Reform and Successful Financial Growth Sustained Financial Growth: Germany and Japan from 1953 to 1970 91 The Choice of a Price Index for Measuring the Real Return on Money 96 Monetary Growth, Self-Finance, and Intersectoral Flows of Saving 98 Notes on Financial Decline in Argentina, Brazil, and Chile loo Sensitivity of Time and Savings Deposits 102 Financial Reform without Tears: Korea, 1964-70 105 Monetary Growth in Indonesia with Constraints on Bank Lending Receding Inflation and Declining Interest Rates in Taiwan 114 Summary 116 89 9. Optimum Monetization and Equilibrium Growth The Optimum Supply of Monetary Services 118 Growth and Saving: The Virtuous Circle 123 117 10. Fiscal Policy and the Liberalization of Foreign Trade Tax Neutrality and the Wellsprings of Export Revival 133 Indirect Taxation and the Problem of Revenue Inelasticity 139 From Tariffs to the Value Added Tax 142 From Tariffs to Consumer Excises 147 Concluding Comment 148 130 Contents xi 11.The Transition: Exchange-Rate Flexibility and the Role of Foreign Capital Some Unhappy Evidence from Past Reforms 151 Pitfalls in Partial Liberalization with Foreign Capital: The Alpha Economy 155 Full Liberalization without Foreign Capital: The Beta Economy 158 Misaligned Interest Rates and Capital Inflows: Korea Again 161 Optimal Monetary Policy and a Gliding Foreign Exchange Parity 166 On Restricting Inflows of Short-Term Capital 168 12. Some Concluding Notes on Inflows of Foreign Capital Foreign Direct Investment: Were the Japanese Right? 172 Investment and Credit Guarantees by Wealthy Countries 174 Unbiased Absorption of International Capital 176 150 170 Index 179

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