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Finance and development: issues and experience

Author: Giovannini, Alberto Publisher: Cambridge University Press (CUP) 1993.Language: EnglishDescription: 361 p. ; 24 cm.ISBN: 0521440173Type of document: BookBibliography/Index: Includes bibliographical references and index
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HC300 .F56 1993
(Browse shelf)
001177728
Available 001177728
Total holds: 0

Includes bibliographical references and index

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Finance and Development : Issue and Experience Contents List of figures List of tables Preface List of conference participants 1 Introduction Alberto Giovannini page xi xii xv xvi 1 PART I: THE ROLE OF FINANCE IN ECONOMIC DEVELOPMENT 2 International finance and economic development Paul Krugman 1 External capital and economic growth: neoclassical scepticism 2 Why external capital might matter more 3 Prospects of capital for development 4 The effects of capital inflows 5 Conclusions Discussion Richard E. Baldwin William H. Branson 3 A theory of financial development Oren Sussman 1 Introduction 2 Balanced growth 3 Market power 4 General equilibrium 11 12 15 19 20 22 24 26 29 29 31 36 40 viii Contents 5 Aggregation 6 Some evidence 7 Concluding remarks Appendix A: Proofs of lemmas 5 and 6 and proposition 6 Appendix B: Sources and methods for Table 3.1 and Figure 3.4 Discussion David Begg Rafael Repullo 4 Capital market imperfections and regional economic development Bruce C. Greenwald, Alec Levinson and Joseph E. Stiglitz 1 Lending institutions with imperfect information 2 Empirical implications 3 Estimation 4 Policy implications Discussion Xavier Vives David C. Webb 5 Convergence in the closed and in the open economy Daniel Cohen 1 Introduction 2 A model 3 Convergence in the closed and in the open economy 4 Empirical applications 5 Conclusions Appendix A: The case of endogenous growth Appendix B: Capital stock data Appendix C: Test of stability Discussion Thomas F. Huertas 41 46 53 53 55 58 60 65 67 84 87 88 94 96 99 99 100 102 107 111 111 113 113 115 PART IIA: CASE STUDIES -- FINANCIAL MARKETS AND ECONOMIC DEVELOPMENT 6 The role of finance in economic development in South Korea and Taiwan Yung Chul Park 1 Introduction 2 Growth and structural changes in the financial system 121 121 123 Contents ix 3 Financial factors in economic development 4 Imperfections in the financial markets and government intervention 5 Consequences of a repressive financial regime 6 Concluding remarks Discussion Susan M. Collins Helmut Reisen 7 Finance and development: the case of Southern Italy Riccardo Faini, Giampaolo Galli and Curzio Giannini 1 Introduction 2 The `dependent region' model 3 The state of finance in the Mezzogiorno 4 Informational imperfections in financial markets: are they greater in less developed regions? 5 The implications for financial policy Appendix A: Interest rate regressions Appendix B: Corporate borrowing and investment regressions Discussion Patrick Honohan Antonio S. Mello 126 136 139 146 150 153 158 158 162 167 173 196 201 207 214 218 PART IIB: CASE STUDIES -- GOVERNMENT POLICIES 8 Macroeconomic control in liberalizing socialist economies: Asian and European parallels Ronald I. McKinnon 1 Financial control under classical socialism 2 The breakdown of financial control in the transition 3 Creating an internal revenue service 4 Procurement prices and the taxation of agricultural land 5 Personal income taxation and VAT 6 Gradualism or a big bang? 7 Enterprise financial constraints in the transition: a tripartite classification 8 Hardening the system of money and credit: banks and liberalized enterprises 9 Foreign trade and foreign exchange: a concluding note Discussion Richard Portes 223 224 228 233 235 237 240 242 245 253 257 x Contents 9 Regional imbalances and government compensatory financial flows: the case of Spain 261 Juan Ramón Cuadrado, Guillermo de la Dehesa and Andrés Precedo 1 Introduction 261 2 Recent evolution of regional disparities in Europe and Spain 264 3 Spanish regional policies 273 4 The growth response of regional economies to regional policies 283 5 Main conclusions on the Spanish case 286 Discussion Stefano Micossi 293 Antonio Zabalza Marti 297 PART III: DEVELOPMENT FINANCE 110 Financing and development in Eastern Europe and the former Soviet Union: issues and institutional support 303 Philippe Aghion and Robin Burgess 1 Introduction 303 2 The financing gap 304 3 Privatization 306 4 Restructuring 314 5 Concluding remarks 325 Appendix A: The role and financing policy of the EBRD 326 Appendix B: The trade-off between cash constraints and moral hazard in auctions: an example 331 Discussion Colin Mayer 339 11 Overview Joseph E. Stiglitz 1 Central questions 2 Perspectives on the growth process 3 Financial market developments 4 Regional development policies in integrated financial markets Index 343 343 344 348 349 355

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