TY  - BOOK
AU  - Caprio,Gerard
AU  - Honohan,Patrick
TI  - Finance for growth: policy choices in a volatile world
T2  - World Bank policy research report
SN  - 0195216059
AV  - HD75 .F49
PY  - 2001///
CY  - Washington, D.C., Oxford, New York
PB  - World Bank, Oxford University Press
KW  - Economic development
KW  - Finance
KW  - Economic policy
KW  - Finance, Public
KW  - Financial institutions
KW  - Expenditures, Public
KW  - D�eveloppement �economique
KW  - Finances
KW  - Politique �economique
KW  - Finances publiques
KW  - Institutions financi�eres
KW  - D�epenses publiques
KW  - finance
KW  - aat
KW  - financial institutions (institutions)
KW  - POLITICAL SCIENCE
KW  - Public Policy
KW  - Economic Policy
KW  - bisacsh
KW  - BUSINESS & ECONOMICS
KW  - Government & Business
KW  - Development
KW  - Economic Development
KW  - Business Development
KW  - Structural Adjustment
KW  - General
KW  - fast
N1  - Written by Gerard Caprio and Patrick Honohan (p. xiii); Includes bibliographical references (pages 197-212)
N2  - The overall impact of financial globalization on the domestic financial sector is profound. Liberalization of capital flows has effectively made domestic financial repression obsolete. The consequences have not been uniformly favorable. Following liberalization, domestic interest rates in developing countries have moved to a premium over industrial country rates, and can surge at times of currency speculation. Heightened interest rate and exchange rate volatility pose practical risk management difficulties for financial intermediaries and reinforce the need for appropriate infrastructures and incentives for risk containment, as well as for good macropolicies. On the other hand, the cost of equity capital has been reduced by allowing foreign investor access to local equity markets and allowing local firms to list abroad. Increased international flows through the equity markets have not been the major contributor to increased international sources of volatility. In addition to opening access to foreign-sourced financial services, more and more countries have been permitting foreign-owned banks and other financial firms to operate locally. Although this can represent a threat to domestic owners of financial firms, the drawback is outweighed by improved service quality. On all three fronts--debt, equity, and services--the costs and risks as well as the benefits of increased financial globalization. knowledges
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UR  - https://archive.org/details/financeforgrowth0000capr
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UR  - https://doi.org/10.1596/0-1952-1605-9
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