The Japanese Main Bank System: Its Relevance for Developing and Transforming Economies

By Masahiko Aoki; Hugh Patrick | Go to book overview
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Seventh, direct administrative intervention, if necessary for promoting efficient industrialization, should be minimal, strategic, selective, purposive, time bound, and market friendly. When the initial objectives are attained, the controls should be eliminated. The objective of controls should be to foster and promote entrepreneurial efforts. Domestic and international competition should be stimulated to provide enterprises with incentives to improve investment and productive efficiency.

Finally, a competitive environment can be created by an export-oriented or export-promoting strategy; this strategy would discipline policy-makers, financial institutions, and enterprises.


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Bhagwati, Jagdish. 1988. Protectionism. Cambridge, Mass.: The MIT Press.

Bhatt, V. V. 1972. Structure of Financial Institutions. Bombay: Vora & Co.

——. 1980. Development Perspectives. Oxford: Pergamon Press.

——. 1981. 'Financial Institutions and Technical Consultancy Services: The Indian Experiment in Small Industry Promotion.' Seminar Paper 24, Economic Development Institute, World Bank, Washington DC. Also in Journal of Development Planning 18, 1988.

——. 1988. 'Financial Innovations and Credit Market Evolution.' World Development 16(2).

——. 1991. 'On Improving the Effectiveness and Efficiency of the Financial System in India.' Economic and Political Weekly 26(41) (12 October).

——. 1993. 'Development Banks as Catalysts for Industrial and Financial Development.' International Journal of Development Banking 2(1).

Center for Monitoring Indian Economy. 1990 and 1991. Basic Statistics Relating to the Indian Economy. Bombay.

The Economist. 1992. 'Freeing India's Economy.' 23 May.

——. 1993. 'A Tiger Stirs.' 6 March.

Indian Banks' Association. 1987. Financial Analysis of Banks, vol 1. Bombay.

Industrial Finance Corporation. 1990. Emerging Markets Data Base. Washington DC.

Korea Long Term Credit Bank. 1990. Annual Report. Seoul.

Reserve Bank of India. 1976. Coordination Between Term Lending Institutions and Commercial Banks. Report of the Inter-Institutional Group. Bombay.

——. 1987. Letter by Chief Officer, Department of Bank Operations and Development to All Scheduled Commercial Banks. June 27.

——. 1989-93. Report on Currency and Finance. Bombay.

——. 1989-90. Report on Trend and Progress of Banking in India. Bombay.

——. 1990-91, 1991-92, 1992-93. Annual Report. Bombay.

——. 1990. Manual for Bank Supervision. Bombay.

——. 1991, 1992. Bulletins. Bombay.


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