Reforming Financial Systems: Policy Change and Privatization

Reforming Financial Systems: Policy Change and Privatization

Reforming Financial Systems: Policy Change and Privatization

Reforming Financial Systems: Policy Change and Privatization

Synopsis

One of the key constraints to accelerated economic performance in developing countries is, in the authors' view, the absence of strong, dynamic financial systems. Many, if not most, developing countries suffer from repressed financial systems. Thus the most important step in effecting the development of capital markets is to lay a foundation of sound macroeconomic, sectorial, and regulatory policies conducive to financial sector development. This book presents a unique approach to financial sector reform composed of financial sector diagnosis, policy and institutional targeting, macroeconomic reforms, bank regulation and supervision reform, and privatization.

Excerpt

This book presents approaches and guidelines that can be utilized by government officials, private sector leaders, and aid donors to privatize government-owned financial institutions or liberalize developing country financial systems. We have sought to provide relevant, timely, and useful information in an effort to turn the decision-making framework away from one that is government-directed and toward one that is based upon the competitive, free marketplace. We also hope that those concerned about privatization, international economics, and financial systems development will find this book of interest and value.

This book is the result of a research project conceived in mid-1988 at the U.S. Agency for International Development. the Office of Policy Development and Program Review (PDPR) in AID's Bureau for Program and Policy Coordination was pursuing a research program titled "Privatization Policy Studies." pdpr sought to expand its privatization research in order to develop policy and other approaches that could help AID's overseas Missions pursue privatization programs in different development fields. the privatization of developing country financial systems and institutions was identified as a critical target for research.

To accomplish its study, pdpr relied upon a Private Enterprise Development Support contract between AID's Bureau for Private Enterprise and Ernst and Young. sri International, a subcontractor under that contract, was selected to prepare the report. the final report was completed in December 1989, and entitled "Liberalization and Privatization of the Financial Sector: Guidelines and Case Studies." the authors of this book were involved in either the original conception or preparation of the report.

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