Financial Sector Reforms, Economic Growth, and Stability: by D. C.) Economic Development Institute (Washington, Shakil

By D. C.) Economic Development Institute (Washington, Shakil Faruqi, Suman K. Bery

Compares monetary area reforms and their impression on financial development and balance in chosen nations of Latin the United States and Asia. Articles diversity from the really particular (e.g., securities rules in Thailand), to extra general--Handbook of Latin American experiences, v. fifty seven.

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Additional info for Financial Sector Reforms, Economic Growth, and Stability: Experiences in Selected Asian and Latin American Countries (E D I Seminar Series)

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Associated with this, another participant suggested that a third policy instrument, namely fiscal policy, might be introduced for this purpose. Specifically, if there was some reluctance to abandon a fixed exchange rate target, then the dogmatism of near balance in fiscal accounts might be abandoned with the size of the fiscal balance being used explicitly as a counter-cyclical device to compensate for the appreciating effects of large inflows. An opposing view was that among the faster growing of the reforming economies it was inappropriate to try to maintain the same nominal exchange rate in the face of that fast growth.

Second, it introduced internationally accepted standards in the areas of capital adequacy, legal lending limits, and reserve cover for risk assets. Third, it defined new and tighter standards for the owners, directors, and managers of banks. Fourth, it recognized the human resource implications of the new environment by introducing a mandatory training obligation linked to a training fund equal to 5 percent of each bank's personnel budget. Finally, in March 1992, the overall framework for banking activity in the country was defined in the new Bank Act.

Sumarlin Edgardo P. W. C. SA. All rights reserved Manufactured in the United States of America First printing October 1994 Second printing January 1996 The Economic Development Institute (EDI) was established by the World Bank in 1955 to train officials concerned with development planning, policymaking, investment analysis, and project implementation in member developing countries. At present the substance of the EDI's work emphasizes macroeconomic and sectoral economic policy analysis. Through a variety of courses, seminars, and workshops, most of which are given overseas in cooperation with local institutions, the EDI seeks to sharpen analytical skills used in policy analysis and to broaden understanding of the experience of individual countries with economic development.

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