Finance and Development: Issues and Experience

doi:10.1017/CBO9780511983290

Progress towards economic and monetary union in Western Europe has highlighted the importance of regional policies, while events in Eastern Europe have focused attention on the role of finance in development and may lead to a substantial diversion of capital flows. This volume from the Centre for Economic Policy Research addresses the relationships between growth, convergence, and capital market imperfections. Theoretical papers shed light on the debates over the role of financial structure in economic development and the scope for government intervention to promote regional development. Highly topical empirical papers examine the relationship between international lending and economic development in a historical perspective; the experience of regional policies in the European Community, and of financial liberalization in high-growth East Asian economies; and the development of financial markets in Eastern Europe.

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Contents

Frontmatter
pp i-vi
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Contents
pp vii-x
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List of figures
pp xi-xi
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List of tables
pp xii-xiv
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Preface
pp xv-xv
- By Alberto Giovannini, Columbia University and CEPR
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List of conference participants
pp xvi-xviii
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1 - Introduction
pp 1-8
- By Alberto Giovannini, Columbia University and CEPR
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PART I - THE ROLE OF FINANCE IN ECONOMIC DEVELOPMENT
pp 9-10
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2 - International finance and economic development
pp 11-28
- By Paul Krugman, MIT and CEPR, Richard E. Baldwin, Institut Universitaire des Hautes Etudes Internationales, Genève and CEPR, William H. Branson, Princeton University and CEPR
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3 - A theory of financial development
pp 29-64
- By Oren Sussman, Hebrew University of Jerusalem, David Begg, Birkbeck College, London, and CEPR, Rafael Repullo, Banco de España and CEPR
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4 - Capital market imperfections and regional economic development
pp 65-98
- By Bruce C. Greenwald, Columbia University, Alec Levinson, Joseph E. Stiglitz, Stanford University, Xavier Vives, Universitat Autònoma de Barcelona and CEP, David C. Webb, LSE
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5 - Convergence in the closed and in the open economy
pp 99-118
- By Daniel Cohen, Université de Paris I, Ecole Normal Supérieure, CEPREMAP, Paris, and CEPR, Thomas F. Huertas, Citibank
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PART IIA - CASE STUDIES – FINANCIAL MARKETS AND ECONOMIC DEVELOPMENT
pp 119-120
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6 - The role of finance in economic development in South Korea and Taiwan
pp 121-157
- By Yung Chul Park, Korea University, Susan M. Collins, Harvard University, Helmut Reisen, OECD
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7 - Finance and development: the case of Southern Italy
pp 158-220
- By Riccardo Faini, Università degli Studi di Brescia and CEPR, Giampaolo Galli, Banca d'ltalia, Curzio Giannini, Banca d'ltalia, Patrick Honohan, The Economic and Social Research Institute, Dublin, Antonio S. Mello, Banco de Portugal
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PART IIB - CASE STUDIES – GOVERNMENT POLICIES
pp 221-222
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8 - Macroeconomic control in liberalizing socialist economies: Asian and European parallels
pp 223-260
- By Ronald I. McKinnon, Stanford University, Richard Portes, CEPR and Birkbeck College, London
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9 - Regional imbalances and government compensatory financial flows: the case of Spain
pp 261-300
- By Juan Ramón Cuadrado, Universidad de Madrid, Guillermo de la Dehesa, Banco Pastor and CEPR, Andrés Precedo, Universidad de Santiago de Compostela, Stefano Micossi, Confindustria, Antonio Zabalza Mati, Ministerio de Economia y Hacienda, Madrid
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PART III - DEVELOPMENT FINANCE
pp 301-302
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10 - Financing and development in Eastern Europe and the former Soviet Union: issues and institutional support
pp 303-342
- By Philippe Aghion, European Bank for Reconstruction and Development and CEPR, Robin Burgess, European Bank for Reconstruction and Development, Colin Mayer, City University Business School, London, and CEPR
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11 - Overview
pp 343-353
- By Joseph E. Stiglitz, Stanford University
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Index
pp 354-361
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Finance and Development

Issues and Experience

Book description

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Contents

Frontmatter
pp i-vi

Contents
pp vii-x

List of figures
pp xi-xi

List of tables
pp xii-xiv

Preface
pp xv-xv

List of conference participants
pp xvi-xviii

1 - Introduction
pp 1-8

PART I - THE ROLE OF FINANCE IN ECONOMIC DEVELOPMENT
pp 9-10

2 - International finance and economic development
pp 11-28

3 - A theory of financial development
pp 29-64

4 - Capital market imperfections and regional economic development
pp 65-98

5 - Convergence in the closed and in the open economy
pp 99-118

PART IIA - CASE STUDIES – FINANCIAL MARKETS AND ECONOMIC DEVELOPMENT
pp 119-120

6 - The role of finance in economic development in South Korea and Taiwan
pp 121-157

7 - Finance and development: the case of Southern Italy
pp 158-220

PART IIB - CASE STUDIES – GOVERNMENT POLICIES
pp 221-222

8 - Macroeconomic control in liberalizing socialist economies: Asian and European parallels
pp 223-260

9 - Regional imbalances and government compensatory financial flows: the case of Spain
pp 261-300

PART III - DEVELOPMENT FINANCE
pp 301-302

10 - Financing and development in Eastern Europe and the former Soviet Union: issues and institutional support
pp 303-342

11 - Overview
pp 343-353

Index
pp 354-361

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Finance and Development

Issues and Experience

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