Policy-Based Finance and Market Alternatives: East Asian Lessons for Latin America and the Caribbean
By Kim B. Staking (06/97, En) See also Infrastructure and Financial Markets
Summary
This book contains a selection of presentations prepared for the conference, "Policy-Based Finance and Alternatives for Financial Market Development: Application of the Lessons of East Asia to Latin America and the Caribbean," held February 1-2, 1996. The conference was based in the belief that the countries of Latin America and the Caribbean would benefit from learning of the East Asian experiences with policy-based finance in spite of the differences in their political and economic realities. Likewise, it was recognized that many of the Latin American and Caribbean governments' ventures into provision of direct credits to targeted sectors have been judged as failures (in contrast to successes reported in East Asia). The conference was therefore not intended to determine if the exact models of East Asia were appropriate, but rather to extract the universal lessons that can be applied to financial sector restructurings taking place in the region today.
Unlike some of the well publicized and understood lessons from the East Asian experience?such as the use of market signals as well as the need for professionalism and independence at government institutions responsible for credit programs?other lessons?such as the establishment of policies for identifying critical sectors of the economy and targeting governmental resources to support these preferred sectors?are less well understood and more controversial among academics and development practitioners. It was therefore necessary to juxtapose the East Asian experience against the more market-driven alternatives that are being implemented in the Latin American and Caribbean region. This served both to accentuate the universality of many of the East Asian lessons and to provide an additional paradigm for their analysis. While there was significant agreement on many points presented at the conference, there was, by no means, complete agreement regarding how far the countries in Latin America and the Caribbean could take the proposals at the present time. In compiling the papers from the conference, this book attempts to represent the various viewpoints presented.
Table of Contents
Preface
Acknowledgments
Section One: Policy-Based Finance in East Asia and Financial Market Intervention in Latin America and the Caribbean
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Chapter 1: Policy-Based Finance in Japan: Possible Lessons for the Americas
Tsutomu Shibata
Chapter 2: Credit Policies and the Industrialization of Korea: Lessons and Strategies
Yoon Je Cho
Chapter 3: Directed Credit in Latin America
Armando Montenegro
Chapter 4: Policy-Based Finance: Application of East Asian Lessons to the Americas
Dimitri Vittas
Section Two: Effective Intermediation and Innovation: The Effect of Government Intervention and Institutional Structure
- Chapter 5: Effective Financial Intermediation
Anthony Santomero
Chapter 6: Impact of Institutional Structure on Financial Innovation and Risk Sharing: A Comparison of the United States, Germany and Japan
Franklin Allen
Section Three: Innovation in Financial Markets
- Chapter 7: Innovation in Financial Markets: The Experience of Japan from the Perspective of a Private Sector Financial Institution
Douglas Kruse
Chapter 8: Government Support and the Financing of Technology Development: Lessons for Developing and Developed Economies
Bernel Stone
Chapter 9: Pension System Reform and the Evolution of Capital Markets: The Chilean Experience
Augusto Iglesias
Section Four: Policy Recommendations for Latin America and the Caribbean
- Chapter 10: Financial Intermediation and Policy-Based Lending: Policy Recommendations for Latin America and the Caribbean
Antonio Vives and Kim B. Staking
About the Authors
- English, 1997, 196 pp.
- US$ 18.50
- ISBN: 1-886938-23-7
To place an order or verify price and availability, please refer to the IDB Bookstore.
Last updated: 05/08/07
