Sequencing financial sector reforms: country experiences and issues
International Monetary Fund, Apr 22, 1999 - Business & Economics - 396 pages
Financial sector liberalization can spur economic growth and development, but reforms to liberalize the financial sector can also entail risks if they are not properly designed and implemented. One of the central questions for countries reforming their financial systems is how to sequence the reforms so as to maximize the benefits of liberalization and contain its risks. Edited by R. Barry Johnston and V. Sundararajan of the IMF's Monetary and Exchange Affairs Department, this book attempts to answer this and related questions by drawing lessons from financial sector reforms in selected countries. In particular, the book surveys financial sector reforms in Indonesia, Thailand, and Korea between the mid-1980s and mid-1990s.
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Financial Sector Reform and Monetary Instruments and Operations
Sequencing Financial Reform and Liberalization in Five
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adjustment allowed Arrangement and System assets auctions Bank Indonesia Bank of Korea Bank of Thailand banking supervision banking system borrowing capital account liberalization capital flows Capital Markets central bank Chile commercial banks companies countries crisis debt deposit rates domestic effect enterprises exchange market exchange rate ffective financial institutions financial liberalization financial markets financial reform financial restructuring financial sector reforms fN fN foreign banks foreign currency funds implemented increased Indonesia interbank issues Korea lending rates limit liquidity loans macroeconomic market-based market-based instruments ment monetary control monetary instruments monetary policy money market nancial nonbanks nonresidents operations Outflows payments percent portfolio postreform period prereform private sector ratio real interest rates rediscount reduced repurchase repurchase agreements reserve money reserve requirements restrictions risks securities sequencing short-term stabilization strengthen structure swaps Table Trade transactions treasury bills U.S. dollar xchange Market Arrangement