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Developmental Role

In: Central Banking in Developing Countries

Author

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  • Anand Chandavarkar

Abstract

A major issue in both the historical and contemporary debate on the objectives and functions of central banks in developing countries is whether they should also undertake promotional and developmental activities. Accordingly, this chapter addresses the following main interlinked issues in order to assess ‘the contribution that central banking may make towards the healthy and speedy development of the economy’ (Sayers, 1961, p. 33): (a) Should the central bank in a developing economy … confine itself to the negative function of ensuring that no monetary sickness impedes the progress of industrial and commercial development? (b) Or should it strive itself to make some positive contribution, stimulating enterprise in particularly important directions? (c) And what should be the scope, in terms of institutions, of its activities? In the early days of a central bank the accent has necessarily to be on the development of a banking system to control because this is not only a logical order but also the typical historical sequence in underdeveloped countries.

Suggested Citation

  • Anand Chandavarkar, 1996. "Developmental Role," Palgrave Macmillan Books, in: Central Banking in Developing Countries, chapter 6, pages 95-127, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37150-7_6
    DOI: 10.1057/9780230371507_6
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