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Financial Liberalisation and Economic Development: A Critical Exposition

In: Money and Banking

Author

Listed:
  • Philip Arestis
  • Panicos Demetriades

Abstract

In developed economies firms have at least three different sources of financing investment: selling new equity, borrowing from the banking system and using retained earnings.1 In developing economies the first option is generally not available because of the absence of a stock market. Even where such a market exists the number of shares traded is very small in relation to the number of firms in the economy whilst the volume of trading is typically very thin. Issuing new equity is, therefore, not a serious option for most firms.

Suggested Citation

  • Philip Arestis & Panicos Demetriades, 1993. "Financial Liberalisation and Economic Development: A Critical Exposition," Palgrave Macmillan Books, in: Philip Arestis (ed.), Money and Banking, chapter 15, pages 287-303, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-13319-2_15
    DOI: 10.1007/978-1-349-13319-2_15
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    Cited by:

    1. Danby, Colin, 1995. "Challenges and opportunities in El Salvador's financial sector," World Development, Elsevier, vol. 23(12), pages 2133-2152, December.
    2. Demetriades, Panicos O. & Hussein, Khaled A., 1996. "Does financial development cause economic growth? Time-series evidence from 16 countries," Journal of Development Economics, Elsevier, vol. 51(2), pages 387-411, December.
    3. Demetriades, Panicos O. & P. Devereux, Michael & Luintel, Kul B., 1998. "Productivity and financial sector policies: Evidence from South East Asia," Journal of Economic Behavior & Organization, Elsevier, vol. 35(1), pages 61-82, March.
    4. Policy Analyst - UNICEF Zimbabwe, 2002. "Evidence on the demand for money function in Uganda," Development and Comp Systems 0210005, University Library of Munich, Germany.

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