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Financial Liberalisation, Growth and Adjustment: Some Lessons from Developing Countries

In: Financial Reform in Central and Eastern Europe

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Abstract

The experience of developing countries has shown that successful financial liberalisation is clearly not a simple matter of ‘getting the prices right’. Attempts towards financial liberalisation in several Latin American countries have provoked major banking crises and related economic recessions, requiring subsequent government interventions at considerable economic cost. In various East Asian countries financial reforms are rated to have been more successful, but the common denominator to this success appears to lie in a very gradual and cautious approach towards financial liberalisation. Importantly, in these cases good economic performance preceded the liberalisation process and heavy government controls of the financial sector played a key role in successful industrial development.

Suggested Citation

  • Rob Vos, 1995. "Financial Liberalisation, Growth and Adjustment: Some Lessons from Developing Countries," Palgrave Macmillan Books, in: Stephany Griffith-Jones & Zdeněk Drábek (ed.), Financial Reform in Central and Eastern Europe, chapter 8, pages 179-220, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23800-2_8
    DOI: 10.1007/978-1-349-23800-2_8
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