By John Williamson
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Additional info for A Survey of Financial Liberalization (Essays in International Economics)
Column 8 examines whether there was a loss of monetary control. It seems that, although a number of countries experienced “teething problems” while they got used to new arrangements, the end result has almost always been to leave countries with a more effective, rather than less effective, system of monetary control. Evidence for Financial Development and Growth Several recent studies conclude that financial development contributes to economic growth. 7 Alan Gelb (1989) finds a positive correlation between the real interest rate (which he argues is a proxy for financial intermediation) and growth for thirty-four countries for 1965 to 1985.
Twenty-nine banks representing Monetary Control ratio fell back down to 21% the following year. over 15% of total deposits experienced difficulties. Chile M2/GDP increased from 9% in 1974 to 34% in the 1990s. Colombia M2/GDP stayed between 17% and 20% over 1980-95. Fifteen percent of loans nonperforming in 1985-96. Some insolvent banks nationalized. M2/GDP fell from 25% in 1979 to 12% in 1988 but rose to 30% by 1995. Positive real interest Crisis, 1982. Govrates on deposits in ernment nationalthe mid-1990s.
Bangladesh M2/GDP grew from 30% to 36% from 1989-95. High real interest rates at nationalized commercial banks in the 1990s. Difficulties, 1980s to present. 35% of loans of four major banks nonperforming in 1987. All domestic banks suffering from bad-loan problems since 1980. India M2/GDP increased moderately over 1992-95, from 42% to 46%. Nepal Inefficiency among commercial banks resulted in low deposit mobilization in the 1990s. The loanto-deposit ratio rose dramatically in the mid-1990s. Almost 20% of the loans at twentyseven public banks nonperforming in 1995.
A Survey of Financial Liberalization (Essays in International Economics) by John Williamson