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About this product
- DescriptionThis volume summarizes the key lessons of financial history for emerging markets and developing ecomies today, including the rise and role of central banks, debates on how to make banking secure and sound, the relative efficiency of universal banking compared to the Anglo-American commercial banking model, and the role of savings banks, n-banks and securities markets in development. Two lessons that should be kept in mind in reforming financial systems are the importance of incentives and diversification. Robust financial systems require incentive systems that reward prudent risk-taking and encourage sound portfolio diversification. In addition, reputation has proved to be important: central bankers must demonstrate anew why they have earned a reputation for n-inflationary policies, and private intermediaries must similarly demonstrate again why they have earned a reputation for sound, as opposed to Ponzi, finance. Attempts to reform financial systems without due allowance for the time and effort to develop institutions, including reputation, are likely to prove short-lived.
- PublisherCambridge University Press
- Date of Publication25/01/2007
- SubjectEconomics: Professional & General
- Place of PublicationCambridge
- Country of PublicationUnited Kingdom
- ImprintCambridge University Press
- Content Note14 b/w illus. 20 tables
- Weight350 g
- Width152 mm
- Height228 mm
- Spine14 mm
- Edited byGerard Caprio,Jr.
- Format DetailsTrade paperback (US)
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