Finance for Growth Policy Choices in a Volatile World by The World Bank pdf free download

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Finance for Growth Policy Choices in a Volatile World by The World Bank pdf free download

Finance for Growth Policy Choices in a Volatile World by The World Bank pdf free download. THE WORLD BANK GROUP HAS LONG RECOGNIZED THAT
poverty reduction and growth depend on effective national financial systems. Understanding just how finance contributes to development—and how good policy can help guarantee its contribution—has been the focus of a major research effort at the Bank in recent years. This research has included systematic case-study analyses of the experiences of specific countries, as well as more recent econometric analyses of extensive cross-country data sets.

Finance for Growth Policy Choices in a Volatile World by The World Bank pdf free download

Finance for Growth draws on this research and uses it to develop an integrated view of how financial sector policy can be used in the new century to foster growth and bring about poverty reduction. At its best, finance works quietly in the background; but when things go wrong, financial sector failures are painfully visible. Both success and failure have their origins largely in the policy environment. Policy needs to create and sustain the institutional infrastructure—in such areas as information, law, and regulation—that is essential to the smooth functioning of financial contracts.

Finance for Growth Policy Choices in a Volatile World by The World Bank pdf free download

Above all, policymakers need to work with the market to help align private incentives with public interest. As the ever-diminishing cost of communications and information technology leads to greater integration of global financial markets, policymakers face new challenges in ensuring this alignment. Governments must be prepared to recast their policies to take advantage of the opportunities resulting from global integration, and also to guard against the associated risks.

Finance for Growth Policy Choices in a Volatile World by The World Bank pdf free download

This book draws on the latest research to confirm some long-held views and challenge others. Some commentators have long regarded finance as largely irrelevant to the drive for poverty reduction; but the evidence here shows clearly that financial development has a strong and independent role in increasing general prosperity. Countries that build a secure institutional environment for financial contracts, making it possible for banking and organized securities markets to prosper, will see these efforts bear fruit in the fight against poverty. Good regulation of financial firms is an essential part of this story.

Finance for Growth Policy Choices in a Volatile World by The World Bank pdf free download

But regulation is also becoming increasingly complex, and this book provides some guidelines for negotiating that complexity. Policymakers must pay special attention to the incentives created by the regulatory system: they should align private incentives with the public interest in such a way that scrutiny of financial institutions by official supervisors is buttressed by supervision by market participants. The book makes it clear that what works best will depend on country circumstances—for example, in some countries introduction of explicit deposit insurance may need to await complementary institutional strengthening.

Finance for Growth Policy Choices in a Volatile World by The World Bank pdf free download

Finance for Growth Policy Choices in a Volatile World by The World Bank pdf free download


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