Financial resources for development can be mobilized from both domestic and foreign sources. This paper focuses on the latter. Before the 1970s, ODA was the largest source of foreign capital for development. In the 1980s and 1990s, the balance shifted in favour of private capital, but the 1997...

"Opening of financial services has enormous policy implications for a member country. As demonstrated by the 1997 Asian crisis, mismanagement of financial opening may lead to disastrous economic consequences. Only prudent financial policies, including implementation of commitments under the...