The phenomenon of administrative controls designed to segment credit markets is not only widespread in less developed countries, but is prevalent in highly sophisticated forms in most Soviet-type economies,1 The rationale behind these controls lies in the fact that in planned or semi-planned...

pment in the process of economic growth, a convincing theoretical framework was lacking until the recent publications of McKinnon [19] and Shaw [25]. Indeed, neoclassical growth theories provide, in the main, a negative role to the monetary process. Here, a reduction rather than an increase in...

In a recent article in this Review, Akhtar [2] presented 30 estiO.ates of demand or money functions in Pakistan. One of the purposes of Akhtar's study was to est two alternative theories, "the modern quantity theory of money and what JUay ,lie called the 'accumulating capital' framework" [2, p....

Three potential pitfalls may beset Cyprus’s financial liberalisation programme. To avoid them, gaps in financial structures must first be identified and addressed; financial stability could be jeopardized in the absence of a broad variety of financial markets and financial institutions. Second,...