Stagnating development aid and continued reluctance on the part of western commercial banks to grant new loans to problem debtor countries have led many developing countries to pay greater attention to the mobilisation of their own resources. This article outlines a strategy for increasing the...

The domestic capital markets of developing countries are typically subject to serious inefficiencies. This article shows how these inefficiencies can be eliminated without necessarily provoking an adjustment crisis and indicates the measures on which emphasis must be placed in the context of...

The principle aims to be achieved by financial liberalization in financially repressed developing countries are to increase the volume of investments and to improve their allocative efficiency. The theoretical and empirical literature stresses the importance of raising real interest rates in...