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| Author: | Yao, Li |
| Title: | Financial reform in developing countries: theoretical basis and experience (original in Chinese) |
| Journal: | International Economic Cooperation (c)
1998 : 5, p.45-47 |
| Index terms: | FINANCIAL POLICY FINANCIAL INNOVATION CHINA |
| Language: | chn |
| Abstract: | The theoretical basis of financial reform is the theory of finance deepening. "Finance deepening" refers to the government's abandoning its undue intervention in financial market and system with an aim at making interest rate and exchange rate fully reflect the supply and demand state of funds and foreign exchange, raising the banks' efficiency in fund allocation and promoting the economic development. This paper analyzes the course of financial liberalization of developing countries and their experience in this line. It thinks that developing countries should realize financial liberalization according to the following steps: 1. reducing financial deficit; 2. conducting financial and trade reforms, and the reform of exchange rate; 3.loosening control over capital. |
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