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Financial sector reforms in adjustment programs, Volume 1
Author:Gelb, Alan; Honahan, Patrick; Date Stored:1989/03/01
Document Date:1989/03/31Document Type:Policy Research Working Paper
SubTopics:Economic Theory & Research; Financial Crisis Management & Restructuring; Banks & Banking Reform; Insurance & Risk Mitigation; Financial IntermediationLanguage:English
Major Sector:Public Administration, Law, and JusticeReport Number:WPS169
Sub Sectors:Other Public Sector ManagementCollection Title:Policy, Planning and Research Department working papers ; no. WPS 169
Volume No:1  

Summary: The typical financial sector reform package involves policy changes to increase the power of centralized decision making in some areas and to reduce it in others. For regulation and supervision, reforms seek strengthened information systems, stronger and more detailed regulations, and closer credit supervision. At the level of the intermediaries, reforms seek improved procedures, some of which (credit policies, loan review) are natural complements to improvements at the central level. But insofar as the relative cost and availability of credit are concerned, the typical reform program calls for a reduction in government control, and tries to broaden the range of options for finance. Experience has shown the importance of the links between the financial sector policies and performance and the macroeconomic situation. Without an adequate degree of macroeconomic stability, financial sector reforms can fail, with serious consequences. Therefore the planning of a financial sector reform must be predicated on an appropriate macro-policy framework.

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