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Financial sector reforms in adjustment programs, Volume 1
 
Author:Gelb, Alan; Honahan, Patrick; Collection Title:Policy, Planning and Research Department working papers ; no. WPS 169
Date Stored:1989/03/01Document Date:1989/03/31
Document Type:Policy Research Working PaperSubTopics:Economic Theory & Research; Financial Crisis Management & Restructuring; Banks & Banking Reform; Insurance & Risk Mitigation; Financial Intermediation
Language:EnglishMajor Sector:Public Administration, Law, and Justice
Report Number:WPS169Sub Sectors:Other Public Sector Management
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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