Money and Capital in Economic Development

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Brookings Institution Press, 01.12.2010 - 184 Seiten

This books presents a theory of economic development very different from the "stages of growth" hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. He suggests a "bootstrap" approach in which successful development would depend largely on policy choices made by national authorities in the developing countries themselves.

Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment. In addition to challenging much of the conventional wisdom of development, the author's revision of accepted monetary theory may be relevant for mature economies that face monetary problems.

 

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Inhalt

I
1
II
5
III
8
IV
10
V
12
VI
14
VII
16
VIII
19
XLII
98
XLIII
100
XLIV
102
XLVI
103
XLVII
104
XLVIII
105
XLIX
109
LVII
111

IX
20
X
22
XI
30
XII
31
XIII
33
XIV
37
XV
42
XVI
44
XVII
47
XVIII
50
XIX
53
XX
55
XXI
57
XXII
58
XXIII
61
XXIV
62
XXV
65
XXVI
66
XXVIII
68
XXIX
69
XXX
74
XXXI
77
XXXII
80
XXXIII
82
XXXIV
84
XXXV
89
XXXVI
91
XXXVII
92
XXXVIII
93
XXXIX
94
XL
95
XLI
96
LVIII
112
LIX
114
LX
115
LXI
116
LXII
117
LXIII
118
LXIV
120
LXV
123
LXVI
127
LXVII
130
LXVIII
133
LXIX
135
LXX
136
LXXI
139
LXXII
140
LXXIII
142
LXXIV
147
LXXV
148
LXXVI
150
LXXVIII
151
LXXIX
155
LXXX
158
LXXXI
161
LXXXII
166
LXXXIII
168
LXXXIV
170
LXXXV
172
LXXXVI
173
LXXXVII
174
LXXXVIII
176
LXXXIX
179
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Seite v - ... outside readers who report to him in confidence on the quality of the work. Publication of a work signifies that it is deemed a competent treatment worthy of public consideration but does not imply endorsement of conclusions or recommendations.

Über den Autor (2010)

Ronald I. McKinnon is a professor of economics at Stanford University and a member of Brookings' associated staff.

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