MARC Record from Library of Congress

LEADER: 02583cam a22003377a 4500
001 2005616887
003 DLC
005 20050309104244.0
007 cr |||||||||||
008 050309s2005 mau sb 000 0 eng
010 $a 2005616887
040 $aDLC$cDLC
043 $acl-----
050 00 $aHB1
100 1 $aAizenman, Joshua.
245 10 $aFinancial liberalization in Latin-America in the 1990s$h[electronic resource] :$ba reassessment /$cJoshua Aizenman.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2005.
490 1 $aNBER working paper series ;$vworking paper 11145
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 3/9/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper studies the experience of Latin-America [LATAM] with financial liberalization in the 1990s. The rush towards financial liberalizations in the early 1990s was associated with expectations that external financing would alleviate the scarcity of saving in LATAM, thereby increasing investment and growth. Yet, the data and several case studies suggest that the gains from external financing are overrated. The bottleneck inhibiting economic growth is less the scarcity of saving, and more the scarcity of good governance. A possible interpretation for these findings is that in countries where private savings and investments were taxed in an arbitrary and unpredictable way, the credibility of a new regime could not be assumed or imposed. Instead, credibility must be acquired as an outcome of a learning process. Consequently, increasing the saving and investment rates tends to be a time consuming process. This also suggests that greater political instability and polarization would induce consumers to be more cautious in increasing their saving and investment rates following a reform. Hence, reaching a sustained take-off in Latin-America is a harder task to accomplish than in Asia"--National Bureau of Economic Research web site.
650 0 $aFinancial services industry$xDeregulation$zLatin America.
650 0 $aInvestments$xGovernment policy$zLatin America.
650 0 $aSaving and investment$zLatin America.
650 0 $aEconomic stabilization$zLatin America.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 11145.
856 40 $uhttp://papers.nber.org/papers/W11145