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Financing Economic Development

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  • A. R. Kemal

    (Pakistan Institute of Development Economics, Islamabad.)

Abstract

We understand that both the level as well as the composition of investment play a crucial role in the economic development process. However, it needs to be understood that investment contributes to the growth process by increasing the productive capacity, improving the technology, and enhancing the competitiveness of an economy. And when it is supplemented with investment in the social sectors, it also results in human development. The demand for investment depends on strong macroeconomic fundamentals comprising stability of exchange rates, fiscal prudence, feasible structure of financial market, including the regulatory and supervisory framework and the size and quality of the securities and bond markets, and continuity of a consistent investment policy.1 Two types of capital formation may be distinguished, viz., physical capital and human capital. Since there are significant differences between private and social profitabilities in the social sectors, an optimal level of investment in human resources would depend on the perception of and the decisions taken by the policy-makers to bridge the gap between the two types of profitabilities. Nevertheless, implementation of an investment decision, whether related to physical or social investment, is contingent on the availability of sufficient domestic and external investible resources.

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Bibliographic Info

Article provided by Pakistan Institute of Development Economics in its journal The Pakistan Development Review.

Volume (Year): 39 (2000)
Issue (Month): 4 ()
Pages: 293-311

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Handle: RePEc:pid:journl:v:39:y:2000:i:4:p:293-311

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  1. Chandavarkar, Anand, 1992. "Of finance and development: Neglected and unsettled questions," World Development, Elsevier, vol. 20(1), pages 133-142, January.
  2. Maria Milesi-Ferretti, Gian & Razin, Assaf, 1998. "Sharp reductions in current account deficits An empirical analysis," European Economic Review, Elsevier, vol. 42(3-5), pages 897-908, May.
  3. James Tobin, 1978. "A Proposal for International Monetary Reform," Cowles Foundation Discussion Papers 506, Cowles Foundation for Research in Economics, Yale University.
  4. Reinhart, Carmen & Ogaki, Masao & Ostry, Jonathan, 1995. "Saving behavior in low- and middle-income developing countries," MPRA Paper 13757, University Library of Munich, Germany.
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Cited by:
  1. Kemal, A.R. & Qayyum, Abdul & Hanif, Muhammad N., 2004. "Financial Development and Economic Growth: Evidence from a Heterogeneous Panel of High Income Countries," MPRA Paper 10198, University Library of Munich, Germany.
  2. Qayyum, Abdul & Siddiqui, Rehana & Hanif, Muhammad Nadim, 2004. "Financial Development and Economic Growth: Evidence from Heterogeneous Panel Data of Low Income Countries," MPRA Paper 23431, University Library of Munich, Germany.

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