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Issues in Managing and Sequencing Financial Sector Reforms Lessons From Experiences in Five Developing Countries


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  • International Monetary Fund
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    A review of the experience of five developing countries in reforming their financial systems illustrates the benefits and risks, and provides lessons on the factors which contribute to successful financial sector reforms. Financial sector reforms need to be supported by active monetary policy, and the adoption of new monetary control procedures early in the reform program; reforms should be sequenced consistently with the broader program of macroeconomic adjustment. The pace of liberalization of interest rates and credit should also take account of the solvency of financial and nonfinancial firms. A minimal system of prudential regulation is an essential element of successful financial sector reform.

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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 92/82.

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    Length: 104
    Date of creation: 01 Oct 1992
    Date of revision:
    Handle: RePEc:imf:imfwpa:92/82

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    Postal: International Monetary Fund, Washington, DC USA
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    Keywords: Financial sector; Interest rates; Credit policy; financial institutions; banking; bank credit; financial reform; financial liberalization; financial assets; financial system; financial reforms; foreign exchange; deposit rates; banking system; reserve requirement; money market; bonds; bank deposits; deposit money; international financial statistics; rediscount; deposit money banks; reserve requirements; interest rate liberalization; bank supervision; deposit rate; bank deposit; deposit insurance; banking supervision; segmentation; money markets; interest rate ceilings; interest rate controls; loan classification; bank loans; deposit growth; stock market; excess demand; time deposit; financial intermediaries; recapitalization; bank branches; financial structure; bank liquidity; bank deposit rates; financial intermediation; savings deposits; banking sector; bank indonesia; financial markets; bank interest rates; interest rate policy; private bank; bank ownership; liquid asset; discount rate; banking crisis; financial instruments; bank interest; stock exchange; bank borrowing; interbank market; bank portfolios; excess liquidity; capital adequacy; moral hazard; bond; money market operations; prudential regulation; bank of korea; financial sector development; financial resources; financial sector liberalization; stock adjustment; overvaluation; financial policies; bank runs; international finance; financial systems; rediscounts; financial repression; bank rediscount; exchange rate devaluation; bankrupt; banking distress; financial fragility; resource allocation; bank holding companies; international finance corporation; bank holding; banking activities; capital requirement; cash flow problems; banking institutions; access to bank; resource mobilization; rediscount rate; liquidity support; capital mobility; government bonds; central banking; bank reserves; bank failures; banking law; working capital; banking operations; international capital; bank rediscounts; specialized bank; stock markets; bank lending; cash flow; bankruptcies; loan concentration; financial services; financial market; bank deposit accounts; bank loan; structural adjustment; deposit insurance scheme; bank branch; bank policies; holding company; bank currency; bank reform; equity markets; stabilization programs; bank rediscount rate; banking industry; money market funds; domestic financial system; bank liabilities; banking laws; bank holdings; equity market; bond trading; international interest rates; bankers; domestic capital markets; equity capital; money market transactions; rural bank; exchange rate devaluations; annual percentage rate; bank credit ceilings; interest rate arbitrage; bank equity; domestic capital; banking units; bank spreads; hedge; bank credits; bank assistance; money market instruments; bank owner; bank management; macroeconomic stability; stockholders; banking systems; corporate bonds; consolidation bonds; offshore banking; universal bank; bank policy; banking markets; stock market transactions; currency devaluation; financial regulation; deposit requirements; stock market collapse; banking crises; bank securities; bank rates; restrictions on bank; deposit interest; money market rate; financial instability; bankrupt firms; bond transactions; bank client; bankers ? acceptances; exchange rate overvaluation; central bank discount; bank data; repressed financial system; deposit interest rates; banker; state bank; bank portfolio; macroeconomic stabilization; banking technologies; emerging stock markets; domestic interest rates; financial liberalizations; banks ? assets; domestic financial markets; mortgage bonds;


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    Cited by:
    1. Ralf Müller, . "Korean Unification and Banking System - An Analysis in View of German Experiences and Korean Differences," IWH Discussion Papers 139, Halle Institute for Economic Research.
    2. Hiemenz, Ulrich & Funke, Norbert, 1993. "The experience of developing countries with macroeconomic stabilisation and structural adjustment," Kiel Working Papers 606, Kiel Institute for the World Economy.


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