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Central Banking, Financial Institutions And Credit Creation In Developing Countries

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  • Sebastian Dullien

Abstract

This paper examines how developing countries can embark on a sustained path of strong investment, capital accumulation and economic growth without capital imports. It is argued that the key lies in the Keynesian-Schumpeterian credit-investment nexus: Given certain preconditions, the central bank can allow a credit expansion which finances new investment and creates the savings necessary to balance the national accounts. It is further argued and confirmed in empirical data that one of the biggest impediments to such a process is formal or informal dollarization which limits the policy scope of the central bank. Moreover, a stable banking system with a broad outreach as well as a low degree of pass-through between the exchange rate and domestic prices seem to be a necessary condition for this process to work

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Bibliographic Info

Paper provided by United Nations Conference on Trade and Development in its series UNCTAD Discussion Papers with number 193.

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Date of creation: 2009
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Handle: RePEc:unc:dispap:193

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  1. Jörg Mayer & Pilar Fajarnes, 2005. "Tripling Africa´S Primary Exports: What? How? Where?," UNCTAD Discussion Papers 180, United Nations Conference on Trade and Development.
  2. Yuefen Li, 2003. "China´S Accession To Wto: Exaggerated Fears?," UNCTAD Discussion Papers 165, United Nations Conference on Trade and Development.
  3. Jörg MAYER, 2004. "Industrialization In Developing Countries: Some Evidence From A New Economic Geography Perspective," UNCTAD Discussion Papers 174, United Nations Conference on Trade and Development.
  4. Shigehisa Kasahara, 2004. "The Flying Geese Paradigm: A Critical Study Of Its Application To East Asian Regional Development," UNCTAD Discussion Papers 169, United Nations Conference on Trade and Development.
  5. Jörg MAYER, 2004. "Not Totally Naked: Textiles And Clothing Trade In A Quota Free Environment," UNCTAD Discussion Papers 176, United Nations Conference on Trade and Development.
  6. Jörg MAYER, 2000. "Globalization, Technology Tranfer And Skill Accumulation In Low-Income Countries," UNCTAD Discussion Papers 150, United Nations Conference on Trade and Development.
  7. Jörg Mayer, 2003. "The Fallacy Of Composition: A Review Of The Literature," UNCTAD Discussion Papers 166, United Nations Conference on Trade and Development.
  8. Alberto Gabriele, 2004. "Policy Alternatives In Reforming Power Utilities In Developing Countries: A Critical Survey," UNCTAD Discussion Papers 168, United Nations Conference on Trade and Development.
  9. S.M. Shafaeddin, 2005. "Trade Liberalization And Economic Reform In Developing Countries: Structural Change Or De-Industrialization?," UNCTAD Discussion Papers 179, United Nations Conference on Trade and Development.
  10. M. Branchi & G. Gabriele & V. Spiezia, 1999. "Traditional Agricultural Exports, External Dependency And Domestic Price Policies. African Coffee Exports In A Comparative Perspective," UNCTAD Discussion Papers 140, United Nations Conference on Trade and Development.
  11. Lucas Assuncao & ZhongXiang Zhang, 2002. "Domestics Climate Change Policies And The Wto," UNCTAD Discussion Papers 164, United Nations Conference on Trade and Development.
  12. S.M. Shafaeddin, 2002. "The Impact Of China´S Accession To Wto On The Exports Of Developing Countries," UNCTAD Discussion Papers 160, United Nations Conference on Trade and Development.
  13. Alberto GABRIELE, 2001. "Science And Technology Policies, Industrial Reform And Technical Progress In China. Can Socialist Property Rights Be Compatible With Technological Catching Up?," UNCTAD Discussion Papers 155, United Nations Conference on Trade and Development.
  14. Heiner FLASSBECK, 2002. "The Exchange Rate: Economic Policy Tool Or Market Price?," UNCTAD Discussion Papers 157, United Nations Conference on Trade and Development.
  15. Jörg MAYER, 2001. "Technology Diffusion, Human Capital And Economic Growth In Developing Countries," UNCTAD Discussion Papers 154, United Nations Conference on Trade and Development.
  16. Jörg Mayer & Arunas Butkevicius & Ali Kadri & Juan Pizarro, 2004. "Dynamic products in world exports," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 140(3), pages 762-795, September.
  17. Martina Metzger, 2008. "Regional Cooperation And Integration In Sub-Saharan Africa," UNCTAD Discussion Papers 189, United Nations Conference on Trade and Development.
  18. Marwan Elkhoury, 2007. "Credit Rating Agencies And Their Potential Impact On Developing Countries," UNCTAD Discussion Papers 186, United Nations Conference on Trade and Development.
  19. Manuel R. AGOSIN & Ricardo MAYER, 2000. "Foreign Investment In Developing Countries, Does It Crowd In Domestic Investment?," UNCTAD Discussion Papers 146, United Nations Conference on Trade and Development.
  20. Jörg Mayer, 2008. "Policy Space: What, For What, And Where?," UNCTAD Discussion Papers 191, United Nations Conference on Trade and Development.
  21. Mehdi SHAFAEDDIN, 2000. "What Did Frederick List Actually Say? Some Clarifications On The Infant Industry Argument," UNCTAD Discussion Papers 149, United Nations Conference on Trade and Development.
  22. Ugo Panizza, 2008. "Domestic And External Public Debt In Developing Countries," UNCTAD Discussion Papers 188, United Nations Conference on Trade and Development.
  23. Michael Geiger, 2008. "Instruments Of Monetary Policy In China And Their Effectiveness: 1994–2006," UNCTAD Discussion Papers 187, United Nations Conference on Trade and Development.
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Cited by:
  1. Alessandro Missale & Emanuele Bacchiocchi, 2012. "Multilateral Indexed Loans And Debt Sustainability," UNCTAD Discussion Papers 209, United Nations Conference on Trade and Development.
  2. Dic Lo & Guicai Li & Yingquan Jiang, 2011. "Financial governance and economic development: making sense of the Chinese experience," PSL Quarterly Review, Economia civile, vol. 64(258), pages 267-286.
  3. Pilar Fajarnes, 2011. "An Overview Of Major Sources Of Data And Analyses Relating To Physical Fundamentals In International Commodity Markets," UNCTAD Discussion Papers 202, United Nations Conference on Trade and Development.
  4. Bicchetti, David & Maystre, Nicolas, 2012. "The synchronized and long-lasting structural change on commodity markets: evidence from high frequency data," MPRA Paper 37486, University Library of Munich, Germany.
  5. Peter Bofinger, 2011. "The Scope For Foreign Exchange Market Interventions," UNCTAD Discussion Papers 204, United Nations Conference on Trade and Development.
  6. Ugo Panizza & Federico Sturzenegger & Jeromin Zettelmeyer, 2010. "International Government Debt," UNCTAD Discussion Papers 199, United Nations Conference on Trade and Development.
  7. Javier Lindenboim & Damián Kennedy & Juan M. Graña, 2011. "Share Of Labour Compensation And Aggregate Demand – Discussions Towards A Growth Strategy," UNCTAD Discussion Papers 203, United Nations Conference on Trade and Development.
  8. André Nassif & Carmem Feijó & Eliane Araújo, 2011. "The Long-Term “Optimal” Real Exchange Rate And The Currency Overvaluation Trend In Open Emerging Economies: The Case Of Brazil," UNCTAD Discussion Papers 206, United Nations Conference on Trade and Development.
  9. Amelia U. Santos-Paulino, 2012. "Trade, Income Distribution And Poverty In Developing Countries: A Survey," UNCTAD Discussion Papers 207, United Nations Conference on Trade and Development.
  10. Giovanni Andrea Cornia & Bruno Martorano, 2012. "Development Policies and Income Inequality in Selected Developing Regions, 1980–2010," UNCTAD Discussion Papers 210, United Nations Conference on Trade and Development.
  11. Christopher L. Gilbert, 2010. "Speculative Influences On Commodity Futures Prices 2006-2008," UNCTAD Discussion Papers 197, United Nations Conference on Trade and Development.
  12. Sebastian Dullien, 2010. "Risk factors in international financial crises: early lessons from the 2008-2009 turmoil," Competence Centre on Money, Trade, Finance and Development 1001, Hochschule fuer Technik und Wirtschaft, Berlin.
  13. Francis Enu-Kwesi & Frederick Koomson & Richard Baah-Mintah, 2013. "The Contribution Of The Kakum Rural Bank To Poverty Reduction In The Komenda-Edina-Eguafo-Abrem Municipality In The Central Region, Ghana," Economic Annals, Faculty of Economics, University of Belgrade, vol. 58(197), pages 121-140, April –.
  14. Jörg Mayer, 2010. "Global Rebalancing: Effects On Trade Flows And Employment," UNCTAD Discussion Papers 200, United Nations Conference on Trade and Development.

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