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Introduction

In: The Economics of Financial Reform in Developing Countries

Author

Listed:
  • Wilbert O. Bascom

    (State of Florida)

Abstract

The 1970s and 1980s witnessed a global trend of financial market reform. This trend has occurred mainly because governments, central banks, and other market participants determined that the social and financial costs of operating in a rigid framework in the face of new and rising risks were too great. Further, the incentive to develop strategies and tools to circumvent financial market rigidities and restrictions was high, and the circumvention efforts were becoming increasingly successful as the practitioners became more proficient through the process of learning by doing. In fact, economic agents tended to devote their talents to finding ways around the restrictions rather than focusing on how to respond to new challenges in their respective economic activities. Thus, among the principal factors influencing financial reform policies were the reaction to increased risks, the growing ineffectiveness of economic regulation, and the determination of government to find ways to improve the financial system’s contribution to economic growth.

Suggested Citation

  • Wilbert O. Bascom, 1994. "Introduction," Palgrave Macmillan Books, in: The Economics of Financial Reform in Developing Countries, chapter 1, pages 1-6, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23372-4_1
    DOI: 10.1007/978-1-349-23372-4_1
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