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Summary, Findings and Conclusion

In: Financial Liberalization in Developing Countries

Author

Listed:
  • Abdullahi Dahir Ahmed

    (Victoria University)

  • Sardar M. N. Islam

    (Victoria University)

Abstract

The desirability of financial reforms and liberalization has been a controversial issue on the public agenda in developing countries. In the initial post-independence period and up until the late 1980s, extensive financial repression has been the norm in almost all developing countries in Asia and Africa. Major objectives of these excessive controls and high level government interventions were not only to correct market failures, but also to channel funds to high priority areas with a view to increasing productivity and maximizing social returns. However, there has been a strong claim that these suppressive financial policies have retarded the mechanisms that lead to economic development (World Bank, 1994). In response to this, many developing African countries have accepted the need to liberalize their financial systems in the early 1990s in order to promote growth and revive the process of successful economic performance. Some Asian countries including Thailand have also adopted financial liberalization to support economic development, financial efficiency and stability and global integration.

Suggested Citation

  • Abdullahi Dahir Ahmed & Sardar M. N. Islam, 2010. "Summary, Findings and Conclusion," Contributions to Economics, in: Financial Liberalization in Developing Countries, chapter 0, pages 249-253, Springer.
    • Handle: RePEc:spr:conchp:978-3-7908-2168-0_8
    DOI: 10.1007/978-3-7908-2168-0_8
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