Pitfalls and Potential of Financial Liberalisation
In this paper, I attempt to provide three markers down the road of financial liberalisation to which Cyprus is committed in its plans to join the European Union. The common theme lies in the importance of a level playing field. First, in my opinion, the central bank of Cyprus could usefully promote development of a secondary market for government debt; the government should certainly compete with other borrowers on a level playing field. Second, a level playing field for foreign and domestically financed investment is essential for the efficient allocation of foreign capital inflows. Finally, a level playing field necessitates the exclusion of uneven,i.e., insolvent, players; this is the key role of prudential supervision and regulation in the development process.
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|Date of creation:||1997|
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