Financial constraints on economic development: Theory and policy for developing countries

This article contains a theoretical and policy analysis of the financial constraints on economic development in developing countries. Following a Keynesian interpretation, it concludes that financial policies are needed to relieve these constraints, given the natural tendency of financial systems to operate in ways that are dysfunctional to economic development. It then proposes three lines of policy that take account of the special characteristics of developing countries: resource allocation policies targeted at segments of strategic importance for economic and financial development; policies to control financial and external fragility; and compensatory policies of a more interventionist cast, in particular directed credit programmes for both public- and private-sector lending to complement resource allocation policies, and countercyclical regulatory barriers so that fragility can be better controlled.

Economic Survey of Latin America and the Caribbean 2007-2008: Macroeconomic policy and volatility

Includes bibliography

Economic Survey of Latin America and the Caribbean 2010-2011: Internacional integration and macroeconomic policy challenges amid global economic turmoil

Includes bibliography

Financial crises in "successful" emerging economies

Includes bibliography

Financial globalization and the emerging economies

Includes bibliography

The reactions of the Governments of the Americas to the international crisis: follow-up to policy measures adopted up to 31 December 2011. (Preliminary version)

Includes Bibliography

Distributive impact of public policy

Includes bibliography

The Role of Tax Policy in the Context of the Global Crisis: consequences and prospects

Includes bibliography

Globalization of financial markets: implications for the Caribbean

Includes bibliography

Public policy for pensions, health and sickness insurance

Includes bibliography

Theory and practice of industrial policy: evidence from the Latin American experience

Includes bibliography

Policy competition for foreign direct investment in the Caribbean Basin: Costa Rica, the Dominican Republic and Jamaica

Includes bibliography

Possible transmission of adverse shocks from the recent financial crisis to Central America through trade finance

Includes Bibliography

Multilateral banking and development financing in a context of financial volatility

Includes bibliography

Public policy for pensions, health and sickness insurance: potential lessons from Sweden for Latin America

Includes bibliography