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Caprio (1995) argues that interest rates should be liberalized only when banks have positive net worth, bank managers have attained adequate sophistication in terms of their ability to judge credit risks, and financial markets are contestable, in addition to the standard conditions. 5 Another argument for “mild financial repression” has been advanced that applies to countries where widespread income-tax evasion and underdeveloped debt markets make it rational to resort to the inflation tax to help finance budget deficits (see, for example, Bencivenga and Smith, 1992).

Somewhat improved. Greater emphasis placed on indirect instruments and open-market operations since 1992. Insufficient scope to conduct open-market operations in the early 1990s. Some control regained by the mid-1990s. , Experiences with Financial Liberalization (1997); Inter-American Development Bank, Economic and Social Progress in Latin America (1996); Lindgren, Garcia, and Saal, Bank Soundness and Macroeconomic Policy (1996); World Bank, The East Asian Miracle (1993); Zahid, Financial Sector Development in Asia (1995); and as follows.

A smaller proportion of savings will be channeled through the formal financial system, presumably resulting in a less efficient allocation of investment. In addition, the low interest rate will make low-yielding projects profitable, and therefore, given a degree of randomness in bank lending decisions, there will be many low-yielding investments that will serve to reduce the average rate of return on investment. This section considers the effects of financial liberalization, reviewing the evidence from our thirty-four countries and economies and from recent literature, to assess whether these results have been realized.

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