ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Financial Reform Role of Liberalisation

Financial Reform: Role of Liberalisation S P Gupta Nirupam Bajpai The World Bank, World Development Report 1989; Oxford University Press, THE World Development Report 1989 (henceforth Report) is the twelfth annual report in a series to assess global development issues. The focus of the Report this year is on the role of financial systems in development. The central message of the Report is that the developing countries must be prepared to undertake wide-ranging reforms of their financial sectors to encourage the return of flight capital and mobilise the investment needed for economic recovery. Financial sector reforms are suggested in the backdrop of the assumption that external capital flows will remain limited for the foreseeable future Besides, it has been emphatically stated that the traditional banking structures in the developing countries have led to misallocation of credit, financial distress and inefficiency which has wasted savings and impaired growth prospects.

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