By Nicolas Mathieu
Long ago 15 years the realm has skilled the most unstable sessions in monetary historical past. a world debt drawback, excessive and variable inflation and actual rates of interest, and banking crises in different nations created high priced monetary difficulties in the course of the international and especially in constructing nations. Like different multilateral monetary associations, the realm financial institution has been effected by means of adjustments within the worldwide monetary surroundings and has needed to innovate its monetary operations to regulate. This examine evaluates the results of a chain of reforms supported through the financial institution and provides the Bank's altering point of view over the last decade (FY85-FY96) because it adjusted to the mutable stipulations from certainly one of temporary fixes within the monetary region to a extra long term view.
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Additional resources for Financial Sector Reform: A Review of World Bank Assistance (Evaluation Country Case Study Series)
Varying the sample size according to what is targeted for assessment should not introduce biases in conclusions, as a broad preliminary examination of the Bank's financial sector operations has shown that overall performance among borrowing countries differs only at the margin, if not in specific details. Bank-supported objectives include improving market structure, enhancing competition, and strengthening the financial system. We used the first sample to assess the effects of Bank assistance to reform the financial sector through adjustment lending.
Policymakers now know that fiscal deficits must be reined-in before financial liberalization can be fully implemented (Caprio and others 1994; Cho and Khatkhate 1989; Khatkhate 1996). Recent academic forays into financial liberalization have highlighted problems in evaluating the effectiveness of financial reform. Until recently, the credit markets that prevailed before government intervention were assumed to be perfect. But the market under reform should be compared not with a perfect one, but with the distorted one that existed before reform (Gertler and Rose 1994).
D'un côté, une bonne partie des prês accordés dans ce domaine à la fin des années 80 et dans les années 90 a fortement contribué à rétablir une croissance soucieuse d'équité. De l'autre, les résultats obtenus en la matière se sont, en moyenne, nettement dégradés, au point que cette partie du portefeuille de prêts de la Banque, qui était l'une des plus performantes avant la mondialisation, est aujourd'hui parmi celles dont les résultats laissent le plus à désirer. Il faut ajouter à cela une modification fondamentale du niveau et des composantes de l'appui de la Banque, qui a fini par mettre l'accent sur les opérations d'ajustement Page xiv ENGLISHESPANOLFRANCAISing the financial sector, and in 1997 it announced a new financial sector strategy.