Money And Capital In Economic Development Mckinnon 1973 Pdf

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money and capital in economic development mckinnon 1973 pdf

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Monetary Economics in Developing Countries pp Cite as. In Chapter 2 we saw that in the classical theory money does not play an important role in economic growth. The main function of the money supply is to determine the price level at which exchange will take place.

The past few decades have seen a considerable body of literature dealing with causality relationships between economic growth and financial development for a variety of countries, both developed and developing. In addition to the early classic work of Gurley and Shaw , Goldsmith , and McKinnon , the econometric work of Kormendi and Meguire and Barro brought to light the important roles of financial development in raising growth rates of the economies. King and Levine a, b face more directly the role of financial development in growth processes. More recent work along this line, in addition, underlines the direct financial routes along with indirect ones in explaining the influence of financial development on economic growth; see Levine and Zervos and Rajan and Zingale

On financial development and economic growth in Egypt

Witcomb, Ronald I. Oxford University Press is a department of the University of Oxford. It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide. Sign In or Create an Account. Sign In. Advanced Search.

This paper aims to discuss the evolution of the Egyptian banking sector and the main trends in financial development in Egypt. The purpose of this study is to examine empirically the relationship between the development of the financial sector and economic growth in Egypt between and The paper draws comparisons based on critical financial indicators between Egypt and selected emerging markets and developing economies. It uses a new data set of financial development indexes released by the International Monetary Fund. This paper uses econometric time series modelling of bivariate regressions for real growth per capita and measures of financial development to assess the relationship between financial development and economic growth in Egypt.

On financial development and economic growth in Egypt

His primary interests were international economics and economic development, with strong secondary interests in transitional economies and fiscal federalism. Understanding financial institutions in general, and monetary institutions in particular, was central to his teaching and research, with interests ranging from the proper regulation of banks and financial markets in poorer countries to the historical evolution of global and regional monetary systems in the context of the world dollar standard. He had been a professor of economics at the Stanford University since McKinnon is best known for developing the theory of " Financial repression " in , working alongside his colleague Edward Shaw. This article about an economist is a stub. You can help Wikipedia by expanding it. From Wikipedia, the free encyclopedia.

On financial development and economic growth in Egypt

Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment.

Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector.

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