Money and Capital in Economic DevelopmentBrookings Institution, 1973 - 184 pages Study of the role of capital and financial markets in developing countries, presenting an economic theory of economic development in which the domestic monetary system and monetary policy are of prime importance - covers agricultural credit and savings, banking systems, investment, the role of high interest rates, inflation, unemployment, money supply and the price level, trade and fiscal policy, exchange rates and foreign capital, etc. References and statistical tables. |
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Page 11
... efficient division of labor and uneconomic fragmentation . What can pull the fragments together so that the efficient divi- sion of labor prevails ? Since one cannot rely on initial endowments to supply capital , supplemental financing ...
... efficient division of labor and uneconomic fragmentation . What can pull the fragments together so that the efficient divi- sion of labor prevails ? Since one cannot rely on initial endowments to supply capital , supplemental financing ...
Page 121
... efficient expansion path measured as a percentage of M / P itself . This cost is drawn to be a constant proportion of M / P because of two off- setting considerations : the banking system gets more complex as its real size increases ...
... efficient expansion path measured as a percentage of M / P itself . This cost is drawn to be a constant proportion of M / P because of two off- setting considerations : the banking system gets more complex as its real size increases ...
Page 158
... efficient domestic industries , possibly potential exporters , may not be able to withstand this highly subsidized ... efficient for the in- efficient . Hence , a compromise solution , falling between general liberalization as promoted ...
... efficient domestic industries , possibly potential exporters , may not be able to withstand this highly subsidized ... efficient for the in- efficient . Hence , a compromise solution , falling between general liberalization as promoted ...
Contents
Introduction | 1 |
The Intervention Syndrome | 22 |
Money and the Price Level | 37 |
Copyright | |
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Common terms and phrases
aggregate agricultural average bank credit banking system borrowers Brazil capital accumulation capital market Chapter Chile commercial commodity cost deflation devaluation domestic economy effect efficient entrepreneurs exchange rate export external finance farmers financial repression firm-households firms fiscal foreign capital foreign exchange foreign trade fragmentation Hence holders holding money import import substitution income increase industrial inputs internal Keynesian Korea LDCs lenders less developed countries liberalization loans marginal monetary system moneylenders neoclassical model nominal interest rate nominal money nominal rates organized banking output percent physical capital poor countries portfolio production propensity to save rate of inflation rates of interest rates of return ratio real cash balances real money balances real rates real return real stock reduced reform restrictions return on holding return on money revenue rural sector seigniorage self-finance self-financed investment stock of money store of value subsidy tariff theory tion U.S. dollars underdeveloped