During the last three decades, several countries have moved towards liberalization of their financial systems. This trend towards financial liberalization is part of a broader trend towards reduced direct intervention of the state in the economy. In several LDCs financial liberalization is also a deliberate attempt to move away from "financial repression" as a policy to fund government fiscal imbalances and also subsidized the priority sectors. Moreover powerful changes in information and communication technology have made highly mobile capital a fact of life, but inevitable capital mobility is no argument for unregulated flows as recent experience showed that banks and other financial intermediaries are fragile since their assets are relatively illiquid but their liabilities demandable. This series is dedicated to Raul Prebisch who underlined the dynamics of the world economy and the interdependence between the industrial countries of the North and the LDCs of the South.
ABOUT THE AUTHOR Hans Singer
Sir Hans Singer is Emeritus Professor of the University of Sussex and a Fellow of the Institute of Development Studies at the University of Sussex since 1969. Previously he served in the United Natioins Secretariat for over 20 years and held a number of academic and civil service posts. He is the author of numerous books and articles, most recetly The Foreign Aid Business (jointly with K. Raffer).
ABOUT THE AUTHOR Neelambar Hatti
Neelambar Hatti is mainly involved in research at the Department of Economic History, University of Lund, Sweden. Dr. Hatti has written extensively on Trade, Aid and Rural Development, and Microdemography. He has also taught at the University of Copenhagen and has been a visiting Senior Fellow at the Scandinavian Institute of Asian Studies. He has recently authored (with Rameshwar Tandon) the study, Exports and Development: The Indian Experience.
ABOUT THE AUTHOR Rameshwar Tandon
Rameshwar Tandon works at the International Institute for Special Education, Lucknow. For the last three decades, he worked with Prof. VKRV Rao at the Institute for Social and Economic Change, Bangalore. He is author-editor of numerous books and articles, most recently, Exports and Development: The Indian Experience (jointly with Prof. Neelambar Hatti)
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