An institutional perspective to finance and development as an alternative to financial liberalisation

  • Arestis P
  • Stein H
  • 10

    Readers

    Mendeley users who have this article in their library.
  • 9

    Citations

    Citations of this article.

Abstract

This paper argues that financial liberalisation as practiced recently worldwide engenders widespread financial crises precisely because of the weak foundations of its theoretical framework and poor empirical performance. Financial liberalisation is critically evaluated on both theoretical and empirical grounds, which suggests that an alternative is vitally necessary. Based on institutional theory,a new approach is proposed the focus of which is on ways to affect financial and banking transformation that is more consistent with economic development. We demonstrate how this theoretical approach can be applied in the real world, and indeed how the theoretical propositions we put forward in this contribution, very different from those of financial liberalisation, produce a more developmentally oriented set of policies for the countries that are prepared to pursue them. [ABSTRACT FROM AUTHOR]

Author-supplied keywords

  • Financial crises
  • Financial liberalisation
  • Institutional-centric perspectives

Get free article suggestions today

Mendeley saves you time finding and organizing research

Sign up here
Already have an account ?Sign in

Find this document

Authors

  • Philip Arestis

  • Howard Stein

Cite this document

Choose a citation style from the tabs below

Save time finding and organizing research with Mendeley

Sign up for free