Among the lessons financial history offers: Macroeconomic stability - low inflation and sound public finance - is important for creating the right incentives for banks and for facilitating the development of securities markets. High inflation and large fiscal deficits distort economic behavior in favor of short-term speculative projects conducive to sustainable economic development. Central bank independence may contribute to economic stability. One...
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INFORMATION
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1995/11/30
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Document de travail de recherche sur les politiques
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WPS1535
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1
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1
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2010/07/01
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Financial history : lessons of the past for reformers of the present
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Finance & Private Sector Development
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