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Emancipating the Banking System and Developing Markets for Government Debt
Maxwell Fry

Monetary policy in developing countries is largely based on a system introduced in the 1960s. Emancipating the Banking System and Developing Markets for Government Debt illustrates how this outdated system has led to financial repression and suggests some alternatives. Maxwell Fry is one of the leading experts in this area. His book will provide a much-needed study for those studying development and finance economics at an advanced level.

This book, published in association with the Bank of England, assesses the damaging effects of inflationary finance, financial repression and excessive government borrowing from abroad on economic performance in ill countries. It then presents a practical guide to developing voluntary domestic markets for government debt.

As ways of financing government deficits, inflationary finance, financial repression and excessive government borrowing from abroad are associated with higher inflation, lower saving ratios and lower growth rates. Although the typical developing country makes little use of the fourth source, borrowing from voluntary domestic lenders in the private sector is the least harmful way of financing any given government deficit.

After providing empirical evidence on these relationships, the book focuses on some of the practical issues involved in establishing a functional market for government debt in countries that have not so far developed one. To obtain a better understanding of the changes involved, the Bank of England asked the central banks in Ghana, India, Jamaica, Malaysia, Mexico, New Zealand, Sri Lanka and Zimbabwe, countries that had recently developed voluntary domestic markets for government debt, to answer some questions about the process of change. All eight central banks responded and much of the material in the book is based these questionnaire responses.

Maxwell ). Fry, Tokai Bank Professor of International Finance at the University of Birmingham, is well known internationally for his work on money, interest and banking in economic development.

280 pages