513
Views
58
CrossRef citations to date
0
Altmetric
Original Articles

Speculation-led economic development: a post-Keynesian interpretation of financial liberalization programmes in the Third World

Pages 127-149 | Published online: 02 Nov 2006

References

  • Akerlof , G.A. 1970 . The market for ‘lemons’: Quality uncertainty and the market mechanism . Quarterly Journal of Economics , 84 ( 3 ) : 488 – 500 .
  • Akyuz, Y. 1991: Financial liberalization in developing countries: A Neo-Keynesian approach. UNCTAD, Discussion Paper No. 36.
  • Balassa , B. 1990–1 . Financial liberalization in developing countries . Studies in Comparative International Development , 25 ( 4 ) : 56 – 70 .
  • Bhagwati , J. 1982 . Directly unproductive profit-seeking activities . Journal of Political Economy , 90 ( 5 ) : 998 – 1002 .
  • Burkett , P. and Dutt , A.K. 1991 . Interest rate policy, effective demand, and growth in LDCs . International Review of Applied Economics , 5 ( 2 ) : 127 – 53 .
  • Carter , M. 1991–2 . Uncertainty, liquidity and speculation: A Keynesian perspective on financial innovation in debt markets . Journal of Post Keynesian Economics , 14 ( 2 ) : 169 – 82 .
  • Cho, Y.J. and Khatkhate, D. 1989: Lessons of financial liberalization in Asia: A comparative study. World Bank discussion paper, No. 50.
  • Corden , M. 1987 . The relevance for developing countries of recent developments in macroeconomic theory . World Bank Research Observer , 2 ( 2 ) : 171 – 88 .
  • Cox , J. , Ingersoll , J. and Ross , S. 1981 . A re-examination of traditional hypotheses about the term structure of interest rates . Journal of Finance , 36 ( 4 ) : 769 – 99 .
  • Crotty , J. 1993 . Rethinking Marxian investment theory: Keynes–Minsky instability competitive regime shifts, and coerced investment . Review of Radical Political Economics , 25 ( 1 ) : 1 – 26 .
  • Crotty , J. 1994 . “ Are Keynesian uncertainty and macropolicy compatible? Conventional decision making, institutional structures, and conditional stability in macromodels ” . In New perspectives in monetary macroeconomics: explorations in the tradition of Hyman P. Minsky , Edited by: Dymski , G. and Pollin , R. 105 – 42 . Ann Arbor : University of Michigan Press .
  • Davidson , P. 1991 . Is probability theory relevant for uncertainty? A post-Keynesian perspective . Journal of Economic Perspectives , 5 ( 1 ) : 129 – 44 .
  • De Long , J.B. , Shleifer , A. , Summers , L.H. and Waldmann , R.J. 1989 . The size and incidence of the losses from noise trading . Journal of Finance , XLIV ( 3 ) : 681 – 96 .
  • Diaz-Alejandro , C. 1985 . Good-bye financial repression, hello financial crash . Journal of Development Economics , 19 : 1 – 24 .
  • Dornbusch , R. 1990 . The new classical macroeconomics and stabilization policy . American Economic Association Papers and Proceedings , 80 ( 2 ) : 143 – 47 .
  • Driscoll, M. 1991: Deregulation, credit rationing, financial fragility and economic performance. OECD department of economics and statistics, working paper, No. 97.
  • Dutt , A. 1990–91 . Interest rate policy in LDCs: A post-Keynesian view . Journal of Post Keynesian Economics , 13 ( 2 ) : 210 – 32 .
  • Fazzari , S. 1992 . “ Keynesian theories of investment and finance: Neo, post, and new ” . In Financial conditions and macroeconomic performance , Edited by: Fazzari , S. and Papadimitriou , D. 121 – 32 . Armonk, NY : ME Sharpe .
  • Federer , P. 1993 . The impact of uncertainty on aggregate investment spending: An empirical analysis . Journal of Money, Credit, and Banking , 25 ( 1 ) : 30 – 45 .
  • Galbis, V. 1993: High real interest rates under financial liberalization: Is there a problem? IMF working paper, No. 7.
  • Gonzales-Arrieta , G.M. 1988 . Interest rates, savings, and growth in LDCs: An assessment of recent empirical evidence . World Development , 16 ( 5 ) : 589 – 605 .
  • Grabel , I. 1994 . The political economy of theories of ‘optimal’ financial repression: A critique . Review of Radical Political Economics , : 47 – 55 .
  • Grabel , I. 1995a . Assessing the impact of financial liberalization on stock market volatility in selected developing countries . Journal of Development Studies , forthcoming
  • Grabel , I. 1995b . “ Savings, investment and functional efficiency: A comparative examination of national financial complexes ” . In The macroeconomics of finance, saving and investment , Edited by: Pollin , R. Ann Arbor : University of Michigan Press . forthcoming
  • Guttentag , J. and Herring , R. 1984 . Credit rationing and financial disorder . Journal of Finance , 32 ( 5 ) : 1359 – 82 .
  • Jaffe , D. and Stiglitz , J. 1990 . “ Credit rationing ” . In Handbook on monetary economics , Edited by: Friedman , B. and Hahn , F. Vol. I , 211 – 52 . Amsterdam : North-Holland .
  • Kapur , B. 1992 . Formal and informal financial markets and the neostruc-turalist critique of the financial liberalization strategy in less developed countries . Journal of Development Economics , 38 : 63 – 77 .
  • Kemp, M. and Sinn, H-W. 1990: A simple model of useless speculation. NBER Working Paper, No. 3513.
  • Keynes , J.M. 1936 . The general theory of employment, interest, and money , NY : Harcourt Brace Jovanovich .
  • McKinnon , R.I. 1973 . Money and capital in economic development , Washington, DC : Brookings Institution .
  • McKinnon, R.I. 1988: Financial liberalization and economic development: A reassessment of interest-rate policies in Asia and Latin America. International center for economic growth.
  • McKinnon , R.I. 1989 . “ Macroeconomic instability and moral hazard in banking in a liberalizing economy ” . In Latin American debt and adjustment , Edited by: Brock , P. , Connolly , M. and Gonzalez-Vega , C. 99 – 111 . New York : Praeger .
  • McKinnon , R.I. 1991 . The order of economic liberalization: Financial control in the transition to a market economy , Baltimore : Johns Hopkins University .
  • Minsky , H.P. 1986 . Stabilizing an unstable economy , New Haven : Yale University .
  • Murphy, K., Shleifer, A. and Vishny, R.W. 1990: The allocation of talent: Implications for growth. NBER Working Paper No. 3530.
  • Porter, M. 1992: Capital choices: Changing the way America invests in industry: Council on competitiveness.
  • Ramos , J. 1986 . Neoconservative economics in the Southern Cone of Latin America , Baltimore : Johns Hopkins University .
  • Rittenberg , L. 1990 . Investment spending and interest rate policy: The case of financial liberalization in Turkey . Journal of Development Studies , 27 : 151 – 167 .
  • Shaw , E.S. 1973 . Financial deepening in economic development , NY : Oxford University Press .
  • Snowden , P. 1987 . Financial market liberalisation in LDCs. Journal of Development Studies , 24 ( 1 ) : 83 – 93 .
  • Stiglitz , J. 1987 . The dependency of quality on price . Journal of Economic Literature , XXV : 2 – 48 .
  • Stiglitz , J. 1989 . Financial markets and development . Oxford Review of Economic Policy , 5 ( 4 ) : 55 – 68 .
  • Sundararajan , B. and Balino , T. , eds. 1991 . Banking crises: Cases and issues , Washington, DC : IMF .
  • Taylor , L. 1991 . Lectures on structuralist macroeconomics , Cambridge : MIT Press .
  • Urrutia , M. , ed. 1988 . Financial liberalization and the internal structure of capital in Asia and Latin America , Hong Kong : UN University .
  • Wolfson , M.H. 1986 . Financial Crises , Armonk : M.E. Sharpe .
  • Wolfson , M.H. 1990 . The causes of financial instability . Journal of Post Keynesian Economics , 12 ( 3 ) : 333 – 55 .
  • World Bank . 1989 . World Development Report, 1989 , NY : Oxford University .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.