Financing Problems of Developing Countries: Proceedings of a by Armin Gutowski, A. A. Arnaudo, Hans-Eckart Scharrer

By Armin Gutowski, A. A. Arnaudo, Hans-Eckart Scharrer

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In contrast, there is a vast, though diffuse and unfinished, bibliography for the case of the United States. 2 In the case of Mexico, there have been few attempts in this field. The traditional reference for the Mexican financial system, Brothers-Solis (1966), presents an evaluation of the selective credit apparatus up to 1964. Wilford (1977) performs a descriptive analysis of this matter. It is very surprising that a costly programme, such as the Mexican financial intervention programme, has not been formally evaluated.

If, in addition, measures are taken to reduce dependence on imported energy - here again, both the capacity to undertake such measures and the additional capital ~equired will vary between countries - the overall current account deficit of oil importers could be brought down to a sustainable level. 4). 7 • Estimate. b Minus (-) equals increase. Source: World Development Report, 1981. 9 N 1-' 22 The 1980s Though high by historical standards, this level seems sustainable. In the Low Case, a less favourable view is taken of all the adjustment mechanisms.

Age der Entwicklungslandes nach dem Zweiten Olschock', Wirtschaft, Dusseldorf, vol. 3, June. World Bank (1980) Atlas (Washington DC: World Bank). 3 The Financial Sector in the Planning of Economic Development David Backus and Herminio Blanco QUEEN'S UNIVERSITY, KINGSTON, CANADA and David Levine UNIVERSITY OF CALIFORNIA, LOS ANGELES, USA I INTRODUCTION AND SUMMARY Financial institutions play a central role in the process of economic development, channeling consumer savings into sectors where capital is most productive.

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