Directed credit programs were a major tool of development in the 1960s and 1970s. In the 1980s, their usefulness was reconsidered. Experience in most countries showed that they stimulated capital-intensive projects, that preferential funds were often (mis)used for nonpriority purposes, that a decline in financial discipline led to low repayment rates, and that budget deficits swelled. Moreover, the programs were hard to remove. But Japan and other...
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INFORMACIÓN
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1995/05/31
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Documento de trabajo sobre investigaciones relativas a políticas
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WPS1458
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1
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1
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2010/07/01
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Credit policies : lessons from East Asia
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credit policy
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