financial development: a broader perspective


2/22

Xne Pk|cig` Qfqe| re|ier ir f bkgxigufxikg ko xne ok|me|dy gfmeh Hirburrikg Qfqe| re|ier3

xne gumle|ig` ko xne qfqe|r bkgxigueh pixnkux igxe||uqxikg k| bnfgè' FHLIr pk|cig`qfqe|r |eodebx igixifd ihefr kg f xkqib fgh f|e qkrxeh kgdige ok| hirburrikg' FHLI egbku|fèr|efhe|r xk qkrx xnei| bkmmegxr kg xne mfig qfè ok| efbn pk|cig` qfqe| .ìeg ig xnebixfxikg ledkp)' Rkme pk|cig` qfqe|r mfy heedkq igxk kxne| ok|mr ko quldibfxikg'

Ru`èrxeh bixfxikg:

\eih$ \' O2-$ Jfqfg

Xed: #>6-2-2592-5511Of~: #>6-2-2592-5506U\D: ppp'fhli'k|È-mfid: igokAfhli'k|`


3/22

FHLI Pk|cig` Qfqe| \eih

Flrx|fbx

Xnir qfqe| reecr xk fhh xk xne bu||egx helfxe flkux oigfgbifd heedkqmegx fgh `|kpxn ig xneeme|ìg` pk|dh ly dkkcig` fx nkp hiooe|egx oigfgbifd ryrxemr ekde: nkp fgh pny oigfgbifdrx|ubxu|er bnfgè hu|ig` f|ikur rxfèr ko heedkqmegx$ nkp lerx xk mefru|e xnem$ fghreeig` pnfx q|fbxibfd qkdiby derrkgr bfg le h|fpg o|km nirxk|ibfd e~qe|iegbe' Rkme oigfgbifdrx|ubxu|er mfy le lexxe| ruixeh xk `|kpxn fx be|xfig rxfèr ko heedkqmegx lux xney mfy lederr pedd ruixeh ig kxne| bi|bumrxfgber' Ig xne ref|bn ok| kqximfd oigfgbifd rx|ubxu|e$ |fxne|xnfg fxxemqx xk fhkqx fgkxne| bkugx|yr qf|xibudf| rx|ubxu|e ix mfy le mk|e o|uixoud ok| xkhfyreme|ìg` pk|dh xk bkgbegx|fxe mk|e kg fhh|errig` xne geehr ko rfe|r fgh lk||kpe|r igefbn ighiihufd ryrxem' F mfjk| derrkg ok| xne eme|ìg` pk|dh o|km qfrx oigfgbifdheedkqmegx ir xnfx xne|e f|e |ircr igkdeh ig x|fgrixikgig` o|km kge o|fmepk|c xk fgkxne|'Xkk ofrx f bnfgè igb|efrer xne hfgè| xnfx fdd xne geberrf|y |eùdfxk|y$ ruqe|irk|y fghehubfxikgfd bnfgèr mfy gkx ceeq qfbe pixn xne oigfgbifd bnfgèr' Xnir bfg igb|efre xnerurbeqxilidixy xk igrxflidixy fgh |ehube |eridiegbe xk rnkbcr'

JED Bdfrrioibfxikg: E88$ O11$ O16$ O1$ @$ G11$ G16$ G


4/22


Bkgxegxr

6' Igx|khubxikg '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 6


5/22


6' IGX\KHUBXIKG

Fdxnku`n xne dfxerx lkux ko oigfgbifd xu|mkid nfr rqf|ceh |egepeh igxe|erx ig xne heri|flidixyko oigfgbifd heedkqmegx$ fgh xne kqximfd rize fgh rx|ubxu|e ko xne oigfgbifd ryrxem$ xnehelfxe ke| xne |edfxikgrniq lexpeeg oigfgbifd heedkqmegx fgh ebkgkmib `|kpxn nfr$ kobku|re$ leeg fbxie ok| mfgy yef|r' Xnir xkqib nfr leeg ko igxegre |edefgbe ok| eme|ìgèbkgkmier$ qf|xibudf|dy f`figrx xne lfbch|kq ko igb|efreh bfqixfd odkpr ig |ebegx yef|r'E~qkru|e xk ni`n bfqixfd odkpr bf||ier lkxn qkxegxifd legeoixr fgh |ircr$ fgh xne flidixy xk hefdpixn xnere odkpr rubberrouddy pidd heqegh qf|xdy kg xne deed ko rkqnirxibfxikg ko xne hkmerxiboigfgbifd ryrxem'

Ig xu|g$ ix bfg le f|ùeh xnfx kqeggerr xk igxe|gfxikgfd bfqixfd odkpr bfg$ ughe| be|xfigbi|bumrxfgber$ egbku|fè xne l|kfhegig` fgh heeqegig` ko hkmerxib oigfgbifd ryrxemr'Koxeg$ lux gkx fdpfyr$ xne `|kpxn ko xne oigfgbifd ryrxem pidd fdrk le frrkbifxeh pixn xneeme|ègbe ko f hkmigfgxk| eeg ree|fd hkmigfgxoigfgbifd begxe|r'

Xnir bnfqxe| fimr xk bkgx|iluxe xk xnere l|kfhe| helfxer ly dkkcig` fx nkp hiooe|egx oigfgbifd

ryrxemr ekde3 nkp fgh pny oigfgbifd rx|ubxu|er bnfgè hu|ig` f|ikur rxfèr koheedkqmegx3 nkp lerx xk mefru|e xnem$ xnfx ir$ rexxig` f o|fmepk|c ok| ou|xne| fgfdyrir3fgh reeig` pnfx q|fbxibfd qkdiby derrkgr bfg le h|fpg kux ko xne nirxk|ibfd e~qe|iegbe kooigfgbifd heedkqmegx' Fgfdyrir ru`èrxr xnfx pnide rkme oigfgbifd rx|ubxu|er mfy le lexxe|ruixeh xk `|kpxn fx be|xfig rxfèr ko heedkqmegx$ xney mfy le derr ruixeh xk bnfgè fghiggkfxikg' Xnur xney mfy nfmqe| `|kpxn fx kxne| rxfèr k| le mk|e q|kge xkk| derr|erirxfgx xkrnkbcr fgh xne igrxflidixy xnfx okddkpr' Rk$ ok| e~fmqde$ xne|e mfy le mkhedr kooigfgbifd rx|ubxu|e lexxe| ruixeh xk xne heedkqmegx ko igo|frx|ubxu|e$ k| yex kxne| fdxe|gfxierxnfx fddkp ok| mk|e eooebxie xebngkdkìbfd hioourikg' Xne qkxegxifd ok| f|iexy fgh ighiihufdixyrnkudh gkx le ge`debxeh'

Ix ir fdrk imqk|xfgx xk bkgrihe| gkx jurx xne hemfgh ok| oigfgbifd igxe|mehifxikg ig fgebkgkmy lux fdrk ixr ruqqdy' Xne nirxk|y ko oigfgbifd heedkqmegx reemr xk le dixxe|eh pixn

`fqr ig xne q|kirikg ko oigfgbifd re|iber$ gkx fdd ko pnibn nfe leeg oiddeh eixne| vuibcdy k||klurxdy' Ugru|q|irig`dy$ xne|eok|e$ `ke|gmegx igkdemegx nfr leeg eihegx fx mfgy deedrig oigfgbifd heedkqmegx xn|ku`nkux nirxk|y$ rkmeximer fr f hi|ebx |erudx ko xne ofidu|e ko xneq|ifxe rebxk| fgh rkmeximer pneg xne q|imf|y$ k| fx defrx immehifxe kljebxie$ hker gkxreem xk le bkgrirxegx pixn xne mkrx xebngibfddy eooibiegx fddkbfxikg ko bfqixfd'

Xne|e bfg fdrk le xne hfgè| ko heedkqig` oigfgbifd ryrxemr xnfx f|e me|edy bkgegiegxo|km f |eùdfxk|y qe|rqebxie lux bfg defh xk rulkqximfdoigfgbifd igxe|mehifxikg' Fr xne dfrxoep yef|r nfe hemkgrx|fxeh$ xne fimr ko |eùdfxk|y emqnfrir bfg bnfgè vuixerulrxfgxifddy$ fr qe|beqxikgr flkux |ircr igne|egx ig oigfgbifd igxe|mehifxikg bnfgè fgh frbnfddegèr xk xne bkgegxikgfd pirhkm `|kp rx|kgè|' Fr xne Igxe|gfxikgfd Mkgexf|yOughr Jkng Diqrcy |ebegxdy gkxeh$ Xne b|ixibfd vuerxikg ir pne|e xne q|kqe| lfdfgbe dier

lexpeeg xne qkrixie imqfbx ko oigfgbifd heedkqmegx f`figrx xne |ircr ko igrxflidixy fghhirxk|xikgr' Fg frrkbifxeh irrue ir xk pnfx e~xegx |eùdfxk|y |eok|mrxkèxne| pixn mk|eeooebxie ruqe|irikgbfg imq|ke xnfx lfdfgbe ly rx|eg`xnegig` mf|cex rfoeùf|hr'

6

Xk fhh|err xnere irruer$ xne oi|rx qf|x ko xnir bnfqxe| fxxemqxr xk rex kux fg uq-xk-hfxeo|fmepk|c ok| bdfrrioyig` oigfgbifd heedkqmegx$ dkkcig` gkx jurx fx xne rize ko xne oigfgbifdryrxem ke| xime lux fdrk fx xne bkmqkrixikg ko igrx|umegxr fgh igrxixuxikgr$ xne rx|ubxu|e kooigfgbifd odkpr$ fgh xne igxe|qdfy ko mf|cexr' Xnere fdd nfe imqk|xfgx |eùdfxk|y imqdibfxikgrfgh fooebx ofbxk|r rubn fr x|fgrqf|egby$ |irc$ fgh |emuge|fxikg'

Xne rebkgh qf|x ko xne qfqe| iddurx|fxer rkme ko xnere xnek|exibfd bkgrihe|fxikgr pixne~fmqder ko xne q|kldemr xnfx nfe f|ireg hu|ig` oigfgbifd heedkqmegx ig xne qfrx' Xne

6' Diqrcy .


6/22


) bdfimeh xnfx xne digcf`er lexpeeg oigfgbifd fgh ebkgkmib heedkqmegxr bkudh leke|rx|erreh'

8' Cig` fgh Deige .6992$ q' 021)'


7/22


2

Nkpee|$ fr \fjfg fgh Zig`fder nfe qkigxeh kux$ xnir q|kberr ir hie|re fgh bkmqde~'5

Nirxk|y ir dixxe|eh pixn e~fmqder pne|e xne rx|ubxu|e ko xne oigfgbifd ryrxem fgh ixr kqe|fxikgf|e bkgrihe|eh xk nfe nedqeh k| nighe|eh `|kpxn' Fhfm Rmixn$ ok| e~fmqde$ klre|eh xnfxxne e~qfgrikg ko Rbkxxirn x|fhe ig xne ei`nxeegxn begxu|y kpeh rkmexnig` xk xneerxfldirnmegx ko xne xpk quldib lfgcr'

Xney hemkgrx|fxe xnfx kg f |fg`e ko mefru|er$ mfgy bkugx|ier pe|e mk|e oigfgbifddyheedkqeh ig 6962 .foxe| xne oi|rx `|efx pfe ko oigfgbifd `dklfdizfxikg) xnfg xney pe|e ig69>1' Ig xnei| igxe|erx `|kuq xnek|y ko oigfgbifd heedkqmegx$ f rxfddig`k| eeg f|ee|rfdko oigfgbifd heedkqmegx mfy kbbu| pneg igbumlegx `|kuqr$ pnibn oef| xne

bkmqexixie imqfbx ko oigfgbifd heeqegig`$ e|ebx lf||ie|r xk bnfg`e'

>1r xk f|kugh 6'' @kdhrmixn .69?9$ q' 25)'

9' @u|dey fgh Rnfp .69?1)'


8/22


8

hirx|iluxikg ko igbkme$ k| rfig`r$ fgh fdrk okbureh fxxegxikg kg xne ok|m ko ebkgkmibheedkqmegx fgh ixr igxe||edfxikgrniq pixn oigfgbifd rx|ubxu|e'

@u|deyr oigfgbifd |fxikxne |fxik ko xkxfd oigfgbifd frrexr xk @GQir dimixeh ig xnfx ixbkmqf|er rxkbcr xk odkpr'

61

@u|deyr fgfdyrir ir q|eregxeh ig Oiù|e 6$ pnibn rnkpr xnere iddurx|fxie qfxnr ok| oigfgbifdheedkqmegx' Ne ru`èrxr xnfx qfxn 2 pkudh le xyqibfd ko xne Ugixeh Rxfxer$ pne|efr qfxnr6 k| < pkudh le mk|e |eq|eregxfxie ko begx|fddy qdfggeh ebkgkmier$ k| igodfxikgf|y k|

oirbfddy k|iegxfxeh ryrxemr$ fr xnere xegh xk |edy kg rmfdde| oigfgbifd ruqe|rx|ubxu|er' Qfxn 8mi`nx le xyqibfd ko fg ebkgkmy rubn fr Rpixze|dfgh$ pnibn rqebifdizeh ig xne heedkqmegxko ixr oigfgbifd rebxk|'

Nkpee|$ nir |erudxr bk||edfxe pixn @kdhrmixnr oighig`r$ru`èrxig` f |edfxikgrniq lexpeeg xne |ire ig qe| bfqixf igbkme fgh xne rize ko xne oigfgbifd

ryrxem' Nkpee|$ @u|dey pfr fdrk ceeg xk rx|err xnfx xne|e pe|e hiooe|egx qfxnr xk fbnieig``|kpxn' Ok| e~fmqde$ rkme ebkgkmier mi`nx mfce migimfd ure ko oigfgbifd mf|cexr fghmfy |edy mk|e kg begx|fd qdfggig` fgh xne qkkdig` ko oughr' Ig rubn ryrxemr$ xne xf~rx|ubxu|e bkudh le ureh xk bnfgged oughr$ fgh ne eeg ru`èrxr igodfxikg fr f mefgr kofooebxig` xne ège|fxikg fgh odkpr ko oughr' Ne ru`èrxr$ ig fhhixikg$ xnfx ix mfy eeg le|fxikgfd ok| f bkugx|y xnfx nfr emlf|ceh kg f qf|xibudf| bku|re ok| oigfgbifd heedkqmegx xkrxibc pixn ix ok| f q|kdkgèh qe|ikh |fxne| xnfg fxxemqx xk x|fgroe| xk f hiooe|egx heedkqmegxqfxn'

Oiù|e 6: Oigfgbifd Qfxnr Lfreh kg @u|deyr Fgfdyrirf

Gkxe:f

Rkdih diger |eq|eregx fdxe|gfxie oigfgbifd qfxnr3 hkxxeh diger |eq|eregx rniox ig qfxnr .f$ |fhufd3 l$ ruhheg)'Ree xe~x ok| e~qdfgfxikg ko gumle|r'

Rku|be: @u|dey .69?0$ q'?9)'

Xne bnkibe ko oigfgbifd heedkqmegx o|km xnere qfxnr pidd f|y ke| xime fgh$ fr xne dfrx oepyef|r nfe rnkpg$ pidd le ruljebx xk rkbifd fgh qkdixibfd q|erru|e' Mk|eke|$ xebngkdkìbfdfhfgber bfg fooebx xne iflidixy ko bnkiber$ xne mkrx |ebegx ko xnere$ klikurdy$ leig`bkmquxe|izfxikg'

Ig xne oiù|e$ xne hkxxeh diger ffgh l iddurx|fxe xnfx ix ir qkrrilde ok| bkugx|ier xk rniox o|kmxnei| q|eikurdy erxfldirneh qfxnr' Xnir mi`nx le f |edfxiedy `|fhufd fgh q|kx|fbxeh q|kberr.f) fgh xne|eok|e derr hir|uqxie fgh derr q|kge xk flure' Nkpee|$ ix fdrk mfy le mk|eruhheg .l) fgh mk|e hirxk|xig` fgh ikdegx'

Mk|e |ebegx rxuhier nfe rku`nx xk uqhfxe xne fgfdyrir ko oigfgbifd rx|ubxu|e fgh mfce ixmk|e rkqnirxibfxeh fgh |i`k|kur' Cig` fgh Deige luidh kg xne fqq|kfbn ko ree|fd rxuhier

61' @u|dey .69?0)'


9/22


5

xn|ku`n xne 69>1r fgh ef|dy 6991r$ pnibn bkgoi|m xne bk||edfxikg lexpeeg |efd qe| bfqixfigbkme `|kpxn fgh xne fe|fè deed ko oigfgbifd heedkqmegx$ urig` hfxf ke| xne 69?1>9qe|ikh'

66

Xney fdrk reec xk e~fmige xne q|kberr ko igxe|mehifxikg mk|e rulxdy ly dkkcig` fx xnerqebioib bnfggedr xn|ku`n pnibn oigfgbifd heedkqmegx fgh `|kpxn kqe|fxe' Ig ceeqig` pixn

@u|deyr klre|fxikgr xnfx xne qfbe ko oigfgbifd heedkqmegx `ker xn|ku`n f|ikur qnfrer$Cig` fgh Deiger |erudxr f|e rummf|izeh ughe| `|kpxn nefhig`r: e|y rdkp$ rdkp$ ofrx$ fghe|y ofrx' Xnei| oighig`r rnkp xnfx fr bkugx|ier mke ig rxfèr o|km e|y rdkp xk e|y ofrx$xne|e ir igheeh f bk||erqkghig` igb|efre ig oigfgbifd heqxn$ xne imqk|xfgbe ko lfgcr |edfxiexk xne begx|fd lfgc$ xne o|fbxikg ko b|ehix fddkbfxeh xk xne q|ifxe rebxk|$ fgh xne |fxik koq|ifxe rebxk| b|ehix xk @HQ'

Bkge|redy$ F|erxir$ Hemex|ifher$ fgh Duigxed okbur kg xne digc lexpeeg |efd `|kpxn fghrxkbc mf|cex heedkqmegx'

6Xne dfxe| fg ebkgkmy ighurx|ifdizeh |edfxie xk @|efx L|ixfig$ xne mk|e ixr

oigfgbifd rx|ubxu|e pfr hkmigfxeh ly igrxixuxikgfd ofbxk|r fimeh fx igb|efrig` xne ruqqdy kobfqixfd' Xnir bkudh igbduhe df|è-rbfde `ke|gmegx igkdemegx' Nir fgfdyrir nfr leegrkmepnfx b|ixibizeh kg f gumle| ko o|kgxr$ gkx defrx pixn |e`f|h xk xne hiooibudxy ko fbxufddyheoigig` rxfèr ko heedkqmegx' Nir pk|c fdrk reemr xk le lfreh kg f gf||kp |fgè ko bfrerxuhier fgh hker gkx nkdh uq pedd xk rb|uxigy'

69

Gee|xnederr$ fr ebkgkmier mke lexpeeg qnfrer ko `|kpxn h|ieg ly$ ok| e~fmqde$f`|ibudxu|e$ x|fhe$ igerxmegx$ k| bkgrumqxikg$ xne gfxu|e ko xne hemfgh ok| oigfgbifdre|iber bnfgèr' Mk|e rkqnirxibfxeh ebkgkmier xegh xk |evui|e `|efxe| bnkibe$ rubn fr ok|nkurig` oigfgbe fgh igru|fgbe re|iber'

Lux xne f|ùmegx ir ly gk mefgr rx|fi`nxok|pf|h$ fgh xne|e mfy le kbbfrikgr pneg fgfqqf|egxdy ugrkqnirxibfxeh ryrxem lkxn ruixr xne geeh ko xne ebkgkmy fgh ir qe|nfqr xnekgdy iflde kqxikg ffidflde' @kdhrmixn .69?9)gkxeh xnfx ig xne 6985?1 qe|ikh$ OI\r pe|e

ri`gioibfgxdy ni`ne| ig xne Ugixeh Rxfxer fgh L|ixfig xnfg ig @e|mfgy' Nkpee|$ kge ko xneofbxk|r lenigh @e|mfgyr rubberroud qkrxpf| |ebke|y pfr ughkulxehdy xne |kde ko xnelfgcig` ryrxem fgh ixr flidixy xk xfce f dkg`-xe|m iep ko oigfgbig` xne bk|qk|fxe rebxk|'Pkudh f ni`ne| OI\ ig xne qkrxpf| qe|ikh$ |eodebxig` mk|e igkdemegx ko gkglfgcigìgxe|mehifxikg$ nfe fbxufddy nighe|eh `|kpxn hu|ig` xne `kdheg fè; Mubn pkudh nfeheqegheh kg e~fbxdy nkp xne oigfgbifd qie bkudh nfe leeg egdf|èh$ fgh ig xnir qf|xibudf|bfre$ ix ir vuixe qkrrilde xnfx xne|e pfr gk x|udy iflde fdxe|gfxie'

Lux xne fqq|kq|ifxegerr ko xne rx|ubxu|e pidd bnfgè ke| xime' Rkme yef|r f`k$ xneLugherlfgc fbcgkpdehèh xnfx qe|nfqr xne lfgc-hkmigfxeh ryrxem xnfx re|eh @e|mfgyrk pedd ig xne qkrxpf| qe|ikh pfr derr pedd ruixeh ig fg egi|kgmegx ko mubn ni`ne| fghmk|e mklide bfqixfd odkpr'

' @e|rbnegc|kg .69??)'


12/22


>

kux rfig`r$ |ehirx|iluxe ebkgkmib qkpe|$ rx|kg`dy fooebx divuihixy q|eoe|egber$ bfurebu||egby igrxflidixy$ fgh$ ko bku|re$ ughe|mige bkgoihegbe ege|fddy'

Pf|r fgh pf| oigfgbig` bfg `|efxdy fooebx oigfgbifd rxflidixy$ fgh ok| yef|r foxe|pf|hr$ xneyfooebx igrxixuxikgr flidixy xk igxe|mehifxe hue xk bkgrx|figxr kg xnei| lfdfgbe rneexr'Rkmeximer gep igrxixuxikgr f|e b|efxeh ok| xne qu|qkrer ko ofbidixfxig` quldib oigfgbig` ig xne

pfce ko xne oirbfd rx|fig pf| bfg qux kg fg ebkgkmy .ok| e~fmqde$ xne Bfirre he Hqxr exBkgri`gfxikgr ig O|fgbe$ erxfldirneh ig 6>6?)'

Nirxk|y rnkpr xnfx ree|e lurigerr bybder bfg fooebx xne lfgcig` ryrxemr fxxixuher xk xyqerko oigfgbig` ok| f q|kdkgèh qe|ikh foxe|pf|hr' Rkme f|ùe xnfx xne 6>0205 heq|errikg igO|fgbe deox rk mfgy lfgcr pixn hefdueh bk|qk|fxe rebu|ixier kg xnei| lkkcr xnfx xney rniehfpfy o|km rubn oigfgbig` ok| mfgy yef|r foxe|pf|hr' Ix ir ugbdef| pnexne| xkhfyr |eberrikgpidd defh xk bnfgèr fr rx|ubxu|fddy imqk|xfgx fr xnkre ko xne 6921r .rubn fr xne dkg`-eghu|ig` @dfrr-Rxef`fdd Fbx ig xne Ugixeh Rxfxer)'

O|fuh bfg fdrk nfe fg imqfbx kg igxe|mehifxikg' Ok| e~fmqde$ |ebegx bfrer rubn frLe|gf|h Mfhkoor Qkgzi rbneme nfe be|xfigdy nfh fg imqfbx kg xne quldib |erqkgre xk xnedfxerx oigfgbifd b|irir$ fdxnku`n ixr nf|he| xk rfy pnfx xne dkgè|-xe|m oughfmegxfd eooebxr kg

|eùdfxikg fgh xne oigfgbifd rx|ubxu|e mi`nx le' F bdfrrib$ nirxk|ibfd e~fmqde ko xne imqfbx koo|fuh f`fig bkmer o|km O|fgbe' Ig xne foxe|mfxn ko Jkng Dfpr i||eùdf| mexnkh ok|oigfgbig` `ke|gmegx helx xn|ku`n xne Mirrirriqqi Bkmqfgy lullde .606901 rniox xkpf|hgfxikgfd bkkqe|fxikg fgh xne qurn ok| `|kpxn' Qkdixibr bfg le fg imqk|xfgx igoduegbe ig xe|mrko xne kpge|rniq fgh xne|eok|e kljebxier ko oigfgbifd igrxixuxikgr' Xne pfer kogfxikgfdizfxikgr f gumle| ko bkugx|ier e~qe|iegbeh fx f|ikur rxfèr pe|e gkx fdpfyr xne|erudx ko f oigfgbifd rnkbc lux |fxne| f |erqkgre xk rnioxig` qkdixibfd fxxixuher' Ok| e~fmqde$xne gfxikgfdizfxikgr ig O|fgbe ughe| Mixxe||fgh pe|e mk|e ko f qkdixibfd rxfxemegx bkmqf|ehxk xne |ebegx x|egh ko `ke|gmegx igkdemegx ig lfgcr xkhfy'

Ix |emfigr xk le reeg nkp xnir |efbxikg fgh rulrevuegx |eùdfxk|y fgh ruqe|irk|y|erqkgrer oughfmegxfddy fooebx oigfgbifd rx|ubxu|e fgh xne lenfik| ko lk||kpe|r fghdeghe|r' Ix mfy le$ ok| e~fmqde$ xnfx mfgy ko xne bkmqexixie ok|ber rnfqeh ly xne gep|eùdfxk|y f|bnixebxu|e mfy gkx lebkme ouddy fqqf|egx ugxid foxe| xne fuxnk|ixier nfe fbxufddyleùg xk imqdemegx xnei| e~ix rx|fxeìer' Pneg xnir rxf|xr xk nfqqeg$ ix mfy e~qkre rkme koxne derr |klurx lurigerr mkhedr'


13/22


9

2'5 Rkbifd Ofbxk|rBdkredy frrkbifxeh pixn qkdixibfd ofbxk|r f|e rkbifd ofbxk|r' Xnir bfg le reeg ig xne mkhe|ghfy helfxe pixn |e`f|h xk fbberr$ le ix flkux oigfgbifd igbdurikg k| e~bdurikg' Ig xne qfrx$mfgy muxufd fgh bkkqe|fxie igrxixuxikgr pe|e erxfldirneh fgh egbku|fèh ig k|he| xk

q|kihe lfrib rfig` fgh deghig` re|iber ok| `|kuqr pnk eixne| pkudh gkx nfe nfh fbberrxk xne mk|e e~bdurie oigfgbifd ofbidixier edrepne|e ig xne ryrxem$ k| ok| pnkm rubn ofbidixierpe|e derr ruixeh xk xnei| qf|xibudf| rmfdd$ dkbfd geehr' Ko bku|re$ dkbfd cgkpdehè ir fdrk fpfy xk |ehube |irc'

Rkme bkugx|ier fgh qkdixibfd ryrxemr fdrk eml|fbeh xne bkgbeqx ko bkmq|enegrie rkbifdrebu|ixy ryrxemr$ koxeg kqe|fxig` kg f qfy-fr-yku `k lfrir' Xnir f||fgèmegx pkudh le derrdicedy xk ruqqk|x xne `|kpxn ko dkg`-xe|m bkgx|fbxufd rfig`r q|khubxr fgh be|xfig xyqer kobfqixfd mf|cexr' Nyqe|igodfxikg$ fr fd|efhy megxikgeh$ bfg fdrk bkgxfig xne heedkqmegx kodkg`-xe|m bkgx|fbxufd rfig`r mf|cexr'

2'? Igbegxiver ok| IggkvfxikgIgbegxier xegh xk ofdd igxk xpk l|kfh bfmqr' Bkgrx|ibxikgr$ ugoudoiddeh hemfghr$ `fqr igoigfgbifd q|kirikg$ fgh gep xebngkdk`y fdd xegh xk fbx fr qkrixie igbegxier ok| iggkfxikg'Ge`fxie igbegxier xegh xk bkme ig xne ok|m ko xi`nxdy bkgx|kddeh fddkbfxikg ko |erku|ber$bnieody ly `ke|gmegx fuxnk|ixier lux fdrk qkrrildy ly egx|egbneh k| igbumlegx `|kuqr'Qf|xibudf| ebkgkmib bkghixikgr mfy egbku|fè iggkfxikg' F `kkh e~fmqde ne|e nfr leegxne |ebegx qe|ikh ko e~x|fk|higf|y dkp igxe|erx |fxer$ xne ref|bn ok| yiedh$ fgh xne flughfgbeko eme|ìg` ebkgkmier rfig`r bi|budfxig` ig xne `dklfd ebkgkmy' Xnir |ebegx e~qe|iegbenfr$ ko bku|re$ |fireh xne vuerxikg ko iggkfxikg kuxqfbig` ko xne bfqfbixier ko |eùdfxk|yfgh ruqe|irk|y fuxnk|ixier'

Fr Rughf|erfg gkxer$ di`nx-xkubn |eùdfxikg bfg defh xk qkpe|oud odkpr ko iggkfxikg lux fdrkni`n$ k| eeg e~berrie$ |irc xfcig`'


14/22


61

Dfpr |edfxig` xk fbbkugxig` rxfghf|hr$ heoigixikgr$ igbk|qk|fxikg |uder$ lfgc|uqxby$ rkdegby$fgh x|fgrqf|egby bfg fdd nfe fg imqfbx kg oigfgbifd rx|ubxu|e' Rkme nfe f|ùeh$ ok|e~fmqde$ xnfx xne de`fby ko bkmmkg dfp ig rkme ok|me| bkdkgier ig Frif nfh fg imqk|xfgxigoduegbe kg xnei| lfgc|uqxby |eìmer' Fx xne e|y defrx$ bnfgèr ig fdd ko xnere ofbxk|r piddnfe x|fgrixikgfd bkrx eooebxr' Negbe xne legeoixr ko |eùdfxk|y bkgegiegbe murx lepei`neh f`figrx xne bkrxr ko igeooibiegx fddkbfxikg ko bfqixfd'

2'> IghivihufdrXne|e bfg le dixxde hkulx xnfx ighiihufdr bfg igoduegbe oigfgbifd heedkqmegx ri`gioibfgxdy$fdxnku`n bf|e murx le xfceg xk hirxigùirn lexpeeg xnkre pnkre |equxfxikgr rxfgh kuxlebfure ko o|fuh k| igbkmqexegbe e|rur xnkre pnk nfe nfh f mk|e mfxe|ifd fgh dkg`-xe|m eooebx kg rx|ubxu|fd heedkqmegxr' Fr megxikgeh flke$ xne|e ir gk rnk|xfè kobfghihfxer ok| xne ok|me| bfxe`k|y ig xne dfxerx qnfre ko ebkgkmib heedkqmegx' Nirxk|y$xkk$ ir dixxe|eh pixn bnf|fbxe|r pnk nfe nfh fg imqfbx$ urufddy lfh$ kg oigfgbifdheedkqmegx$ rubn fr xne fok|emegxikgeh Jkng Dfp'

Nkpee|$ kge rnkudh le bf|eoud pneg fxx|iluxig` xne imqfbx ko oigfgbifd bnfgèr xk kgeqe|rkg fdkge' Ok| e~fmqde$ pfr xne eme|ègbe ko x|urxee lfgcr ig Rbkxdfgh fghbkkqe|fxie lfgcr ig @e|mfgy fxx|iluxflde xk qf|xibudf| bde|`ymeg ig xnkre bkugx|ier$ k| pfrxne igkdemegx ko xnkre ighiihufdr kgdy f bkgx|iluxk|y ofbxk| xk xne heedkqmegx ko f rexko igrxixuxikgr pnkre eme|ègbe pfr fd|efhy ig q|k`|err; Pfdd Rx|eex fx xne egh ko xnegigexeegxn begxu|y pfr frrkbifxeh pixn f odu||y ko bkdk|oud bnf|fbxe|r$ lux pe|e xney me|edyq|khubxr ko ughe|dyig` ebkgkmib bkghixikgr$ k| pe|e xney$ ig ofbx$ xne h|ie|r ko xnkrebkghixikgr;

F mkhe|g hfy e~fmqde ok| xne eme|ìg` pk|dh mi`nx le Munfmmfh Yugur$ pihedy |e`f|hehfr xne okughe| ko xne mib|koigfgbe mkemegx' Pfr xne heedkqmegx ko mib|koigfgbe fgigeixflde |erudx ko ebkgkmib fgh oigfgbifd q|erru|er$ k| hih ix |evui|e xne imqexur ko oiù|errubn fr Yugur fgh xne @|fmeeg lfgc;

Qkdixibifgr$ ig qf|xibudf|$ koxeg bfg nfe fg imqfbx kg oigfgbifd heedkqmegx' Xnir bfg lefbnieeh eixne| ly igrxixuxig` ebkgkmib `kfdr xnfx bfdd ok|xn f oigfgbifd |erqkgre o|km fnixne|xk |edubxfgx oigfgbifd rebxk|$ k| mk|e hi|ebxdy ly egbku|fìg` xne erxfldirnmegx korqebioib oigfgbifd igrxixuxikgr fimeh fx oiddig` qe|beieh `fqr ig xne igxe|mehifxikg q|kberr k|ig dige pixn gep k| |eh|fpg qkdixibfd kljebxier'

2'9 Oigfgbifd Igo|frx|ubxu|eOi~ig` xne rk-bfddeh qdumlig` ko xne oigfgbifd ryrxem$ rkme pkudh f|ùe$ dier fx xne nef|x kobu||egx eook|xr xk fqqdy eooibiegx fgh eooebxie |eùdfxikg fgh ruqe|irikg' Igheeh xne @|kuq koXpegxy nfr bnf|èh xne Oigfgbifd Rxflidixy Lkf|h pixn q|errig` fnefh kg mfgy o|kgxr

hefdig` pixn xne nf|mkgizfxikg ko heoigixikgr$ rxfghf|hr$ fgh bfdil|fxikgr' Fr xne |ebegx b|irirnfr rnkpg$ xne flidixy xk fdue$ bdef|$ fgh rexxde ig oigfgbifd mf|cexr ir f ixfd qf|x ko leig`flde xk imqdemegx rubberroud |erkduxikg qdfgr' F q|igbiqfd q|kldem ne|e ir f dfbc kox|fgrqf|egby' X|fgrqf|egby$ ko bku|re$ l|ig`r `|efxe| bkmqexixikg fgh mfy |emke k|fddeifxe lf||ie|r xk bnfgè'

Ig xnir bkgxe~x$ xne bu||egx vuerxikgr ke| xne me|ixr ko bkgegxikgfd x|fhig` ofbidixier e|rurxne gepe| fdxe|gfxie x|fhig` qdfxok|mr f|e qf|xdy f helfxe flkux xne vufdixy$ fbberrilidixy$fgh ode~ilidixy ko xne igo|frx|ubxu|e'

2'61 Fbberr xk @dklfd Bfqixfd

Fx xne xu|g ko xne gigexeegxn begxu|y$ xne irrue ko oigfgbifd `dklfdizfxikg pfr reeg mk|e igxe|mr ko heqdkyig` xne ru|qdur rfig`r ko heedkqeh |eìkgr ig xne .xneg) eme|ìg`


16/22


65$ pne|efr ly

1)'20' Ree$ ok| e~fmqde$ Nfdhfge .


20/22


6?

Oi`u|e 2: @dklfd Odkp ko Oughr$ 69>5 ve|rur

financial development: a broader perspective

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