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By Charles Calomiris

The global pattern towards privatization, liberalization, and globalization has produced colossal monetary advantages.

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22 See Charles W. Calomiris and Andrew Powell, ‘Can Emerging Market Bank Regulators Establish Credible Discipline? S. Mishkin, Prudential Supervision, University of Chicago Press, Chicago, 2001. 1. In Argentina, as in Asia, the problem has not been a lack of access to capital – as Table 5 shows, net capital inflows to developing economies have remained high and positive in every year of the past decade, despite repeated financial crises. Rather, the problem lies in the wasting of capital by imprudent governments, insolvent and inefficient banks, and crony capitalists.

Protected banks themselves often protect inefficient producers which depend on them for credit and which also seek and receive government bail-outs. From this perspective, it is not surprising that East Asian growth petered out in the mid-1990s. 20 Indeed, the weak20 Alwyn Young, ‘The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience’, Quarterly Journal of Economics, 100, 1995, pp. 641–80. 30 Source: Angus Maddison, The World Economy: A Millennial Perspective, OECD, 2001, p.

What, if anything, can the international financial institutions do to assist countries in building effective institutions, and which additional functions should be undertaken by the IFIs? Last year I served on the Meltzer Commission, a US Congressional Commission established to consider those questions. 0 Peak year Years since 1970 1986 1980 1983 1990 1971 1979 1973 1977 1977 1979 1974 1998 1980 28 12 18 15 8 27 19 25 21 21 19 24 0 18 Source: Angus Maddison, The World Economy: A Millennial Perspective, OECD, 2001, p.

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