Includes bibliographical references (pages 217-226) and index.
Book Cover; Title; Contents; Foreword; Preface; Acknowledgements; List of abbreviations; Introduction; Finance and economic development: The dominance of the prior-saving argument; Departing from the prior-saving argument: Finance in a monetary production economy; Saving and financial markets in economic growth; Financial structures, financial development and economic development; From theory to evidence; Financial system and industrialisation in Brazil, 1947 66; The financial reforms and the 'economic miracle'
Towards the lost decade: The financial system in the imbalanced growth (1973 83)Conclusion; Notes; Statistical appendix; Bibliography; Index
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As a result of the liberalization of the 1980s, the financial system has acquired a prominent role in developing economies. It is now conventional wisdom that `financial liberalization' is the means to stimulate economic development. Investment Finance in Economic Development challenges this assumption and offers an alternative view. The book presents a post-Keynesian approach to the role of banks, financial markets and savings in economic development. It departs from the conventional belief that financial institutions are mere intermediaries between savers and investors,