Reforming Financial Systems Historical Implications for Policy Caprio Jr. Vittas
Reforming Financial SystemsHistorical Implications for Policy\nAuthor(s): Gerard Caprio, Jr., Dimitri Vittas\nFormat: Hardback\nPublisher: Cambridge University Press, United Kingdom\nImprint: Cambridge University Press\nISBN-13: 9780521581158, 978-0521581158\nSynopsis\nThis volume summarizes the key lessons of financial history for emerging markets and developing economies today, including the rise and role of central banks, debates on how to make banking secure and sound, the relative efficiency of universal banking compared to the Anglo-American commercial banking model, and the role of savings banks, non-banks and securities markets in development. Two lessons that should be kept in mind in reforming financial systems are the importance of incentives and diversification. Robust financial systems require incentive systems that reward prudent risk-taking and encourage sound portfolio diversification. In addition, reputation has proved to be important: central bankers must demonstrat.
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