Why does Brazil’s Banking Sector Need Public Banks? What should the BNDES do? Felipe Rezende

The author examines the role played by the BNDES in financing long term development, how to finance it, and the government's role in the direct provision of financial services. Brazil_Banking_Sector (Download the full text in PDF format) (This article was originally published in the PSL Quarterly Review Vol. 68, No 274 [2015].)

Development Finance in BRICS Countries Published by the Heinrich Boll Foundation

The volume aims to provide background information for an informed debate about development financing from the perspective of emerging economies, especially the BRICS countries. For decades, the world of development banking was dominated by a few multilateral actors, foremost the World Bank Group as well as regional development banks. In recent years, some established banks have much expanded their scope of operation, while new actors and interests are moving in. A number of national development banks, for example from China and Brazil, have entered the international arena in a big way, often operating far outside of their respective home countries…

Banking with a Difference C.P. Chandrasekhar

Democratic forces in BRICS and other countries have to ensure that the BRICS bank acts differently from existing development banks to be a true alternative as expected. Banking_Difference (Download the full text in PDF format) (This article was originally published in the Economic and Political Weekly, August 9, 2014, Vol XLIX, No 32  http://www.epw.in/h-t-parekh-finance-column/banking-difference.html.)

Using the Potential of BRICS Financial Co-operation Jayati Ghosh

The emergence of BRICS as a global economic entity offers a scope for democratizing the entire process of South-South Co-operation that till date has been mainly corporate led. The commonalities of the challenges faced by the individual members of BRICS can act as a platform for developing a more progressive developmental trajectory for the member countries, and all emerging economies at large. BRICS_Financial_Co-operation (Download the full text in PDF format)

Financial Liberalization in India: An assessment of its nature and outcomes C.P. Chandrasekhar and Parthapratim Pal

Providing a descriptive analysis of the Indian experience with the process of financial liberalisation, this paper argues that it has led to increased financial fragility, currently epitomised by the irrational boom in the Indian stock market; a deflationary macroeconomic stance with adverse effects on public capital formation, employment generation and poverty reduction; and finally, a credit squeeze affecting the real economy. financial_liberalization (Download the full text in PDF format)

The Economic and Social Effects of Financial Liberalization: A primer for developing countries Jayati Ghosh

This paper considers and critiques the theoretical arguments in favour of financial liberalization and also discusses the political economy of such measures. It goes onto analyze the specific problems for developing countries, with respect to financial fragility and the greater propensity to crisis, as well as the negative deflationary and developmental effects. social_effects (Download the full text in PDF format)

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