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Evolution of Financial Development Policies in Developing Countries
YU Chun-hai, LEI Da
Teaching and Research
2006, (1):
43-48.
The author observes that Washington agreement has gradually evolved to post-Washington agreement which emphasizes factors outside the financial system,even outside the economic system.The ultimate criterion for judging whether the financial market maintains advantages in efficiency is whether it leads to increasing savings and capital at home.In an open economy this advantage is reflected by the results of comparison with other countries.To be more specific,it refers to comparison of efficiency by examining both the market aspects and non-market aspects within a country with the equivalent aspects in other countries.Therefore,in the financial development it is natural to emphasize the complementary relation between the government and the market.
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