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Роль банков в индустриализации
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1. The role of banks in industrialization 3
REFERENCES 7
. The role of banks in industrialization
Development banks are state-backed financial institutions that are concerned with the provision of long term loans to not only profitable projects but also to socially beneficial ones. The rapid industrialization in many countries in the 19th century was achieved by state provision of long term loans to risky projects via development banks.
In many countries such as Germany, Japan, France and Holland, development banks were intensely utilized to meet the needs of growing industry.
During this period, development banks provided technical support and cheap loans. They were also stakeholders in poor corporates. Last, but not the least, point is that they were very successful in accommodating entrepreneurship within those national economies. Many advanced countries of today financed development projects via development banks during the course of their development.[8, c.77]
Yet, development banking activities became widespread in less developed countries at the second half of the 20th century. The necessity of rapid industrialization pushed less developed countries to utilize development banking scheme to this end. The development discourse at that time also rationalized state intervention in the financial sector. In those days, it was strongly argued that state regulation and intervention in finance would boost efficiency in real sector and fair allocation of resources. Accompanying the following state-dominant policymaking process, development banking was intensely utilized until the 1980s. However, state involvement in the financial sector has gradually diminished since then in line with the neo-liberal shift in economic policies.
Financial activities have been directed by free market dynamics rather than regulated and directed markets. Although the 1980s and 1990s witnessed financial liberalization in many parts of the world, the structure of development banking has not lost its vividness. In the post-1980 period, the decline in preferential credits to prioritized sectors coupled with the backwardness in capital markets particularly in developing countries exacerbated the need for financial intermediation of
REFERENCES
1. Akcicek D.S., 1991, “Kalkınma Bankalarında Yatırımların İzlenmesi ve Değerlendirilmesi”, unpublished MA thesis, İstanbul.
2. Akıncı A., 2000, “Development Financing in Turkey”, Draft Paper for Association of Development Financing Institutions in Asia and Pacific‟s (ADFIAP), Ankara.
4. Condur F., 1994, Türkiye Ekonomisinde Kalkınma Ve Yatırım Bankacılığı, unpublished MA Thesis, Eskisehir. Diamond W., 1957,
5. Development Banks, Economic Development InstituteInternational Bank for Reconstruction and Development, Baltimore.
6. Dölcübaş A., 1998, The Development And Investment Banking In Turkey And The Progress Of Performance In Public Development And Investment Banking After 1980, unpublished MA thesis, Eskişehir
7. Odedokun M.O., 1996, “International Evidence on the Effects of Directed Credit Programmes on Efficiency of Resource Allocation in Developing Countries: The Case of Development Bank Lendings”, Journal of Development Economics, 48(2), 449-460.
8. Riesser J., 1911, “The German Great Banks and their Concentration in Connection with the Economic Development of Germany”, National Monetary Comission, Congress 2. Session, Document No: 593, Government Printing Office, Washington. Rosenstein-Rodan P.N., 1943, “Problems of Industrialization of Eastern and South-Eastern Europe, The Economics of Underdevelopment”, in The Economics of Underdevelopment, 1963, Agarwala A.N. & Singh S.P. (Ed.), Oxford University Press, New York, 245-271.
9. Rostow W.W., 1956, “The Take-off Into Self-Sustained Growth, The Economics of Underdevelopment”, in The Economics of Underdevelopment, 1963, Agarwala A.N. & Singh S.P. (Ed.), Oxford University Press, New York, 154-186.178 H.
10. Wade R., 1990, Governing The Market: Economic Theory and The Role of Government in East Asian Industrialisation, New Jersey: Princeton University Press.
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