The Life Cycles of Competing Policy Norms. Localizing European and Developmental Central Banking Ideas

7/27/2019 The Life Cycles of Competing Policy Norms. Localizing European and Developmental Central Banking Ideas

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The Life Cycles of Competing PolicyNorms

Lz Eu d Dv C

B Id

N. 49 | A 2013

WORKING PAPER

A K


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2 | KFGWorking Paper No. 49| april 2013

KFG Working Paper Series

Edited by the Kolleg-Forschergruppe T T Pw E

T KFG W P S v d u K-Fu b

vb bd ub. I d x w d bd

x b d x du Eu d Eu U.

A KFG W P vb KFG wb www.u.u b dd v

[email protected].

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K, A 2013: T L C C P N. Lz Eu d Dv C B

Id, KFG W P S, N. 49, A 2013, K-Fu (KFG) T Tv Pw EuF Uv B.

ISSN 1868-6834 (P)

ISSN 1868-7601 (I)

T ub b udd b G R Fud (DFG).

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K-Fu

T Tv Pw Eu:

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P: +49 (0)30- 838 57033

Fx: +49 (0)30- 838 57096

[email protected]

www.u.u


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The Life Cycles of Competing Policy Norms | 3

The Life Cycles of Competing Policy Norms

Localizing European and Developmental Central Banking Ideas

Arie Krampf

Abstract

Du 20 u, u d b w dud b. Hwv, b

dd bw Eu -bd d dv .

T d d d d zd b w

. T u du d 1940 1970 w b

xd: liberal norm, w d Eu, d developmental central banking norm,

w d L A d dud E A. T

w : d d d d w

dud, d d dud . T w bu. F, ,

b F d S d, du

x d z v

dd . Sd, bu u v -

b z b/Eu dd b d b d

x v dd b dv u. T v

d 1940 1970.

T A

Arie Krampf A R K-Fu (KFG)

T Tv Pw Eu, F Uv B. A v -vd PD T Avv Uv, w d w Mx

P Iu H S, Dv Iu I

R Hbw Uv d KFG T Tv Pw

Eu. F Ob 2013 K w b S Lu T Avv

Ad C. H I

P E, v , v

d b v. F d www...

: .@.


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C

1. Idu 5

2. T L C Av P N 7

3. C C B N 10

4. Md 12

5. T Eu R N Izd 12

6. T L A O Dv N

C B 156.1 Uploading the Lan American Norm 15

6.2 Downloading to the Asian Region 17

7. Iz Av N 18

8. R Iu A 20

9. T D Dv M N 22

10. Cu 23

Lu 25


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1. I1

Du 20 u, u d b w dud b (Mu 2005). A

ub F Wd W (WWI), 22 b xd; b 2000, 170 b d ud wd (Tb 1). Ob, b du ud w

b v: A u d ub Eu u (Bz 1998)

vvd uv v d d.

Hwv, w u w xd v u b b,

u w w d u u 1980, b dd

d. V w d bw b dvd Eu u

ud d ( ) u dd d, d b dv-

u ud dv u b d

d (S 1956; S 1956; Fu 1957; Bu 1967; B 1971; K/Vuv 1978; C/

K 1984; Hd . 1993).

E v d dv b dv u zd

u vd v (F 1982, 1997; F . 1996). T vw w d

b b u b u d

uu ud u d vd v

bu w (N/W 1989). T b b, , w

bd Eu x d b (S 1976; C . 1994;

Bz 1998).

Hwv, u b d vu b dv u

b v u udd b v d u

v, u dvd -bd , d, d dv u-

, . I b -bd , b bu-

b u, w u b dv

zd , b bu u u dv u.

I d u b dv u, d v b d z bv b . O b

vu , I u d 1940 1970, w w

d d b, bjv, u d u d:

liberal normof central banking d developmental norm of central banking (K 2012,

, b). T w , , d

d w bd u v d v .

1 T w w du A R K-Fu T Tv

Pw Eu d 2012-2013. Du , I d uu du bu

w Tj Bz d T R, w I wud . I wud BbFz d Dvd Lv-Fu vub , w u A Ab, Ad Bu, I z, D

B, Mjd Ru d E Hqu vub . T bd I d

du d IMF v w udd b KFG T Tv Pw Eu.


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Table 1: Four Global Phases of Central Bank Establishment

Emergence

Period

Goldstand

ard

InterwarPeriod

BreonWoods

Liberaliza

on

TotalSum

C &

Western

E 10 2 2 3 2 19

E E &

C A 0 3 6 1 19 29

L A

& Cbb 1 3 9 15 6 34

Sb-S

Africa 0 0 1 26 8 35

M E &

N A 0 0 0 18 2 20

E A &

P 0 1 4 13 6 24

S A 0 0 2 4 2 8

Oceania 0 1 1 0 0 2

N A 0 1 1 0 0 2

Totals: 11 11 26 80 45 173

Su : ://db.wdb., A 2011.Su b d: Au Db

T w bu. F, bu u du

. I F d S uz d A

uz d z. I w x

v dd

. T d uv u udd du d, d u wd . I , w du

u d u dv.

Sd, d bu u v . A

Bz d R u, u v u dd Eu d

dd (Bz/R 2012). T Eu d

dd dv d , d du. T

v (v j) d d. I d

v b v u, z b dd d

ud d d ud ud -

v. A ud b Bz, u u d d


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(Bz/R 2009; Bz 2011). T bu dv b jux

w b b d dv w d 1970

d b u w w -x dd b w b

w zd d vud.

T u dd d d - vu w . T

d . T, d uu

vu w , u d u

w . Mv, u d d w

dbud .

T d qu d d -

w : W dd j b/Eu

b d w dd b v dv-

b ? Du , I u b

bw d d . T dv

v b w du. Hwv, d

d b u x.

2. T L C A P N

A dd dd bv (F/

S 1998: 893). Tu, x d

u w , bu dd vu

bv. I , b udd ,

v w dd . T u uv d

dd bv.

T : , d d z

(F /S 1998). T , d u . T u v, w dd

b u. F, d u w uzd -

dd. T, F d S

d ( dvd u, b N F Wd)

d ( dv u, b Su Td Wd) x -

u w . T d u d .

P j . Y, u d

w .

Hwv, , x dd , w

, b ud x v , d w v


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. W v d

dd , d u d.

I , v du z dd. T u du w u bw b dd d d

(R-K 1994; C/Dv 2005). O b u

z d b , u w (Dj 1998).

Av A dd w u d d dd bu

u z. H d z x d u-

b w - bud u bw transnaonal norms (ud vu

uzd ) d local beliefs and pracces. I , , w

w , d (A 2004: 241, ).

T v ud qu. F, w

du d, dd b

d -bd d b d -d . A u,

z -bd d vv w uu bu w

vw d v b dv u.

T, du b N b Su,

u v b d u dv u v-

(M/S 2009).

I d d d , w uu: T d -

(dv) u d u v . B d,

u v w u u -

, d z . A F d S u, u qu

z d (F/S 1998). P

v d .

Hwv, v w v w b . F, -

b w d v . I wd, -

w b - d . Tu uw, bud , du d u u wd

d u. T uu w b[]

bd d x, d w b w z dvdu-

d j d d w b

u (S 2004: 560).

T u d b v -

u d d

u: A , x, d US . N

u d (d w) , z-

. I , dv b -d d (F/S 1998).


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T content d b u b u xd

b .

Sd, w u b v v w . T , u v v

vz dv u v b dd. W d ,

.., US EU, u d b u, u w

v u d v.

P v v b u -

du d b dv bv. N, d

qu , d, d d u d -dd

u, , u v v -

dv d du j b . A A u ,

u u w vw v u d, , v,

bu b wu (A 2011: 97). T, u

duv b w - d d (Lv

2011: 73). T u u dv b

v vu (B . 2002; Fu 1).

T v bu du b

udd v udd v. I

v b du , bu du v d

vd v bv .


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Figure 1: Localizaon, Internaonalizaon and Dierenal Diusion

Su: Au Iu

3. C C B N

T d b d vb dx

w u b d , u x. T

j b bv b , u d

b . T w d u

b u u d d b, w d-

d vd d uu (H 1992; S 2004). T b

u - d b d d d d- vw d b b.

O b vu ud, I d w b v 20 u:

b b d dv . T b u

u b dd v d u. Idd

qud d b u w u. Hwv, d d-

d b w . T w bddd u

v bzd d d bzd (

w ) (Tb 2).


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Table 2: Domesc and Internaonal Monetary Arrangements

D I/R C b

Lb/Eu Lbzd

Idd

b

F w

Fu vb

Rdu

P-b

dd

b

Dv P d

Md x

C

Exv

dv

u

Su: Au Iu.

T b v b dd v jud b -u

, w u dd u v

(N/W 1989). C b, d u, uu w

qud d ju . T w dd

b Eu x d .

Hwv, dv u, w uddvd d d u-

w u w . Tu, bvd

b ud v , bu v u. T -

u d w b w uqu dv u d

jud d b . D, du uddvd b

, v v w v w dvd u d d d-

d dv d. T, bvd v ud v

u d (S 1956; S 1956; Fu 1957; Bu

1967; B 1971; K/Vuv 1978; C/K 1979, 1980; Hd . 1993).

Ex, u d v v

d uv w. A , w xd uv w. W d dd , b

d v - d u w dbzd

bb . T dv qu w w dv u-

d dd d (Ld 1969). I w d, du bw d

v d v, u d v v.

T x db xd x v w

u ub db dd u (Lv 1995: 405408; E/Hu

1999; Fz/M 2010).


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T dv b bd v b w xv d-

d dv u b d u. T

w jud b u b d b, w w bd

d u, w v dv u. R dd v , dv b ud v

v v d/ bz .

4. Methodology

I , u d d b

x. T w d x instuonal and ideaonal connuies

over me w Eu u d du. T d w b b

d ( ) d b b .

Id u u d d d

B Wd (Ru 1982; Ib 1992) wud u Eu

b b .

I dv , w d x

bw d ( ) u w d w x-

d, udd, dwdd d dud. Mv, w d -

v b d b -bd .

I b , bd ubd d uubd du dud b ,

b d w d b b d . T -

bd xv u 1950 d 1960 bu b dv

u.

5. T E R N I

T u ud d b bw d

dd d -WWII w d w K d

bddd b (Ru 1982; W 1989; Ib 1993; H 1996). Hwv,

x v d d dd d v b u bdd

Eu x. T d dd v w B

I S (BIS).

T BIS w bd 1930 d b . I

w bd b v G, Bu, F, Ud Kd (UK), Id, I,

J d Swzd. I b z vd ub b.


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F 1930 u d x dd 1933, BIS d -

v d dd. I wd T, d dd w bddd v DNA

BIS (T 2005: 131). Fw d dd, BIS, w d

B Ed, ud d u Eu -d u d d b dd b w d B Ed (T 2005: 2460).

A Sd Wd W BIS bd w US M P. B

d d b - Eu u. T

u bw BIS d M P w d b P Jb,

w w b u. P Jb, Swd w w u BIS

du 1930, w d b Oz Eu E C- (OEEC, b-

d 1948; 1961 b OECD), w vw M P,

d b Eu P U (EPU, bd 1950), w d u,

b d vb Eu u . B u d

d du d d db dd b d bz

.

Jb bvd b dd b Eu u w -

d Eu w b. A dd b, ud,

w u w u d v u u-

vb d w (Jb 1958: 26867).

Obvu, M P Eu u w d. T

u xd u w d d d

(J 2003: 84). T Bundesbank . T v Budb

dd d d b xd b G db

d (P 2009) d U.S. u b (H/R 1999). T

C B A ud b ubj u bd ub

, w x u. T A Budb: ud

u (qud Nu 1999, 27677). A dv EPU, Jb w

qubu b (Jb 1979: 241). H bvd x [-

] qubu wud b vd u [d] qubu, w u wudb vd u u vb d w (Jb 1958: 268-67; J

2003: 82). I 1959, I M Fud (IMF) w v vvd S .

Jb w vvd w dd v uu (Cv-Gzz 2006).

T w d d dju S w u

W wd, d v d w d d

d u (J 2003: 84, 85).

T IMF d b Eu u du 1947-49 (B

1977: 37). Fd B u du Tu d, IMF b -

d d d dd (B 1977: 37). Ad ,

M P d d d - Eu . Id w w,


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W Eu u dd d , x -

, , b d d 1947-1949 , w

b [] Ud S v

x (B 1977: 9).

A d ud b/Eu b -

v w Jb D IMF 1956, d u

d 1963. Jb w IMF b d. Bu

w . Edwd B, D R D IMF, d Jb

vw d b, d b b -

vvd d duv u bu (B/P

1952: 37374).

T d w d dd d v b u qud w

Eu b du d du IMF. Idd, 1950, Eu w

u u d v vv w -.

S, u u F, I d Bu ud v d u qu xv.2

O d, G, Au, UK d Nd w qu b d .3

Mv, BIS ud b d.

Ud Jb d, IMF d b d b. Hwv,

ud Eu u. U C B Sv w bd 1963,

IMF dd v u b dv u. F ,

1955, Bz qud dv Edwd B, bu IMF bd dd B

dv b Fud. T Bd vu dd, Bz v d

d v B v Bz. W V qud dv 1956,

Bd ddd V v u d b (Hd

1969: 391-394). T, dv u dd ud u d b

dd b.

2 T B b ud v d d d v (D d

Vuv 1971). W I d F ud v d xv, u w

d b b, bu b w u w b w

u (MC 1973; Hd 1973; C . 1994, 134).

3 T G b ud u d (MC 1971). I Au,

w bd 1962. T v vd b

w bd d u v d w b (K 1970). I

Nd, d w ud vu d (D

d K 1972; Hd 1973: 141).


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6. T L A O D N C B

Du 1920, B Ed d xv v d dd. A

u, d b dd b d b d (D 1989). W d dd 1933, d u

d d u d x w b dv-

d b d.

I 1935, R Pb dd B A w dd B Ed

d w . F, B A w dwd w xv uv w.

T uv u b d w bd w u-

u d. T uv w b vdwd d

u. I , B Ed d d dd issue departmentb

d v w banking departmentb uv (T 1944;

Add 1966; Bd 1984). I , B A ud uv dv w

v w bd b b u.

Sd, B Ed w j d w v

d bd v d b (S 1976). I , B A w

d bd d v (T 1944: 100). H, -

d d d , w

B Ed w u d w (Lv 1995: 405408).

T w u u B A xv d u d-

v u d bd d ud b

wu u, d d d dv . Hwv,

v b -bd d, A b w dd b

zd d d .

6.1 Uploading the Lan American Norm

W Rb T, A w w d b Fd Rv S, w

L A dv, w d d b A b. T

A b, w, u w d ud d -

b . T vd xv w B,

dw u w dqu w (T 1944: 109). T

Fd Rv bd d bd T vw d d ud b dd

-b v d. T bd xd w dvu

u d b b d bd (Fd Rv B Bd

Gv, qud H 2009: 14).


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T u d uqu A b d qu d

d b b BIS Jb d Fd -

T. E H u Fd w w US L

A d Gd Nb (H 2009, 2009b). Hwv, u x wud vw b ; , d

b d qu bu vw v.

F d S u v x d w u

dv b d (F/S 1998). T x T w -

d d d Jb. A b uv d d

b vd Fd 1930 d 1940 u .

W Eu b bvd G D w ud b v,

Av H u d dv S D d Fd Rv

S D bvd v b

(M 2010). Tu, US d dd G D w G-S

A 1933 d B A 1935, w vdd Fd Rv S w w d u-

dd w u b (Su 1951: 31516; Fd/Swz 1963: 447).

R bz, US d d u.

A u d w J H. W, V Pd Fd Rv B

Nw Y (1936-47) d dv Fd (1933-56). H w T uv

Hvd Uv. W w B Wd (B 1977:

52) d w ud b dv d, vb d u d-x

(B 2005: 66). Hwv, u bu W zd b d

dd d B Wd

. H ud d dd u dub bud dju u u

qud w v (W 1947: 184) d B Wd vdd

u. T , ud, w qud d w dvdd

ud d u (W 1947b: 59). B 1930, d d ud d

d u qu d d (W 1937: 164; C 1998;

A/F 2009: 183).

H, u US d w Fd u w v d

BIS, OEEC d IMF. I d d d d -

Fd x x du A d

b.


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6.2 Downloading to the Asian Region

Ov x u , T d u ud A d bu

d b dv u. T dvd C R, P d DR C. O Fd x d Pu, Gu,

D Rub, Cub d Hdu. I d 1946 1955, 23 w b w -

bd d. Fd x w vvd b 15 23, ud 5 8

b E A d 8 b bd du d L A (Tb 3).

Az dv d Fd x dd w -

b d d Eu u. J Ex w Fd w w

C u w d C B B d B B. Ex dd

b b b d d u

d b C (Ex 1949: 2). T b d b Ex d b u

d duv d b du b u d du,

uu uu, , , du du (Ex 1949: 33). T

C B B udd b uv. T uv d w dwd

w w dd b d u b,

d d u. T uv d w d w ud

b (Ex 1949: 11). Au Bd, w dvd K, dd

uv w Buu F Iu b (Bd/

J 1951: 55). I V Fd dv ud v w

d d b d uv u z w. T Fd

x d C B B wud b bd w B A bu, d,

bd uu vd dqu w u w b dv

(S 1958).

T u du d IMF Fd E. Id

vd vdd b b Bd Edwd B, w Bd zd

IMF b bd d , d u d ud P

b u. B w ud dw u d ,

w w db u u dw [] P x. T IMF -zd vd b d vd -

, w Fd x bvd qu w w

u dv wud b d w u b

(Bd 1955).

I b B A d Fd w u dv

b. A d b dv u d dv wu

Fd dv w Id B. A z 1945 (S/Du 1970: 496),

D B Dv w bd (1950) d w du d

- du d b S Idu F C, bz

u v, d x u d (S/Du 1970: 502). I 1956, Rv B


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Id Ad A vdd B w u u vb v

u (R 1962: 101). T A d b

qu dd u, w w b d d xb, x b

d (Bd 1998: 43). I , Rv B d u v d (R 1962: 124125; S 1967: 189; Bd 1998: 70). I , w bw,

Id b wud IMF .

Table 3: Involvement of FRS Experts in the Establishment of New Central Banks

East Asia

P

L

A &

Cbb

Middle

E &

NAfrica

S

Asia

Africa E S

Number Ivvd 5 7 1 1 1 0 15

N Iv. 3 0 3 1 0 1 8

Su 8 7 4 2 1 1 23

Countries

Ivvd P

K (S.)

V

Cbd

L

Gu

D

Rub

H

C R

CubHdu

Pu

I S L C

N Iv. K (N.).

M

C

Iq

Sud

Ab

Lb

P G

Su: T 1944: 104; Gv/Ex 1948; Ex 1949; T 1946; Bd/J 1951; T/W 1953; Fu 1957;K 1965: 7; S 1967; H 2003; H 2009b.

7. I A N

T dvdu E w wd b d

z dv b z

. Au Bd d z dv . I

1957, ubd Journal of Finance w d uuu wd d xb

w w b w bd 1945 w Fd Rv dv-

(Bd 1957: 191). T b d u w dd ud


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d b (Bd 1957: 197). I , Bd zd

b d d xv uv w. T w

bd ud , bu x . Nv, u x-

, Bd xd , w dv b bwd u (Bd 1957: 197, 204). I , v uv

b dv u w ubd b Fd Rv B Nw

Y, w d d u

[c]ountries outside the Iron Curtain have come increasingly to rely upon monetary controls in the eort

to limit economic uctuaons and to promote sturdy economic growth. Foreign central banks, oen op-

erang within an instuonal seng far dierent from that in the United States, have sought not only

to adapt the tradional credit controls to the environment in which they funcon, but also to introduce

new tools, and to use the various individual instruments in new and changing combinaon (Fu

1957: 78).

I 1963, IMF bd C B Sv (CBS), w d C

B D. T CBS w vd d dv u d

b d b. I d dv

b d b d vd w d - ud wu

vw IMF xuv .

D K, d CBS, w Id-A w w vu

D R Rv B Id. Tu du vvd u -

v d , K ud . H jd u b-

w d v d d w vd v d

dd d xud, d b v v -

. T, [] b, v d v ud dvd

u dvd (K/Vuv 1978: 988).

W CBS, b w uu d dv u w uqu d,

, dd wud b v u. Yu Cu P,

CBS w b d K Dv Iu, ud d- uu d u bw dvd d dv u

xv wd d dvd u dv

u wud b u (P 1980 [1973]: 675). V Vj B, w w

R D Fd Rv B Id, Idu

Dv B Id, A Iu E Dv, d

Wd B (B 2009), ud [] C B [ dv

u] b vd x vv ud uu duv d

dv, [ , ] bz v d u

w dv bjv (B 1974: 64).


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T b , dv d b/Eu dd d . B

1960, dx wdd dv u d dvd

u. Hwv, dx bvd b dv u-

wud b b vd b bz . F 1950 u 1970, u d bz dv u. J Gu,

Edwd Sw d Rd MK w w w qud db

(Gu/Sw 1955, 1956, 1966; Sw 1973; MK 1973). I , Mxw F jd u

(F 1978, 1982, 1988).

T u ud b w b dv u-

du xu . Idd, dv

zd b uqu d uddvd . Hwv, v -

v b v . T u ud w v

b b bz d .

I d vu w , w ju w u-

x ubd (Tb 4). T b w ub ju

ubd b u d b jd .

Table 4: Academic Journals in which the Developmental and Market-Based

Communies Published Respecvely

Orthodox economists B x

economists

D

Ju M, Cd d

B

Ju F

A E Rvw

Dv E

IMF

Ju Dv Sud

Ju Dv E

Wd Dv

Rvw I d W

Su: Au Iu

8. R I A

T d b ud u w uzd

v, bu du u. I , I u

A d x d dv b A z. I du

z: Su E A C B (SEACEN), UN E C

A d F E (ECAFE) d A Dv B (ADB).


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I 1967, d Au ASEAN, v P b

d b R C M Sud, w ud SEACEN

udd b C, Id, L, M, N, P, Td,

V d S. T d w d b L A Centro de Estudios MonetariosLanoamericanos (CEMLA). T R C vd b

d bu b u uqu A u. T D SEACEN

u xd :

[B]ecause most countries in the region are mainly agro-based economies sharing the developmental

goals of balanced economic growth, the training course should include in its scope the role of policy

makers in both the public and private sectors at mobilizing and channeling resources towards the objec-

ve of balanced economic growth(Vd . 2007: 26).

Mv, SEACEN w u w Su E A v u dd

v z (Vd . 2007: 2). T w b b

b w.

A u d 1960 w ECAFE, w w ud

u d -ubu duz (ISI) x-

d duz. T d, A u d -

(UNECAFE 1964). W Eu d w d , w u

x d Eu d ud b dd d w -ud

A . Lbz w d d dd v u

A u.4 T, w A ud d,

d Eu d.

T Exuv S ECAFE dd b dv u,

, wud b ub x u b bz d u ud j

d du dv (UNECAFE 1964: 11). T R

Ex Gu d u, x zd u b d bz-

u w b zd, w u -d

v du, d uu. R , x dd u ud u dv

u (UNECAFE 1964b: 48). A J d d v , d bz-

w d v, bu u -ubu d x

x. T qu u v uu -d dv

(UNECAFE 1964). T v Td xd uu vw d u

ECAFE u. H d d -

d W Eu d d notb ub v d-

ECAFE (UNECAFE 1964: 42).

4 T Ex Gu d C A E C udd

F v Eu Cu d Hd L A C D

(UNECAFE 1964b: 73).


22/30


Rb T, w w vd z S F A Td Ex

x A P U, d dv : F v

freer d [] b wu u []

d (T 1968: 87). Mv, bz d d, d jud w b [] xd , .., bd d

b dvdu u, d dv d x dd d

j d x (T 1968: 87). T, du w d,

dv vdd dv u u dvd

b-Eu .

T d u x ADB, bd 1966 b ECAFE -

b w d - A d F E d bu

dv. T ADB dd b

u v ub d v dv u

d v , ub- w j d w w

bu v u w w (ADB 1966).

H, du zd z u A u-

u, db d v d dv jd b/

Eu . T A u dd dv . R, w

. W Eu d w ud ,

d b v bvd Eu d w v A

x.

9. T D D M N

S , d d w d b , w I bd b/

Eu d dv . I 1980, du d d ,

v d b/Eu w bzd.

I 1970, IMF d v ud wd dv u d d -

-bd b d . T d

d b Gu, Sw d MK w dd b IMF d b b -

ud dv dv u. T A D IMF

wdd [] SEACEN b v d.

Hwv, d ud d w v

bu d d v bw d vu b vv -

b dd d d (Nv . 1979).

T duv d b b dd b w

IMF d C B D. T D d qud


23/30


d d US. W C, w w M Fd du ud

Uv C, C B D 1977, w b v -

v w D wd -bd u dv u-

. H wd w D K, w w d D.5

A w ub dd vu b C d K (C/

K 1980). T ub dv Eu/

b C B D wd b dv u. C

d K bd Gu, Sw d MK. T d d

b bw uu d , ud, b d

T w u w dv ud bz

(C/K 1979: 1897). O b uvu x v

v d ub [LDC], v d w bdd (bd).

C d K dd b v d w v w

b u. T b dv u d

du uu LDC, d (bd). I w ,

db dv u w, IMF d w v x d u

bz d d b b (Bu 2001). Evu,

A 1990 vdd IMF w u xu

bz E A u.

10. C

T w d d w b vd

d 1940 1970. E w zd b d b w

ud u d z. T b bd bz

, w d dd b, w d Eu

x. I w d Eu b b B Ed, BIS, Budb,

OEEC (OECD) d IMF. T wd vd w u d

b d w d B Wd .

T dv b d L A. I w udd

v b Fd x, w w v d b u d d-

bz . T Fd x ubqu dwdd w bu

w bd dv u E A. T dv d w bd b

b d, w u uu.

T dv w u zd b A d A A

du d vu d z.

5 P vw w W C, 27 Nvb, 2012, S vw; vw w D

K, Nvb 29, 2012, S vw.


24/30


T dd w , b v qu

u . Tw qu u u d

. F, w x w - v d ?

Sd, w x dd bz d dv ? T quw u .


25/30


L

Acharya Amitav2011: N Subd d R Od: Sv, R, d Ru-M Td Wd, : I Sud Qu 55/1, 95123.

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Block, Fred L. 1977: T O I E Dd: Sud Ud S IM P Wd W II P, B/L A: Uv CP.

Bloomeld, Arthur I. 1957: C B Uddvd Cu, : T Ju F 12/2,190204.

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C P.

Brzel, Tanja 2011: Cv R: A Nw R Ad, : KFG W P S 28,Auu 2011, K-Fu T Tv Pw Eu, B: F Uv-.

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T K-F - E A Ex

I R

T K-Fu (KFG) w ud u-d b G R Fud 2008. I - KFG vd u v

w vv b d w b du ddb w u d ju .

T K-Fu T Tv Pw Eub Eu B-Bd-bu d uz w uv- d u. I x EU - d d, z d d x du :

Id d Pub S

C, Cd d Bd

Cv R d Eu Ex R

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