Unformatted text preview: tivity as a result of labour hoarding. He also speculates, however,
that the banking crisis may be preventing lending to new, high-risk firms, which may, in turn, ‘have impaired development of new
products or processes within each industry category’ (ibid., p. 363).
And it should be noted that for much of 1990s the size of bad loans was no worse than in other countries which had experienced
banking crises (Beason and James, 1999). 12 A. Boltho and J. Corbett nature of bank–firm relationships permitted a poor
choice of projects within certain industries (construction seems one obvious candidate).17
(iv) Which Areas Are Changing Most, Which
The OECD (1998, 1999) describes the extensive
programme of structural reform and deregulation
which has been promised and to some extent
achieved. Some of the programmes are clearly
cosmetic. But there is a measure of agreement that
there has been a considerable change in the areas of
banking and financial markets (though Hanazaki
and Horiuchi in this issue argue that much more is
needed). The 1996 ‘Big Bang’ programme of financial...
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This note was uploaded on 02/03/2014 for the course ECON 204 taught by Professor Devero during the Summer '13 term at American University of Sharjah.
- Summer '13