IMF’s Lipsky on lessons from past crises
John Lipsky, the first deputy managing director of the International Monetary Fund (IMF), said that history had taught three broad lessons.
Firstly, financial development was crucial for both and development, and there were almost no case studies where economic sophistication had occurred without the presence of an efficient system of financial intermediation.
Second, he said, crises cannot reverse the positive relationship between financial-system growth and economic development.
The third
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