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Mobilizing domestic resources for development - Chapter I

The Monterrey Consensus of the International Conference on Financing for Development (United Nations, 2002a) places the mobilization of domestic financial resources for development at the centre of the pursuit of economic growth, poverty eradication and sustainable development. It points to the need for “the necessary internal conditions for mobilizing domestic savings (and) sustaining adequate levels of productive investment” and stresses the importance of fostering a “dynamic and well-functioning business sector”. At the same time, it recognizes that the “appropriate role of government in market-oriented economies will vary from country to country” and calls for an effective system for mobilizing public. | Mobilizing domestic resources for development 1 Chapter I Mobilizing domestic resources for development The Monterrey Consensus of the International Conference on Financing for Development United Nations 2002a places the mobilization of domestic financial resources for development at the centre of the pursuit of economic growth poverty eradication and sustainable development. It points to the need for the necessary internal conditions for mobilizing domestic savings and sustaining adequate levels of productive investment and stresses the importance of fostering a dynamic and well-functioning business sector . At the same time it recognizes that the appropriate role of government in market-oriented economies will vary from country to country and calls for an effective system for mobilizing public resources and for investments in basic economic and social infrastructure as well as active labour-market policies. The present chapter analyses these concerns. The first section examines the historical relationships among savings investment and economic growth in the developing countries over the past three decades. The subsequent section addresses investment climate and focuses on some key economic legal and labour-market requirements. The third section examines the role of the financial sector and the institutions that are required to guarantee the adequate provision of financial services for investment access by the poor and small enterprises to such services and the prudential regulation and supervision required to guarantee the stability of the financial system. Savings investment and growth A long-standing view of the macroeconomic dynamics of the development process was that a poor country had to raise its savings rate that is to say to change from a 12 per cent saver to a 20 per cent saver and transform the increased savings into productive investment in order to achieve an economic take-off see for example Lewis 1954 . Emphasis was usually placed on increasing .