TAILIEUCHUNG - Development Banks: Their role and importance for development

Although we appreciate the effort made to target the more risky institutions and activities, we still have some doubts about how the thresholds system for ring-fencing trading activities would be applied. It seems to be very difficult to assess which activities would fall under the threshold and which would fall outside, and moreover this will probably lead to similar legal disputes as created by the Volcker Rule. The Liikanen Group has not come out with concrete proposals; as a matter of fact the threshold system set up a 15-25% limit and does not specify the activities that would be in. | Development Banks Their role and importance for development . Chandrasekhar Among the institutions whose role in the development of the less developed regions is well recognised but inadequately emphasised are the development banks. Playing multiple roles these institutions have helped promote nurture support and monitor a range of activities though their most important function has been as drivers of industrial development. All underdeveloped countries launching on national development strategies often in the aftermath of decolonisation were keen on accelerating the pace of growth of productivity and per capita GDP. This was the obvious requirement for alleviating poverty and reducing the developmental gap that separated them from the developed countries. To realise this goal they considered industrialisation to be an important prerequisite. This stemmed from the perspective that modern economic growth was a process characterised by an increase in the share of employment in the non-agricultural sector and within the latter by a change in the scale of productive units the growth of factory production and a shift from personal enterprise to the impersonal organisation of economic firms. Besides the apparent universality of this trajectory across countries a range of arguments were advanced to justify the centrality afforded to modern factory industry. First was the conclusion derived from trends in consumption styles across the globe and embodied in rudimentary form in Engels Law that the demand for non-food commodities in general and manufactures in particular grows and diversifies as incomes increase. Growth must therefore be accompanied by a process of diversification of economic activity in favour of manufactures. Second was the belief that given the barriers to productivity increase characteristic of predominantly agrarian economies the diversification in favour of industrial production is an inevitable prerequisite for a rapid increase in per capita income.

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