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December 21, 2009

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Johnny Pez

(Most developing countries go through a cycle or two of bank failures and then realize that (1) there should be an independent Central Bank, which (2) should regulate banks according to international best practices, with a few tweaks for local conditions.)

As the United States itself did back in the 19th century when it was a developing country. Of course, it took more than one or two cycles of bank failures; OTOH, at the time the only role model for development was the UK, so Americans were sort of feeling their way. And there was no IMF peering over their shoulders.

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