Money and finance on the periphery of the international dollar standard: Ronald McKinnon

Introduction The problem of excessively short-term finance in developing countries was long one of Maxwell Fry's principal concerns. Indeed, his 1997 book is provocatively titled Emancipating the Banking System and Developing Markets for Government Debt. Together with developing institutions that would better allow capital markets to thrive, Fry focused on domestic monetary stabilization with financial liberalization as the key to more robust longer-term bond markets.