Abstract
Essentially a text book, this volume explores the operation of financial institutions and markets as they provide an important part of the institutional framework within which economic development is pursued. As such, Kumar provides a valuable summary of relevant material from the monetary and financial economics literature. The discussion of taxation as a source of financial capital is adept at addressing the special circumstances of developing counties as well as insights regarding supply-side effects of tax structure. Privatization as a development tactic is carefully considered and Kumar provides a service in demonstrating that one should not be naive in assuming privatization will yield efficiency or revenues gains in all market structures and with all organizational cultures. An excellent presentation of the comparative static analysis of the topic, the treatment would be strengthened by a more explicit and more extensive analysis of issues related to time and sequencing.
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