Sergi de Pablos

“The easiest way to run developmentally efficient finance continues to be through a banking system, because it is banks that can most easily be pointed by governments at the projects necessary to agricultural and industrial development. Most obviously, banks respond to central bank guidance. They can be controlled via rediscounting loans for exports and for industrial upgrading, with the system policed through requirements for export letters of credit from the ultimate borrowers. The simplicity and bluntness of this mechanism makes it highly effective. Bond markets, and particularly stock markets, are harder for policymakers to control. The main reason is that it is difficult to oversee the way in which funds from bond and stock issues are used. It is, tellingly, the capacity of bank-based systems for enforcing development policies that makes entrepreneurs in developing countries lobby so hard for bond, and especially stock, markets to be expanded. These markets are their means to escape government control. It is the job of governments to resist entrepreneurs’ lobbying until basic developmental objectives have been achieved. Equally, independent central banks are not appropriate to developing countries until considerable economic progress has been made.”
― Joe Studwell, How Asia Works

“Not only has Japan developed with an impossibly small supply of cultivable land per capita, but large swathes of that land have been relentlessly gobbled up by its urban and industrial development. This trend has long been exacerbated by a cultural aversion to high-rise building. The insistence on low-rise, sadly, has done nothing to make modern Japanese construction more attractive.”
― Joe Studwell, How Asia Works

“CFO GOALS Health of company Revenue Market share Average order size Profitability Return on assets Health of Finance Order to cash cycle Accounts receivable Accurate and timely financial reporting Borrowing costs”
― Gene Kim, The Phoenix Project: A Novel About IT, DevOps, and Helping Your Business Win

“Deininger’s two big conclusions are that land inequality leads to low long-term growth and that low growth reduces income for the poor but not for the rich.”
― Joe Studwell, How Asia Works