The academics want to be heard and to contribute to monetary policy making. At the same time, the central bankers (and I include the senior staff of international organizations such as the IMF, BIS and others) are also keen to listen to what academics have to say. There is a mutual interest in each other’s views.
We know something that developing countries have done and can do to successfully promote development: Pursue an external orientation and create a successful export sector. That strategy not only forces the economy to become more efficient but also creates a demand to improve institutions that encourage financial development.