This approach strongly mirrors not only that of late industrializers but also of the early history of central banking in the United States and United Kingdom, as well as the more recent innovation in policy tools utilized by developed country banks in the wake of the 2008 crisis (IMF 2013). Inclusive monetary policy cannot be unanchored, however. To be effective and well-targeted, it must be coordinated with public investment goals. To the extent that public investment red uces i nflati on a ry press u res, ce ntra I ba n ks ca n afford to lower interest rates, in turn making it less costly for governments to finance public investment. On the contrary,financial liberalization appears to have had a deflationary effect that has reduced GDP and employment growth, hindering development and limiting resources to promote gender equality and other SDGs (Elson and Cagatay 2000, Ghosh 2005). This is an important exercise because their widespread effects are not immediately obvious if we only consider the impact on investment.