Download Financial Liberalization in Developing Countries: Issues, by Abdullahi Dahir Ahmed PDF

By Abdullahi Dahir Ahmed

The most recent international monetary and monetary situation of 2008 has proven the necessity to re-evaluate the desirability of economic liberalization. This publication is project any such learn at the factor of economic and marketplace liberalization by way of adopting subtle econometric tools. It examines the results of monetary liberalization on financial improvement and social welfare utilizing a case research method on a pattern of 3 Sub-Saharan African and an Asian state within which monetary liberalization reforms have been carried out. additional, it highlights a few key explanations of the failure of reform, and the rules and associations which are had to create an atmosphere for profitable monetary liberalization. From the designated nation checks, a number of guidelines comparable to powerful pageant within the banking region, sound criminal approach, financial self-discipline and monetary institutional improvement are pointed out, adoption of which could increase the potency of source allocation, increase discounts and influence development, and hence result in welfare enhancement.

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Extra info for Financial Liberalization in Developing Countries: Issues, Time Series Analyses and Policy Implications

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3 Liberalization and the Era of Structural Adjustments For the large part of the late 1970s and early 1980s the government was faced with serious imbalances, increased external debt and a rapidly rising rate of population growth. These factors were eroding the basis for economic growth, and hence they paved the way for structural adjustment programs (SAPs). SAPs actually began in Kenya in the mid 1980s but because of shortcomings in the implementation, it was not until the early 1990s that some serious reform measures were implemented.

As noted by Mwega and Ndungu (2002), such banks were extensively used to fund state enterprises which were often unable to service their loans due to poor management, ineffective statutory power to raise funds independently and vulnerability to political patronage and abuse. Due to such practices, it is reasonable that the size of non-performing loans increased in this period. By late 1980, it was estimated that bad loans made up at least 15% of the loan books of both NBK and KCB (Grosh, 1990).

90 Rates 60 30 2000 1998 1996 1994 1992 1990 1988 1986 1984 1982 1980 1978 1976 1974 1972 1970 0 Year Exc. Rate Inflation Exports Fig. 5 Trends in selected macroeconomic indicators Note: Exc. Rate is the official exchange rate, Inflation is CPI (Annual percentage) and Export is a percentage of GDP. Source: IMF, International Financial Statistics (IFS). 12). 12). On the other hand, the country pursued a managed exchange rate system with the objectives of attaining real income growth, maintaining a viable balance of payment position and stable domestic prices (Malawi, 2000).

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