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Gradual liberalization of key markets: the road to sustainable growth in Mauritius

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Author Info
Sunil Kumar Bundoo (Department of Economics and Statistics, University of Mauritius, Mauritius)
Beealasingh Dabee (Department of Economics and Statistics, University of Mauritius, Mauritius)
Abstract

Mauritius has achieved sustained economic growth over the past three decades notwithstanding the limited liberalization of its foreign exchange and financial markets which took place even during the adjustment period of 1979-86. Reforms in these markets have in fact been introduced gradually and have been stepped up only as from the 1990s when they were considered to be sustainable. A policy of mild exchange rate depreciation has helped to boost exports and growth; the exchange rate is currently market determined and current and capital transfers have been completely liberalized. In the financial market, credit ceilings have been removed and interest rate controls have given way to open market operations. There has also been improved financial intermediation, in keeping with the McKinnon-Shaw hypothesis. Copyright © 1999 John Wiley & Sons, Ltd.

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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 11 (1999)
Issue (Month): 3 ()
Pages: 437-464
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Handle: RePEc:wly:jintdv:v:11:y:1999:i:3:p:437-464

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References listed on IDEAS
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  1. Calvo, Guillermo A. & Reinhart, Carmen M. & Vegh, Carlos A., 1995. "Targeting the real exchange rate: theory and evidence," Journal of Development Economics, Elsevier, vol. 47(1), pages 97-133, June. [Downloadable!] (restricted)
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  2. Atish R. Ghosh & Anne Marie Gulde & Jonathan David Ostry & Holger C. Wolf, 1995. "Does the Nominal Exchange Rate Regime Matter?," IMF Working Papers 95/121, International Monetary Fund.
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  3. Morisset, Jacques, 1993. "Does financial liberalization really improve private investment in developing countries?," Journal of Development Economics, Elsevier, vol. 40(1), pages 133-150, February. [Downloadable!] (restricted)
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  4. Cho, Yoon Je, 1990. "McKinnon-Shaw versus the neostructuralists on financial liberalization: A conceptual note," World Development, Elsevier, vol. 18(3), pages 477-480, March. [Downloadable!] (restricted)
  5. Athukorala, Premachandra & Rajapatirana, Sarath, 1993. "Domestic financial market and the trade liberalization outcome: Evidence from Sri Lanka," World Development, Elsevier, vol. 21(7), pages 1191-1203, July. [Downloadable!] (restricted)
  6. Roubini, Nouriel & Sala-i-Martin, Xavier, 1992. "Financial repression and economic growth," Journal of Development Economics, Elsevier, vol. 39(1), pages 5-30, July. [Downloadable!] (restricted)
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  7. Milner, Chris & McKay, Andrew, 1996. "Real Exchange Rate Measures of Trade Liberalisation: Some Evidence for Mauritius," Journal of African Economies, Oxford University Press, vol. 5(1), pages 69-91, March.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. John Serieux, 2008. "Financial Liberalization and Domestic Resource Mobilization in Africa: an Assessment," Working Papers 45, International Policy Centre for Inclusive Growth. [Downloadable!]
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