Fiancial Market Fragmentation and Reforms in Sub-Saharan Africa
AbstractThe fragmentation in African financial markets and its persistence despite reforms to liberalize those markets have been difficult to explain. This paper reports findings from surveys of formal and informal institutions and their clients in Ghana, Malawi, Nigeria, and Tanzania to test hypotheses explaining different aspects of fragmentation, which occurs when different market segments are poorly linked and interest rate differentials cannot be fully explained by differences in costs and risks. The study concludes that financial development strategies, and World Bank operations supporting them, should explicitly include informal and semi-formal financial institutions to improve the extent and efficiency of financial intermediation in the medium term.
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Bibliographic InfoPaper provided by World Bank - Technical Papers in its series Papers with number 356.
Length: 50 pages
Date of creation: 1997
Date of revision:
FINANCIAL MARKET ; DEVELOPING COUNTRIES;
Find related papers by JEL classification:
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
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