Financial Deepening in Sub-Saharan Africa
AbstractThis paper investigates the role of creditor rights and information sharing in explaining why some financial markets in sub-Saharan Africa have remained shallow. The paper finds that while financial liberalization and macroeconomic stability promote financial deepening, they are not enough. For countries with similar financial liberalization efforts, those with stronger legal institutions and information sharing have deeper financial development. This result is consistent with a growing body of research for other regions of the world. The main policy implications are that (1) creditor rights legislation should be reinforced, the law reformed, and efficient property registries established; and (2) governments should sponsor credit bureaus where private bureaus might not be commercially viable.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 07/203.
Date of creation: 01 Aug 2007
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- Abdullahi D. Ahmed, 2010. "Financial liberalization, financial development and growth linkages in Sub-Saharan African countries: An empirical investigation," Studies in Economics and Finance, Emerald Group Publishing, vol. 27(4), pages 314-339, October.
- Yifei Huang & Raju Jan Singh, 2011. "Financial Deepening, Property Rights and Poverty," IMF Working Papers 11/196, International Monetary Fund.
- Hovhannes Toroyan & George C. Anayiotos, 2009. "Institutional Factors and Financial Sector Development," IMF Working Papers 09/258, International Monetary Fund.
- Irving, Jacqueline & Manroth, Astrid, 2009. "Local sources of financing for infrastructure in Africa : a cross-country analysis," Policy Research Working Paper Series 4878, The World Bank.
- Buigut, Steven & Valev, Neven T., 2009. "Benefits from Mutual Restraint in a Multilateral Monetary Union," World Development, Elsevier, vol. 37(3), pages 585-594, March.
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