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Financial Liberalization: The African Experience

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  • Reinhart, Carmen
  • Tokatlidis, Ioannis

Abstract

Almost a decade after their initiation, financial reforms appear to have had little effect on the economies of Sub-Sahara Africa. Whether the blame is to fall on their initial design itself, or on the partial nature of their implementation, liberalization policies have not mobilized savings, deepened intermediation or raised investment. Yet, Africa needs properly functioning financial markets for a more efficient allocation of resources for growth and risk diversification. How can African governments “correct’ their approach towards financial policy reform? A first step towards refining future policy choices requires an assessment of the short African experience with financial reform. How has progress in institutional and policy reform affected the financial depth of these economies? How have the gains in financial depth, if any, affected saving, consumption and investment? How does the African reform experience compare with that of other developing countries? How do the countries that during the period of reforms experienced substantial increases in aggregate saving compare to those that experienced substantial declines? These are some of the key issues we address in this paper.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13423.

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Date of creation: 2000
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Publication status: Published in Journal of African Economies supplement 2.12(2003): pp. 53-88
Handle: RePEc:pra:mprapa:13423

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Keywords: librlization capital flows credit interest rates;

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  1. Nicola Rossi, 1988. "Government Spending, the Real Interest Rate, and the Behavior of Liquidity-Constrained Consumers in Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 35(1), pages 104-140, March.
  2. Hamid Faruqee & Aasim M. Husain, 1995. "Saving Trends in Southeast Asia," IMF Working Papers, International Monetary Fund 95/39, International Monetary Fund.
  3. Schmidt-Hebbel, Klaus & Webb, Steven B. & Corsetti, Giancarlo, 1991. "Household saving in developing countries : first cross-country evidence," Policy Research Working Paper Series, The World Bank 575, The World Bank.
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