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Financial Liberalisation: The African Experience

  • Carmen M. Reinhart
  • Ioannis Tokatlidis

Almost a decade after their initiation, financial reforms appear to have had little effect on the economies of Sub-Saharan Africa. Whether the blame falls on their initial design or on the partial nature of their implementation, liberalisation has not mobilised savings, deepened intermediation or raised investment. Yet Africa needs functioning financial markets for a more efficient allocation of resources and growth. How can African governments 'correct' their approach towards financial reform? A first step towards refining future policy choices requires an assessment of the short African experience with financial reforms. How has progress in institutional and policy reform affected financial deepening? How have gains in financial depth, if any, affected saving, consumption and investment? How does the African experience compare with that of other developing countries? These are some of the key issues we address in this paper. Copyright 2003, Oxford University Press.

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Article provided by Centre for the Study of African Economies (CSAE) in its journal Journal of African Economies.

Volume (Year): 12 (2003)
Issue (Month): Supplement 2 (September)
Pages: 53-88

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Handle: RePEc:oup:jafrec:v:12:y:2003:i:supp2:p:53-88
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  1. Schmidt-Hebbel, Klaus & Webb, Steven B & Corsetti, Giancarlo, 1992. "Household Saving in Developing Countries: First Cross-Country Evidence," World Bank Economic Review, World Bank Group, vol. 6(3), pages 529-47, September.
  2. Hamid Faruqee & Aasim M. Husain, 1995. "Saving Trends in Southeast Asia; A Cross-Country Analysis," IMF Working Papers 95/39, International Monetary Fund.
  3. 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.
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