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The political economy of financial reform in Africa

  • Thandika Mkandawire

    (UNRISD, Geneva, Switzerland)

The paper argues that, if for many years financial policy was aimed at addressing issues central to development and nation-building, in more recent years it has become tethered to the objectives of stabilization and debt repayment. Following a review of the African experience with financial liberalization, the paper calls for the subordination of financial policy to the needs of long-term economic growth through provision for more long-term capital for productive investment through capital market developments and establishment of specialized development financial institutions. The paper also argues that financial liberalization has had little political anchoring in African countries and has severely constrained the policy choices for emerging democracies. Copyright © 1999 John Wiley & Sons, Ltd.

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

Volume (Year): 11 (1999)
Issue (Month): 3 ()
Pages: 321-342

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Handle: RePEc:wly:jintdv:v:11:y:1999:i:3:p:321-342
Contact details of provider: Web page: http://www3.interscience.wiley.com/journal/5102/home

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  1. Stasavage, David, 1997. "The CFA Franc Zone and Fiscal Discipline," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 6(1), pages 132-67, March.
  2. Mas, Ignacio, 1995. "Central bank independence: A critical view from a developing country perspective," World Development, Elsevier, vol. 23(10), pages 1639-1652, October.
  3. Morisset, Jacques, 1991. "Does financial liberalization really improve private investment in developing countries?," Policy Research Working Paper Series 717, The World Bank.
  4. Lewis, Peter & Stein, Howard, 1997. "Shifting fortunes: The political economy of financial liberalization in Nigeria," World Development, Elsevier, vol. 25(1), pages 5-22, January.
  5. De Gregorio, Jose & Guidotti, Pablo E., 1995. "Financial development and economic growth," World Development, Elsevier, vol. 23(3), pages 433-448, March.
  6. Steel, William F. & Aryeetey, Ernest & Hettige, Hemamala & Nissanke, Machiko, 1997. "Informal financial markets under liberalization in four African countries," World Development, Elsevier, vol. 25(5), pages 817-830, May.
  7. Edwards, Sebastian, 1996. "Why are Latin America's savings rates so low? An international comparative analysis," Journal of Development Economics, Elsevier, vol. 51(1), pages 5-44, October.
  8. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  9. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
  10. Schmidt-Hebbel, Klaus & Serven, Luis & Solimano, Andres, 1996. "Saving and Investment: Paradigms, Puzzles, Policies," World Bank Research Observer, World Bank Group, vol. 11(1), pages 87-117, February.
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