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Financial Sector Reforms in Eight Countries; Issues and Results


  • Vicente Galbis


This paper examines financial sector reforms in eight developing countries--Argentina, Bulgaria, Ecuador, Egypt, India, Kenya, Tanzania, and Uganda--and derives general lessons from their experience. The paper reviews the initial situation of these countries; describes the financial sector (and related) reforms carried out, including sequencing issues, and points out the unresolved questions; and examines the effects of reforms on monetary control and financial development, investment and growth and the efficiency of financial intermediation. The main recommendations are the need to persevere with macroeconomic stabilization through indirect monetary policy instruments, and the need to substantially strengthen prudential regulation and supervision and restructure and privatize or liquidate ailing financial institutions.

Suggested Citation

  • Vicente Galbis, 1995. "Financial Sector Reforms in Eight Countries; Issues and Results," IMF Working Papers 95/141, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:95/141

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    References listed on IDEAS

    1. Gene M. Grossman (ed.), 1996. "Economic Growth," Books, Edward Elgar Publishing, volume 0, number 553.
    2. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth,in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934 Elsevier.
    3. International Monetary Fund, 2006. "Tunisia; Financial System Stability Assessment Update," IMF Staff Country Reports 06/448, International Monetary Fund.
    4. Mohsin S. Khan & Abdelhak S Senhadji, 2000. "Financial Development and Economic Growth; An Overview," IMF Working Papers 00/209, International Monetary Fund.
    5. Raghuram G. Rajan, 1998. "The past and future of commercial banking viewed through an incomplete contract lens," Proceedings, Federal Reserve Bank of Cleveland, issue Aug, pages 524-550.
    6. World Bank & International Monetory Fund, 2001. "Developing Government Bond Markets : A Handbook," World Bank Publications, The World Bank, number 13865, June.
    7. Zsófia Árvai, 2005. "Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU's New Member States," IMF Working Papers 05/213, International Monetary Fund.
    8. Michael Sturm & Nikolaus Siegfried, 2005. "Regional monetary integration in the member states of the Gulf Cooperation Council," Occasional Paper Series 31, European Central Bank.
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    Cited by:

    1. Elahi, M.A., 2011. "Essays on financial fragility," Other publications TiSEM 882f55bb-10dc-4e49-95ef-e, Tilburg University, School of Economics and Management.
    2. Degryse, Hans & Elahi, Muhammad Ather & Penas, Maria Fabiana, 2012. "Determinants of Banking System Fragility: A Regional Perspective," CEPR Discussion Papers 8858, C.E.P.R. Discussion Papers.
    3. Asli Demirgüç-Kunt & Enrica Detragiache, 1997. "The Determinants of Banking Crises; Evidence From Developing and Developed Countries," IMF Working Papers 97/106, International Monetary Fund.
    4. Muhammad Waqas Chughtai & Muhammad Waqas Malik & Rashid Aftab, 2015. "Impact of Major Economic Variables on Economic Growth of Pakistan," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 11(2), pages 94-106, April.


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