Financial Repression and Its Impact on Financial Development and Economic Growth in Developing African Countries PDF Download
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Author:
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 26
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Book Description
Author:
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 26
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Book Description
Author: Mr.Etibar Jafarov
Publisher: International Monetary Fund
ISBN: 151351248X
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
Financial repression (legal restrictions on interest rates, credit allocation, capital movements, and other financial operations) was widely used in the past but was largely abandoned in the liberalization wave of the 1990s, as widespread support for interventionist policies gave way to a renewed conception of government as an impartial referee. Financial repression has come back on the agenda with the surge in public debt in the wake of the Global Financial Crisis, and some countries have reintroduced administrative ceilings on interest rates. By distorting market incentives and signals, financial repression induces losses from inefficiency and rent-seeking that are not easily quantified. This study attempts to assess some of these losses by estimating the impact of financial repression on growth using an updated index of interest rate controls covering 90 countries over 45 years. The results suggest that financial repression poses a significant drag on growth, which could amount to 0.4-0.7 percentage points.
Author: Nicholas Mbaya Odhiambo
Publisher: Taylor & Francis
ISBN: 1000893243
Category : Business & Economics
Languages : en
Pages : 364
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Book Description
Although a number of selected African countries have made efforts to implement various financial sector reforms, many countries have not fully implemented the requisite reforms required for sustainable development. Instead, they have focused mainly on bank-based financial reforms, thereby neglecting market-based financial reforms. This study provides a one-stop shop for understanding the history and evolution of the financial sector in Africa with a special focus on the sub-Saharan region where the financial system in many countries is still at a relatively nascent stage. The analysis is extensive and robust, and starts from financial repression to financial liberalisation (both internal and external), and its role in sustainable development and poverty alleviation. The book covers a range of important research issues pertaining to financial development in selectede African countries, including interest rate and exchange rate reforms, the dynamics of bank-based and market-based financial development; the role of the informal financial sector in sustainable development; the finance-growth nexus; bank-based versus market-based financial sectors in Africa; financial development and information and communication technology; and financial development and gender equality, among other topics. The book also considers the relationship between the COVID-19 global pandemic and financial development, and concludes by presenting a forecast of the future trends of financial and sustainable development on the African continent in general and sub-Saharfan Africa in particular. The chapters are authored by prominent scholars and researchers in the field of finance and banking, applied econometrics and development economics, with a deep understanding and knowledge of financial development and the local situations in African countries. This book provides crucial reference material for academics, researchers, policymakers and students of all levels and is a must-read for anyone wishing to understand the nature of finance and sustainable development in Africa in relation to the rest of the world. It covers African countries, but with more emphasis on the sub-Saharan African region where the financial systems in many of the countries are still relatively underdeveloped.
Author: Peter J. Montiel
Publisher:
ISBN:
Category : Africa, Sub-Saharan
Languages : en
Pages : 56
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Book Description
Provides an overview of what is currently known about the relationship between financial-sector policies and economic growth and the state of such policies in present-day SSA. Uses six countries to present a summary description of financial structure in SSA.
Author: Mr.Pablo Emilio Guidotti
Publisher: International Monetary Fund
ISBN: 1451852452
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
This paper examines the empirical relationship between long–run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross–country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment.
Author: Niels Hermes
Publisher: Routledge
ISBN: 1135635447
Category : Business & Economics
Languages : en
Pages : 381
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Book Description
This collection brings together a collection of theoretical and empirical findings on aspects of financial development and economic growth in developing countries. The book is divided into two parts: the first identifies and analyses the major theoretical issues using examples from developing countries to illustrate how these work in practice; the second part looks at the implications for financial policy in developing countries.
Author: Abebe Adera
Publisher:
ISBN:
Category : Africa
Languages : en
Pages : 204
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Book Description
Author: Maxwell J. Fry
Publisher:
ISBN:
Category : Developing countries
Languages : en
Pages : 76
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Book Description
Author: Xavier Sala-i-Martin
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
We survey the literatures that study the relation between the trade regime and growth and financial development, financial repression, and growth. We analyze the relation between the trade regime, the degree of financial development and the growth performance of a large cross section of countries. The systematic finding is that there is a negative relation between trade distortions and growth. We also present some variables that capture the degree to which the financial sector is distorted. We find that financial repression has negative consequences for growth. We also find that inflation- is negatively related to growth. We interpret this relation, however, as symptomatic rather than causal. We show that once we hold constant measures of the trade regime and financial repression, the regional dummies for Latin America are no longer significant. Thus, the poor performance of the Latin American countries over the last few decades is related to the trade and financial policies pursued by their governments
Author: Abdullahi Dahir Ahmed
Publisher: Springer Science & Business Media
ISBN: 3790821683
Category : Business & Economics
Languages : en
Pages : 303
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Book Description
The recent global ?nancial crisis has made ?nancial liberalization a topic of great academic and practical interest. This book makes new contributions to the topic by combining fact-?nding, empirical analysis, and theory to examine the relationship between ?nancial liberalization and economic growth. Among its contributions, the book provides detailed country assessments on the effects of ?nancial liberalization, including its striking impact on the banking sector. Although an important goal of ?nancial deregulation has been to help ?nancial institutions better perform their role in intermediating resources, the book models how deregulation may fail to achieve that goal in countries with underdeveloped ?nancial markets and institutions. For that purpose, the book draws on actual experience in Kenya, Malawi, Botswana, and Thailand. This book should constitute important reading for students of ?nancial economics, researchers and general academics, ?nancial practitioners, policymakers, and teachers of economics. North Carolina, USA Steven L. Schwarcz December 2008 Stanley A. Star Professor of Law & Business, Duke University Founding Director, Duke Global Capital Markets Center Durham vii Abstract and Preface The latest global ?nancial and economic crisis of 2008 shows the need to - examine the desirability of ?nancial liberalization and the basis for the view that ?nancial deregulation by itself cannot be considered as a substitute for better economic management. The literature on ?nancial liberalization has identi?ed various mechanisms through which removing controls on interest rates may impact economic growth.
