By E. Aryeetey
Monetary Integration and improvement examines the results of economic liberalization on improvement, with specific specialise in Sub-Saharan Africa. taking a look at the connection among formal and casual associations, it specializes in structural positive aspects that separate formal and casual segments of the economic system. The findings are in response to box paintings performed in Ghana, Malawi, Nigeria and Tanzania, and prepared the ground to a reassessment of the layout of monetary reform programmes and a few proposals for potent institution-building regulations.
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Extra resources for Financial Integration and Development (Routledge Studies in Development Economics, No 11)
The economic policy regime in Ghana and Tanzania was characterized by pervasive and severe controls and rationing before the reform programmes were put in place in the mid-1980s, whilst the activities of indigenous private agents were relatively more encouraged in Malawi and Nigeria in post-independence years. In Tanzania, at the extreme end of the spectrum, banking institutions became mere instruments for financing the budget deficit or covering operating losses incurred by parastatals (Collier and Gunning 1991).
Under such conditions, the dominance of self-finance and fragmented informal finance based on limited social relations can be expected. 3 Synthesizing alternative explanations of segmentation It should be emphasized that the explanations of segmentation discussed above are not necessarily mutually exclusive. Ghate (1988) suggests that the informal sector consists of two parts; one part, represented by indigenous bankers, ROSCAs and pawnbrokers, is autonomous and historically antedates the formal sector.
Indirect demand links, could also significantly affect the outcome of financial policies. In this respect, it is pertinent to note that the debate on financial liberalization between the McKinnonShaw school and the neo-structuralists also centred on the flow of funds between the informal and formal sectors (Taylor 1983; Van Wijnbergen 1983). Instead of the higher supply predicted by the McKinnon-Shaw school, Van Wijnbergen (1983) argued that financial liberalization could reduce the total credit supply as a result of increased interest rates.