Interest Rate Liberalization: Some Lessons From Africa

Turtelboom, Bart

doi:10.5089/9781451939187.001

“…The success or failure of financial liberalization also may be significantly affected by the macroeconomic and financial conditions prevailing at the beginning of, and during, the liberalization (Villanueva and Mirakhor, 1990;Turtleboom, 1991). A stable macroeconomic environment, with positive economic growth, moderate or low inflation, a stable exchange rate and a sound balance of payments situation, will undoubtedly facilitate the transition to interest rate freedom.…”

Section: Possible Causesmentioning

confidence: 99%

High Real Interest Rates Under Financial Liberalization: Is there a Problem?

Galbis

¹

1993

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“…The success or failure of financial liberalization also may be significantly affected by the macroeconomic and financial conditions prevailing at the beginning of, and during, the liberalization (Villanueva and Mirakhor, 1990;Turtleboom, 1991). A stable macroeconomic environment, with positive economic growth, moderate or low inflation, a stable exchange rate and a sound balance of payments situation, will undoubtedly facilitate the transition to interest rate freedom.…”

Section: Possible Causesmentioning

confidence: 99%

High Real Interest Rates Under Financial Liberalization is There a Problem?

Galbis¹

1993

SSRN Journal

5

0

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“…For details, see Stiglitz and Weiss (1981) and Villanueva and Mirakhor (1990). 22 For a review of the recent experience with interest rate liberalization in The Gambia, Ghana, Kenya, Malawi, and Nigeria, see Turtelboom (1991). 23 The combined weight of these items in the CPI of The Gambia is believed to be fairly high.…”

Section: Financial Sector Reformmentioning

confidence: 99%

The Gambia: Economic Adjustment in a Small Open Economy

Hadjimichael¹,

Rumbaugh²,

Verreydt³

1992

Occasional Papers

2

0

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This paper is based on the staff report and the background paper prepared in connection with the consultations between the Fund and The Gambia in 1992 and includes information available through May 1992. The authors are indebted to Anupam Basu, Christian Brachet, Evangelos Calamitsis, Jean Clement, Christian Francois, and Susan Schadler for their valuable comments and suggestions. They also would like to thank Janet Bungay for editorial advice, Yvette Conell and Abdul Mahar for secretarial assistance, and Juanita Roushdy of the External Relations Department for editing and coordinating the paper for publication. The authors bear sole responsibility for any factual errors.The opinions expressed in the paper are those of the authors and should not be construed as those of the Government of The Gambia, Executive Directors of the IMF, or other members of the IMF staff. V ©International Monetary Fund. Not for RedistributionThis page intentionally left blank ©International Monetary Fund. Not for Redistribution II RECENT ECONOMIC PERFORMANCE 140 Alternative NEER index (DOTS)' U.S. dollars per dalasi 0' ' ' ' ' ' ' ' ' ' ' ' LJ 1980 '81 '82 '83 '84 '85 '86 '87 "88 '89 '90 '91 Sources: International Monetary Fund, Information Notice System (INS); International Financial Statistics (IFS). I Weights are based on Direction of Trade Statistics (DOTS) for 1988-90, and a reduced subset of trading partners (excluding Brazil and Argentina, in particular, compared with the INS index).©International Monetary Fund. Not for Redistribution Annual average data. For 1991/92 the data relate to the first eight months of the fiscal year. 4 ln percent of broad money at the beginning of the period. 5 Data for 1991/92 relate to the rate prevailing as of April 1992. 6 Gross national savings minus official transfers. including special provisions. 8 Net exports defined as total exports minus imports used for re-exports. 9 Debt service paid, including cash payments for arrears reduction after 1985/86, and after debt relief.

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Interest Rate Liberalization: Some Lessons From Africa

Cited by 32 publications

References 9 publications

High Real Interest Rates Under Financial Liberalization: Is there a Problem?

High Real Interest Rates Under Financial Liberalization: Is there a Problem?

High Real Interest Rates Under Financial Liberalization is There a Problem?

The Gambia: Economic Adjustment in a Small Open Economy

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